New-York tribune., 1903-03-26
BONDS.
THE DAYS OPERATIONS IN STOCKS


TIE DAYS OPERATIONS IN STOCKS
stock market trading was dull throughout the
Asv m an irregular movement Of values Early
nrices were under Tuesdays closing while IN
the second hour rallies were made throughout
the list with fractional gains in most issues as
compared with opening figures In the aI'ei
noon dealings became lighter and prices again
developed G. sagging tendency, last hour q"o'o
t{one showing little rallysng power althouS'
Anal figures presented few important net u
cIines. AmalgaInsted Copper, Anaconda ana o.
psuI furnishing the heaviest losses. Arnaiga-
mated was pressed for sale under the .innuehes
~ q lower price for the metal IN Lonoon anu
Is. .se-tsb attitude Of traders at that centre on
4h. r7;o TInfo and other copper issues. New
vorlx Central appeared 10 be bought on the an
,ouncerert regarding the future control oi 'lie
,rone-ty while Pennsylvania was taken OH t'e
bs,ief that the control Of the railroad situapon
IN the East is gradually being concentrated III
4bs hands OF the Pennsylvania. Rockefeller ana
Morgan interests.
An upward movement in metropolitan was uI7
O., covering Of shorts, buying being helped by the
chs1ee in front by one Of the statstcai eApel'S u
1rno nov hnds Metropolitan affairs in excehen'
-st+,o Manhattan was offered down by
,.-o,,.-s who believe that the possibility OF
.-tl,e m the elevated road is probable enough
4o warrant O. decline in the price of the stocK'
nut they found no disposition on the part OIL
rauuine holders to SELL the latter ev1oentlg see
ing in the dividend guarantee on the STOCK aoe-
ouste reason for maintaining a ugnt grip OIL
their securities. Manhattan will doubtless event
ualIy sell many points higher as guaranteed
r.oelr of great merit while the chances are that
the floating supply Of the security VIII raploly
decrease owing to investment absorption. Sen
aH affected
afternoon by the engagement of $4,000 gold
for shipment to South America, while the cable
disuatches from London regarding sentiment
over the situation In that metropolis tended to
create pessinism here. British consols declined
under 90 but recovered before the close The
fall in these issues is not Illogical develop
rnent Of conditions affecting the market for
British government bonds, and efforts TO create
q belief that the London financial situation is
In a serious position ought not to meet success
among thinking people.
The volume Of trafhc on the railroads in the
Southwest was heavy in 1902. despite various
factors that tended to restrict the movement of
freight. ss, for instance the corn crop shortage
OF 1901, which left most of the carrying
roads without q source of income that usually is
depended upon TO supply big earnings. In view
Of adverse factors the record made by the var-
ous roads truly remarkable. the greater
number of companies actually earning more in
gross results than ever before in their history,
notably Missouri Pacific and Atchison. Mis-
souri, Pscifc's gross earnings increased for the
year ended December 81 1884. .594. while Atchi-
son Increased for the fiscal year ended June 80
1890 262 Texas and Pacific showed small
decrease but when it is recalled that in the
year the cotton crop was seriously affected by the
bad weather. and that crops in general suffered,
while unusually heavy floods interfered with the
conpzny's trafdc. It appears surprising that the
road did not show a still heavier decline in earn
ings. gross decreasing only $533.340 and net
S251, $50. Earnings OF the Southwestern roads
now coming to hand make most encouraging
gains over the satisfactory results Of year ago,
Missouri Pscihc's report received yesterday pre-
seuting a gain for the third week in March of
S12 0O0 while Texas and Pacific gives gain Of
$81 153 and Missouri. Kansas and Texas gain
Of s., ,466. Since January 1 Missouri Pacific has
increased its gross earnings 81. .149.637 as COM
p6red with the same time last year. In the
same time Texas and Pacific has increased
s108,S1S, and Missouri Kansas and Texas
S635.424.
Missouri Pacific has made wonderful forward
strides in the last few years. In the year
ended December 81, 1892, the Missouri Pacific
SYSTEMS gross earnings amounted to $27.7 100.
po2 end net earnings to S7.60o.752. a mileage
OF 0,6SS. In 1SO< gross earnings were SoI $780,
6Se and net earnings 2,452, ,4S7 q practi-
cAIiy unchanged mileage. The position Of Mis-
souri, Pacific stock as an investment is growing
stronger and the fact that the company's in
come from investments is heavy enough to
bring the percentage of gross earnings from
operations required to meet fixed charges to
less than IL per cent. about 81 per cent of
the net operating income. should not be lost
sight OF in placing value the stock After
paying dividends of per cent in 1902 the COM
pany had a balance of $2,688,512 out OF which
S2G156T1 was appropriated for improvements
10 the property. The new issue Of 100000
bonds. of which $2e,O000Oo has been issued for
the development of the Iron Mountain route
Of the Missouri Pacific system. and 1t is prac-
ftcalfy certain that the additional trafhc that
will be secured by the expansion OF the system
and the operating economies that will be ef-
than sufhcient 70 pay the increased interest
charges When the time comes foT real bull
market IN Wall Street IL will hardly pay to be
short of the Southwestern railroad shares. es-
pecislIy Missouri Pacific and Atchtson common.
The Sub Treasury had q moderately heavy
credit balance at the Clearing House yesterday.
PeanEyIvsnia'e announcement regarding sub
scriptfons 10 $100.000O00 new stock does not
foresha6ow disturbance IN the money market
a result OF the transaction, as payments will
be made by instalments. covering period OF
one year from June, 1903. Call money ruled at
b& per cent and sterling rates were unchanged
from Tuesday. The shipment Of gold to Buenos
Ayree which will be made to-day represents
3 special demand for the metal and not the