New-York tribune., 1903-04-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading light in volume
throughout the day an irregular movement
Of values that ended in net losses for the greater
number Of issues There were no developments
of Importance affecting adversely the actual
worth of securities. but traders were bearish,
nevertheless and not disposed 10 consider the
factors in the situation that are daily adding
value TO the country's investment position The
absence Of all active commission house demand
for securities encouraged bear operations
loss by the banks TO the Sub-Treasury large
enough to offset Tuesdays Philippine payment
and leave q debit balance Of over SlO0o,Voo
against the local money institutions induced
gloomy forecasts OF to-morrow's bank statement
while high call money rates. labor troubles and
the Southern Pacific situation all served to
discourage operations for higher prices A slight
decline in the metal market prices for copper
and iron both going lower, also helped hear
operations. There was, however no impor-
rsnt liquidation and declines were, as q rule
Of no consequence, the only exceptions beng
tn Colorado Fuel which lost five points, and a
few of the more active issues in which losses
of one per cent and above were recorded Union
Pacific and Southern Pacific were under pres
sure: also Amalgamated, Wabash preferred
Pennsylvania, ST Paul, Reading and Missouri
Pacific. Liquidation in Colorado Fuel was due
10 rneasiness over the cornpany's policy of au-
thorizing more bonds The stock touched the
lowest price OF the year. at 5615. which com
pares with a high price Of S212 last year and
110lb in 1901. There were no Southern Pacific
developments responsible for selling of South
ern and Union Pacific shares hut the war Of
words between the contending elements in the
fight became more pronounced and the replica
ton Of their strong language and harsh opinions
v-es heard from one end OF Wall Street to the
other. Call money ruled at s per cent Sterling
exchange was steady. while domestic exchange
on Nev--York was generally in favor Of this
centre.
The tremendous expansion in the country's
Industrial activity in the last year has caused
an urgent demand for new rolling stock. which
in turn has caused great prosperity among the
car and locomotive building companies In the
recent report Of the American Locomotive Com
many an increase of over s.. 100000 in earnings
was reported. while the statement Of the Arneri-
can Car and Foundry Company for the three
months ended February shows net earn
tngs Of 81 426. los. an increase Of S641,466 over
the same time year ago. compared with an
increase IN the November quarter Of S345.SI9
over the preceding quarter. Railroad conpa-
rtes are spending large amount of money on
equipment, but despite these expenditures their
rolling stock is still limited to handle prop
erlv the heavy business offering. Demand for
new cars and locomotives will continue for a
rong time to come and even when the inquiry
for new equipment slaekens the building COM
panies viii have difficulty in paying divi-
dends as it is estimated that the necessary de-
rnano in years of depression with repairs to Old
cars will yield an income large enough to pay
dividends at the current basis. In order to han
de traffic in the last few months the railroads
have been forced TO spend large sums Of money
charged TO the account Of operating expenses.
sn instance of which is found in the Pennsyl-
vania Railroads report for February. which
shows on lines east of Pittsburg an increase IN
operating expenses Of 81. .3S2. 600, against gain
IN gross earnings Of S676.2oo. the net loss thus
being S706 900. On lines west Of Pittsburg gross
earnings increased 1888. 400. and net earnings
s255 zoo. This gain in operating expenses is not
exnac+ed 10 continue as the read is rapidly
reaching the point where traffic can he han
died with greater economy.