New-York tribune., 1903-01-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Securities values were strong in the greater
part Of the day on a heavy volume of business
Total dealings were above 100000 shares with
the more important transactions in AnlaIga-
mated Copper. sugar Refining. Atchison, Balt-
more and Ohio. Chicago Great Western, St
Paul. Erie shares. Missouri Pacific. Ontario and
Western. Reading. Rock Island. Southern Pa
ri6c. United States Steel and American Car
zpd Foundry common. Operations in the last
named resulted in q net gain Of nearly two
points the final price marking the highest level
for the stock IN its history Buying Of the Car
End Foundry issues is based on the advance III
the dividend rate on the common stock. the enor-
nous earnings Of the company and the con-
servatisrn Of its management. In the afternoon
decided strength was shown throughout fhe
list. with Erie the feature. There was no news
affecting the Erie stocks hut reports We're re
reived regarding possible capital for the
rcupany Good buying WAS noted in all the
hard coal shares. especially in ontario ahd
Western, which doubtless helped by It's
excellent showing Of earnings in November
Delaware and Hudson advanced net over two
points and Laskawanna over six points Read
ing was heavy at the start, although exhibit
ing no particular weakness, while in the after
noon il enjoyed Improvement, ending at a frac-
t3onsI net gain The published statements that
tbe Reading company is owned jointly by Van
derbiIt and Pennsylvania interests created no
surprise, as similar statements were made III
this column and elsewhere in the fall and as
long ago as last summer Further ease was
reported in call and time money, call money
ruling at A. per cent, while offerings OF time
funds were made at as low as per cent Sterling
exchange was strong. The strength of the
monetary situation is reflected in the fact that
the $4,000 600 money pool. which dissolved
Vesterdav was never called upon 10 give assist
snce TO the local money market.
The proposed increase in capitalization Of the
PENNSYLVANIA Railroad viii not be made in a
DAY or 4 month: indeed. it is likely that the
capital expansion. if authorized by the stock
holders, viii cover long period before the total
amount is issued. In 1873 the company doubled
its Capital stock. but the last Of the authorized
issue was not put out until 1901 The Penn
svlxania Railroad management is looking for
ward Il sees IN current conditions favorable
forecasts Of increasing business. and IL believes
that conditions twenty years hence Will fully
Justify the authorization of S2500O0ou0 new
capital at present This company has in mind
great projects for The successful handling OF the
gain in freight and passenger traffic that VIII
deveIop as the country advances II wealth and
population, and it believes. moreover, that
rreparations for the financing Of these projects
should begin while prosperity is moving for
ward The Pennsylvania Railroad viii grow up
10 Z Capitalization Of S40900o.ooQ. Running
through most productive section Of the coun-
try and tapping nearly every industry for trat-
ric this company can well afford 10 increase us
s5apitai for improvements that viii tend TO ADD
10 its income In 1901 the Pennsylvania earned
m lines east of Pttsburg gross S10l,3Z9, I93.
against SIS 539 S2S III 1900 and S72.922,9S5 in
1899. Net earnings in 1901 were S36U1o29-
against $50 440622 in 1909 and S22,51S,3o1 in
1899 The entire Pennsylvania system earned
in gross in 1901 Sl9S ,626.S7S, against SlIo,23o-
55 in 1900 and in net S64,9l3.492 against So4,-
as or in 1900 IN eleven months OF 1902 lines
east Of Pittsburg showed an increase in gross OF
Sl0110 200 over the same time in l9Ul. and an
increase in net OF s., ,024,200- All lines increased
=, gross in eleven months Of 1902 S163l0 400
and In net s. S6S 500 These figures prove that
an increase in capitalization will only be in line
with the companys increased growth in earn
jngs-
Progress in the iron and steel trade con
afnues and, according TO competent reports
there is no indication OF reaction in this line
of business this year. The last year was the
7r,ost prosperous one in the history OF the trade
-r7r1e evidence OF which may be found IN the
-enort Of the United Steel Corporation for twelve
months. which showed surplus Of upward OF
$4,000. 900 after all charges and dividends, The
or,nanz, maid a bout SGT. 600 600 in dividends II
the ,,ear OF course. such phenomenal earnings
are not expected TO continue indefinitely, as
trade reaction viii naturally develop at some
future period but practical men in the business
do not expect depression for a long time to
come The fact that manufacturing concerns IN
various lines OF trade have enough orders OF
hand To keep them busy for the greater part OF
1903 suggests that business depression win not
develop in the current year at least. In addi-
tion it should be borne in mind that the big
rrops of 1902 viii be powerful factors in main
taSuf-g industrial prosperity in l9it3-