New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-28

STOCK MARKET OPERATIONS.

Total dealings IN yesterdays stock marker
amounted 20 aS.36O shares. representing opera
,io-s fn only afty-three issues. compared with
-lretv-tvo IN the two hours Of trading week
avo. when speculation was also extremely DUH
OF the total sales, one-half was supplied by i've
stocks Analga-sted Copper. Atchison, Erie,
rer,~vIvnrfa and United states steel preferred.
penneyivania alone contributing nearly one
fou--h ~ the entire business. This brief sum
mary OF the DAYS transactions VIII Impress the
-es6er with the intense dullness that prevailed
sr the market and make clear 20 people who are
.-+e-ee+ad IN the securities market the Oft re-
heated remark that the public and the more inn
vortart speculative Interests are not factors IN
the current trading. Price fluctuations were
confined 10 small fractions. with an equal num-
her OF net gains and losses al the close. There
WIS no apparent disposition on the part % the
room element 70 work either Tor higher or lower
r5rsces. changes generally rejecting nothing be-
,-ond week end evening operations. II the mar
lzet had been normal the excellent report Of the
Pennsylvania Railroad would undoubtedly have
caused a decided upward tendency in Pennsyl-
--anfa stock and in the rest OF the list but the
only influence OF this factor was a gain OF one
eighth IN Pennsylvania on volume OF business
that amounted 10 10000 shares.
careful examination Of the Pennsylvania
s-eporf FOR the last calendar year furnishes no
encou-a cement for the bears on Pennsylvania
stock while Il supplies numerous arguments, ac-
oordirg 10 the friends OF the company, for the
pprcbase az the issue. o. course. last years
-es,lts DO not necessarily foreshadow this years
retllrns but Il Is Interesting 10 note. neverthe-
less. that earnings IN 1903 we're large enough
IN enable The company TO meet the increased
call FOR Dividends, due 10 the increase IN the
companvs capital stock. and 20 contribute, in
yz.r.+ al e~E
extraordinary expenditures. The actual surplus
over charges was equivalent 70 3 per cent on
the capital stock outstanding, S300O00000, but
the real earning power Of the company Is even
greater as in the last year the company did
not set the benefit from Improvements begun IN
the year. Then the net earnings OF the Penn
svlvania Company" for 1903. amounting 10 over
So 500 600 was equal 10 about per cent on
the Pennsylvania Company stock owned BY
The Pennsylvania Railroad Expenditures for
maintenance Of way and maintenance OF equip
rnent were abnCrmally heavy. and X is safe TO
say that in years 10 come a material decrease
IN this particular VIII be made. The company
has had more business than its facilities could
rroftably handle and the Expenditures on i'm
provemeuts that are now being made mean
future increased earning power for this wonder
ful railroad system = the stock should decline
this yesr under professional pressure and sales
from poorly Informed holders there win be care
ful operators 10 pick Il Up. ANY road that can
show gross earnings Of 1922 GIG 4l9 for the year.
being an Increase over The preceding year Of
upward q 100000 IS not a long time bear
proposition
Changes in last weeks bank statement bring
the surplus reserve OF the Associated Banks 10
the largest figures since June 10. 1899. The In
crease as compared with the preceding week
amounted 10 S4.Gf3 COO. making the total SD.
$50 300 as against S5.951.90 at the same time
r year ego and 50. 975925 in the year before.
Loans decreased S4643G0O and cash increased
S4.617.3G0. The bank statement had no effect on
stocks, which closed without life.