New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-10
BONDS.
THE DAYS OPERATIONS IN STOCKS.

stock market trading was light in volume
throughout the day on an irregular movement
a. values, with more net losses than gains at
the close. transactions were wholly profession
81, and. as a rule without the least significance
90 rejecting factors governing the actual worth
~ securities. Big railroad earnings. favorable
crop reports and other encouraging indications
Of satisfactory conditions underlying the invest
-,lent situation failed 70 induce bull activity. but
On the other hand. the few so-oalled unfavora-
HE features. as for instance the disturbance in
-Iacedonia. which has depressed the European
inarlets. did not attract important sales of
stocks and bonds. British consols made new
low record Price at S9at. and cable advices re
ported great uneasiness in London financial
circles over the war clouds Turkey and Bull
sraria IN local banking quarters the possibility
az the United States becoming actively involved
sn the Eastern troubles Is not seriously Consid-
cred At present hut. OF course. the traders who
sre inclined toward the bear side Of the stock
rnsrket are anxious 10 make holders OF stocks
believe that securities ought TO he sold because
~ the presence Of an American naval fleet at
Beirut Fortunately. investors are not worry
ing as they realize the fact that sound Amer-
can investment issues win continue Halua ole as
long the country lives
Activity in stocks was confined % Amalga-
mated Copper, Atchson. the local traction
shares ST Paul Missouri Pacific Reading.
Pennsylvania, Rock Island. Union Pacific and
United States Steel. which supplied about three
fourths OF the total days business Atchison
declined over point in the early dealings. but
recovered before the close. while throughout the
list last prices were generally at substantial i'm
provement from the low points Of the day The
advance IN the last hour was due 10 covering
OF shorts. Commission houses reported the dull
est DAYS business with one exception this
year. local and out Of town customers doing
nothing in the market either Tor speculative or
investment account. There was no change Of
Importance i'm the money and foreign exchange
markets. but an incident Of the day that in
creased confidence in the money market outlook
was the payment 10 the city banks by the SUB
Treasury Of a large amount Of gold on account
~ gold imports at San Francisco from Aus
1ralia The demand for currency from the in
ierior was active, domestic exchange at Chi
csgo on New-York ruling at - cents discount.
Several interesting reports OF earnings were
received yesterday. notably the quarterly state
rnent Of the Western Union Telegraph Company
and the annual report OF the American Snelt-
INK and Refining Company. Western Union
SHOWS az increase for the quarter ended Sep
1ember 80. partly estimated OF Slo2.S2b IN net
earnings over the same time last year while
for the year ended June 80 the company shows
p surplus Of S2.26S. 721. against S143l71S in
fhe preceding year The American Smelling
and Refining Company showed after all pay
Inents a balance o. S192l 1G3 equal to 3S4 per
cent on the common stock. Net earnings in
creased S2.116,l6I An indication Of the SOUND
position Of the railway business is presented IN
1he report Of the st Paul company for July.
81 hich shows an increase IN gross earnings Of
about il per cent and gain i'm net OF 10 per
,aat The Improvement was due 60 the in
crease in the movement OF general merchandise
ou an parts Of the road. Less than % per cent
~ the increase IN gross earnings was absorbed
81 expenses. the slight increase 10 the last item.
- against recent heavy gains ia expenditures
Tehecting the policy ~ the company 10 curtan
Improvement work Railroads in general are
maintaining their lines. but they are not con
finuing extension and Improvement work on thc
sam" large scale as reported year ago.