New-York tribune., 1903-01-29
BONDS.
THE DAYS OPERATIONS IN STOCKS.

r,ulness was again the leading feature Of yes
ferday's securities market Trading was even
lighter than on the preceding day, amounting
to Less than three hundred thousand shares, with
the heaviest transactions in Analgamated Cop
pei Atchison. Pennsylvania. Erie, Missouri Pa
ciic. Reading, St Louis and San Francisco ana
Chicago and Alton. Commission houses were
moi active there was no trading for the ac-
count Of substantial interests and the board
,oo7n operators found little to do beyond deal
ing with one another In few issues, notably
Ar,alzamated Copper. transactions for unim-
l,ortant speculative pools were reported, but
1hese operations were not effective in causing
wide fluctuations in prices. As a rule. quota
tions moved within fractional limits without a
decided tendency in either direction, final fig
ures showing about an equal number OF net
gains and losses. Such extreme dulness in
.peculation naturally creates the impression that
the hanks are opposed TO active market at
present and have so informed the larger mar
,5et interests. whose dealings, when backed by
The banks can make either a bull or a bear
market The banks are engaged in financing
large corporate enterprises, and at the moment
doubtless need all their available resources
There were several favorable developments yes
1erdav that were without effect on prices, al
though they increased the confidence of people
who had long STOCK that values viii soon work
higher Sterling exchange was weak and lower
2 further decline took place in the price of wheat,
encouraging railroad earnings were reported,
and the Pressed Steel Car Company declared
an extra dividend of ] per cent on the common
stock Efforts of traders in the last hour tc
depress prices failed to bring out stock.
Current earnings of the anthracite coal pro-
ducing and carrying companies show big gains
over the corresponding period in the preceding
wear and the chances are that the present rec
ord viii he maintained throughout the whole OF
1903 Losses in the coal strike months were
enormous, hut at the present rate of gain they
win be fully recovered in the course of few
months The Central Railroad OF New-Jersey,
for instance reports for December an increase in
gross earnings of S419,951 and an increase in net
Of S612 sos reducing he loss in net earnings for
The wear to 81 13l 75S. In the case Of this prop
erty il will require only two months more o1
earnings equal TO the December record to re
store the road TO the money making basis that
,,revailed before the strike developed In De
cenber operating EXPENSES of the Jersey Central
wore reduced 1892 555 as compared with the
came time a year ago. despite the expectation
in some quarters that the increase in coal traflc
,n,ould cause noteworthy increase in the cost or
operation. =
The Western lines are handling huge VOL
-,,,,,e Of business and returning record breaking
earnings Atchison reports for the nrst nan oI
the fiscal wear gross earnings oI roA'oOo''o'' Oh
.r..ea ,f Se1S 796 over the same time IN the
preceding year. this gain being made despite
~, fact t1,at the road had practically no corn 10
,,1 Owing 10 the conpany's wise policy OF
;,,-,o,ine its property out of earnings, net IN
roe decreased for the six months so4o7-o'
,.,tison has reached d state OF physlcdl excl
,,oe that a few years ago was thought lilpos-
- of attainment and the road is now IN
-, - talze care of its stockholders in years
:. .i,ase denression as well as in years or
,,,osneritv This company has its own tracks
from Chicago TO San Francisco. 1he 00U-'i'
-bro,,gb which it runs is growing more plo-
5,,ctf1re every year, and there is no reasoh ho'
~ ex.,ec4 that the roads annual gross earnings
,,-;lI soon amount to S75.00O.ooo In the yeai
raas J,ne 30 1902 gross earnings We're So9'-
13s oss against S40,513, ,499 in 1899 The wa
,,.sb cornnany's earnings for December and for
she half wear reIiec: in increased operating eA-
,orses large expenditures on the property and
~ increase in the general cost of operation.
,-oss earnings for the half year increased S9Ui-
a67 while operating expenses were sfol''oo
,,aa,-ier than in .he same time in the preceding
var leaving gain i'm net Of S14e.lSl. The
1xrahash company is steadily improving IN physl-
81 ez7ciency With ITS new tdewater connec-
,;o,,s ITS earnings will he far heavier than cur
,,e,,t returns ana at r. ncte period Stock
,,o15ers will see IN net income substantial rea-
son for dividend expectations. 1t is not at all
5rol,a l,le that all the Gould roads will eVentu-
.ll-- he under the control of a holding company
AMERICAN SECURITIES ABROAD.