New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-22
BONDS.
STOCK MARKET OPERATIONS.

The declining tendency IN the London market
which caused by the developments in the
Red Sea incident, was not an important factor
In the local market. although it caused more
or less irregularity in the movement of values
Early quotations as a rule were at advances
compared with the preceding nights final
figures while at the close there net
losses than gains. In the forenoon dealings
strength exhibited by Atchison. Brooklyn
Rapid Transit, St Paul. Norfolk and Western.
Pennsylvania, Reading. Tennessee Coal. Union
Pacific and Missouri Pacific, while weakness de-
veloped IN Canadian Pacific, which naturally
heavy IN sympathy with the selling OF the
ISSUE IN the London market. On the decline,
however. the stock was well taken. and friends
OF the property were not at all alarmed over the
reaction. which amounted TO only small figures.
Based on the earning power Of the property and
on the dividend return of the stock. this issue
IS considered cheap at it's present level. in COM
rarison with other high grade securities. and II
is therefore quite probable that foreign and local
investors viii continue TO absorb it on all
actions. There has been wonderful industrial
development IN the Canadian Pacific territory
in the last few years. which has resulted in
remarkable expansion IN the company's earn
ings. which IN the fiscal year ended June 10.
1903. resulted IN a balance after dividend OF 512
per cent on the common and per cent on the
preferred Of S3.973.962. compared with S3.063,077
in the preceding year and 81. ia AGO In the year
before that In the last fiscal year. official earn
ings for which have not yet been published. the
traffic receipts showed the same progressive ten
dency as in 1903 gross earnings from July /
to May 81 amounting TO SO 052 261, compared
with $50 S04, 49, in the eleven months ended
May 81. 1903. Owing to large expenditures on
improvements and betterments net earnings IN
the last fiscal year We're somewhat under those
in the year before. Gross earnings IN 1908
amounted TO $50 So. 2o4 an increase o: nearly
S14,0G0000 over 1901
Although the early news regarding the latest
developments in the seizure Of the British
steamer Malacoa by the Russians contained pos
siblities that might result in serious disturbance
in the European markets local financiers We're
not alarmed over the outlook for the American
market Il believed that the situation
in this country too strong to lie upset by
the differences that may arise between Great
Britain and Russia, and possibly other European
powers. Naturally, liquidation in the foreign
markets would certain amount of selling
by foreign holders of American securities, but
the fact that this country is we'll supplied with
money and with capitalists who have the cour
age 10 invest their funds in the stocks which
foreign holders compelled TO part with en-
courages the belief that the American market
may develop abroad. The United States has
already profted financially from the war in the
Far East and in the event OF International COM
plications involving other European nations in
addition TO Russia, America would be the great
supply house for the world. The fact that our
market has advanced In the face of unfavorable
developments in other parts Of the world reflects
the confidence Of American investors and specu-
lators In the American financial and industrial
situation Although securities have enjoyed
marked appreciation in the last two months.
there is room for further Improvement, and
unless there should be home developments OF a
radically adverse nature. of which there is now
no indication, values should enjoy further ad-
Nances. In the London market sentiment at
the close was better and prices showed a slightly
1rrner tendency. owing TO the report that Russia
would release the British merchantmen which
II seized few days ago.
The general market weak in the afternoon
dealings. final prices being near the low points
Of the day. with the heaviest losses in Anal
ganated Copper. which declined over one point
Canadian Pacific. ST. Paul, Erie first preferred,
Mexican Central. Peoples Gas. Southern Pacific.
Union Pacific, and. on small dealings. Reading
second preferred. While the last named stock
was weak. Reading common. on dealings
amounting on the basis of flll stock to over
10000 shares. enjoyed a net gain of over one
point the upward movement being accompanied
by the old s.ory that on the dissolution of the
voting trust the second preferred stock would
be retired and the common stock placed on a
dividend basis. In the locas money market call
loans Were quoted low as = Of per cent.
with the greater number of the DAYS rransac-
lions at L per cent in the London market dis
counts were again firm. being quoted at | per
cent above the level OF 4 week ago