New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-27
BONDS.
TEE DAYS OPERATIONS IN STOCKS

Stocks were strong on comparatively light
volume Of business in the greater part OF the
I'VE hours Of trading. Leading in strength and
activity among the more important issues
Amalganated Copper advanced from the open
ing at 35ss TO SIS, closinS AZ a let s2in Of Ga
points There was a good speculative demand
for the stock. and. Notwithstanding the com
pany's trouble in Montana. higher price was
predicted for the Issue. II Is coutended by
friends Of the company that this great copper
concern viii not be forced out Of business, de-
spite the Feinze successful litigation against
st. and il any one takes the trouble 10 study
the copper situation in Montana. The wealth
Of the Anna lgamated's mines and the repre-
sentative people back Of the Amalgamated
company II win readily be seen that the conten-
tion that the company viii continue 10 mine and
sell copper is well founded Amalg3mated Cop
per stock, far above par in 1901, was a much
different proposition from An1alganated under
20 at present Copper prices in London and in
the local market were strong and higher, the
advance in the metal being asCribed. Of course,
10 the shutdown OF the Amalsanated's mines
Outside OF the speculation in Amalgamated
shares. Atchison, St Paul Pennsylvania Rock
Island. Union Pacific and the United States
Steel issues trading was extremely light. opera
lions in the stock named supplying nearly two
Thirds Of the total in all securities. ST Paul and
Atchison were in fair demand; Pennsylvania
was. also. buying Of The last-named being &C
COMMANDED by renewed reports that the Penn
sy-lvania and Atchison companies would be
closely identified through stock ownership 10y
Pennsylvania interests. Atchson. according TO
Wall Street reports at various times has been
thought or leased by about every large company
in the country. but. despite these assertions, the
road maintains its individuality and remains an
sneependent system owning it's OWN tracks from
Chicago TO san Francisco Bonds were again in
fair demand for investment account, while there
was also moderate investment buying in Chi
capo ana Northwestern Delaware and Hudson.
Illinois Central and New-York Central shares.
Money was easy and sterling exchange was
heavy. Some OF the best authorities the
money market CO not favor the theory that there
viii be higher rates for money before the end
Of the year: indeed. they predict a plethora Of
funds at this centre in the course Of the next
few months.
The possibility OF a falling of in railroad earn
ings from the big records Of the last two years
is causing an undue amount Of worry in some
circles Traffic returns undoubtedly viii not be
maintained indefinitely at the current heavy
rate. as a normal business reaction must neces-
sarily be reflected in smaller earnings, but the
idea that reduced receipts VIII upset the Givi-
bends on the shares Of the solid dividend paying
. railroads ought not 10 be considered as even a
y remote probability. Most railroads have been
earning heavily in excess Of dividend require
nents in the last few years. Notwithstanding
The fact that they have increased their operating
expenses TO an enormous extent The railroads
Of this country have been placing their proper
7les ia perfect physical condition, they have
spent enormous amounts OF money improve
1nents. extensions, The reduction Of grades, the
elimination OF curves and on new equipment
The so-called Hartman lines, for instance, have
put out in this manner In the recent past %l04.-
100000 Now the roads are in position 70 con-
duct their business AZ a cheaper cost. They are
able 10 handle heavier trainloads for less money
than they put into smaller trainloads few
years ago, and they are in a condition that en-
ables them 10 reduce their expenses, TO curtail
improvement work and put into effect general
economies that ought TO offset as an influence
on net earnings any falling of that may occur
IN gross income.