New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-03
BONDS.
STOCK MARKET OPERATIONS.

NhAhE1 OIL1A14O1sO.
Opening prices in yesterdays stock market
were. as a rule. at small gains compared
with the preceding days final figures. with the
chief activity IN Amalgamated Copper. which
showed in the initial dealings an advance Of one
point over Mondays last quotation. The i'm
provement. however. was not maintained, and
after the first few operations il failed to exert
eny influence on the rest Of the list. which pre-
eonted no features Of interest. It was thought
in some quarters that the decision in the Anal
gamated Copper case would encourage active
buying OF the general list, but there was no evil
dence Of a good outside demand. and after the
FIRST hour Of trading the room element turned
sellcr. although its transactions were not heavy
enough 10 exert an especial influence or prices.
Early strength in United States Realty preferred
was well maintained throughout the Gay; also
N Union Pacific United States Steel preferred
and Delaware and Hudson, the last named issue
enjoying a maximum gain OF > points and net
gain OF IL points. The Generalization in the
cotton market was viewed with alarm in the
Street as il was thought that the sharp break
would cause serious trouble among houses that
have been carrying cotton on margin account
but UP to the close OF business there was no evil
dence Of weakness in any quarter. The decline
doubtless caused losses among the public follow
ing in the cotton market. and It is likely that
larger losses viii he recorded before the Street
sees the end Of the current movement on the
gotten exchanges Of New-York and New
Orleans. The fan in the price OF cotton also Gre
Eted the fear that adverse developments might
be expected in the Far Eastern situation. al
though this theory was not Endorsed by the
movement in the wheat market. Prices were
weak and unsettled at the close. with the
heaviest losses in Amalgamated Copper and
Anaconda. both losing over l point. Total
Gales were under four hundred thousand shares.
bet IN bonds there was slight Improvement as
compared with the preceding day
Railroad earnings continue to show great ir-
regularity in the matter Of gains and losses.
with an Increasing percentage Of losses as COM
pared with this time year ago. The Pennsyl-
Nania Railroad Company reports for December.
on the lines east OF Pittsburg directly operated,
q decline in gross earnings OF S301. 704 and de-
crease In net Of $4,000. and on lines west Of
Pttsburg a decline Of S326 Goo in gross and q
uecline in net Of 500 400 1t viii be noticed that
with falling of in gross income the company
has cut down its operating expenses. move
sment that reflects wise management and one
that many companies VIII have to adopt this
year II they desire - show good results in net
earnings. For :he calendar year the Pennsyl-
vania cc.lpsny's gross earnings increased on the
lines east Of Pitts5urg 50 963 l00 while net earn
fngs increased S24l. 100 The whole system
showed gain in gross Of SIS. $4,000 and a loss
g. net Of S2JS. 800 Even with this slight decline
IN net earnings the company viii show. IL is
Wrought over . per cent on its stock. Some peo-
pie are beginning TO worry lest the conpany's
earnings this year decline to an extent that will
compel a reduction in the dividend rate but the
Officers OF the road believe that there viii be
enough traffic throughout the next twelve
90
rent dividend Of per cent. one thing is quite
certain, and il is this: The company will treat
the dividend question in a manner that viii be
Tor the best interests OF the stockholders. Oper-
Htors in stocks who are worrying over a prob
q bic falling of IN railroad earnings this year
should bear in mind that earnings in the last
TWO years have been phenomenal. and that the
various dividend paying companies could stand
an enormous decline in income and still be able
10 pay dividends. This year viii not be a period
OF industrial nd railroad bankruptcy as in
1898.
Call money was easy throughout the day,
while there was no change in the time money
department rates ruling from 35k to Az per cent
The probable method q handling the Panama
Canal payment is beginning TO create consider
able discussion in financial circles but Il is gen
orally agreed in well informed quarters that the
operation viii not be attended with disturbance
sn the money market although il is thought that
temporary higher level OF rates may be re-
corded II is reported from Washington that
the Secretary Of the Treasury viii call IN from
the national banks from S40O00Oo0 10 $4,000
600 OF government deposits before the time
comes to make TIE payments; but Of course. this
amount would doubtless eventually ind its way
hack 10 the banks. as the Panama Canal Com
pcny's ascal agent would redeposit Il. and con-
duct the transfer OF the amount due the canal
company through the foreign exchange market
The local banks hold less than So 10000 Of
government deposits a. present. so a large
amount OF the Withdrawals would be made in
other cities. which in turn would doubtless draw
on their correspondents in Nevv-York
THE DAYS OPERATIONS IN BONDS.