New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Transactions in yesterdays stock market
were light in volume, but the movement Of val
ues was generally in the direction of higher
quotations. Substantial advances were made in
many issues especial strength being recorded in
Amalgamated Copper. Chicago and Alton pre-
ferred, Colorado and Southern issues Reading
and Manhattan A noteworthy feature of the
days operations the activity in the spe-
cialties. In which a larger volume Of business
was transacted than reported IN many weeks.
the leading operations Of this character being
in the Colorado and Southern stocks. Chica go
Terminal issues, Detroit Southern preferred and
Iowa Central preferred In the stocks named
activity represented manipulation more than
anything else although it was reported that in
terest in these issues was being revived. owing
TO the expectation of developments favorably
affecting the various properties. There is a GER
tain amount of talk in the Street regarding the
possibility OF a combination Of the so-caled
Hawley roads on lines similar TO the Rock ISL
and system but in well informed quarters it is
not thought probable that the current year Will
see any important deals affecting HaWley prop
critics or any other railroad companies in the
country, the theory being that 1inanciers and
railroad capitalists viii not entertain plans for
consultations until after the Presidential cleo
ton.
The decision regarding the dividend on the
United States Steel Corporation stocks and the
unfavorable report of earnings for the last
quarter were not given out until after the close
Of business, and as a consequence the Steel Sc
curities We're not active features. Both the
common and preferred moved within fractional
fluctuations. last prices showing unimportant
net changes compared with the preceding
day. Rock Island stocks were unfavorably af-
fected by a heavy falling off in the net earn
ings for October and November. which We're
made public yesterday. While the gross in
come for October showed an increase of S10.-
977. net earnings presented & loss of S731. 2S7.
and for November an increase in gross Of S129-
127 and a decrease in net Of S195579 making
for the five months Of the fiscal year a de-
crease in net earnings Of S1,3S4, G53 as compared
with the period in the preceding year.
Rock Island, like the greater number Of rail-
roads in the country. IS handling a heavy
amount Of traffic. but its increase in gross
earnings is offset by the heavy expenditures
that are being made on the property and
charged TO operating expenses. The report Of
the United States Steel Corporation for the
last quarter of the year shows falling off in
net earnings. compared with the same time
a, year ago, of S17, 40. us while the reduction
tn the volume Of untitled orders on hand
amounts to 2l32l30 tons from this time last
year. Unless the company makes better earn
ings IN the current year than in the quarter
Just closed # viii not be able TO maintain divi-
dends at the present rate on the preferred
stock and wagers were made in the Street yes
terday that at the next dividend period the
dividend would be reduced For the calendar
year Of 1903 the net earnings show a falling off
OF S24,329. 75l. while the balance, after interest
and depreciation. shows a decrease of So, %. -
Ia AS the preferred stock IS cumulative the
prospects for speedy resumption OF dividends
on the common are not at all promising.
The Pennsylvania statement OF earnings for
November, which was received yesterday. makes
a most satisfactory comparison with the same
month a year ago. showing an increase on the
lines east OF Pittsburg and Erie Of 1884 100 in
gross and gain Of S277, 400 in net, making for
the eleven months of the last year an increase in
gross earnings Of s1O26 300 and in net gain
OF 1888 100 on the lines west Of Pittsburg and
Erie November results present an increase in
gross OF Sl93 800. and decrease IN net Of ssh =
BOO. making for the eleven months of the year
an increase IN gross earnings OF S5.517. 200 and
a decrease Fl net earnings OF $4,000 On the
whole system OF lines directly operated the in
crease In net for eleven months amounted "a
only $1,000 compared with a gain in gross
earnings OF Sl57sl,5Oo the increase in operat-
ing expenses amounting 10 Sl57G04O0 The
ditions that prevailed throughout the country
in 1903, while the insignificant gain in net earn
tngs reflects the enormous increase in the cost
OF operation and the policy OF the railroads in
placing large amounts of money IN betterments
and permanent improvements Even with its
large increase in stock the company would have
TO suffer large contraction in earnings before
IL would be necessary to pay a lower dividend
than the current per cent rate.
The statement OF the amount of money in
circulation on January ] shows an increase
from December OF over SI7.OO0O0O and q gain
for the calendar year Of over S1I5 100000 Total
circulation is now larger than at any preceding
time in the history OF the country amounting
20 s., 466,345,s97. which compares with 81 $50
39el1o i've years ago, and $S16 100000 twenty
1--WE years ago. The total amount OF gold in
circulation in 1879 amounted to $96Oo00eO as
against 627,970.533 at present. In view of the
current large loans of the New-York hanks
which stand S33 21S 400 higher than a wear ago
the course OF this item in the next few veeL.
win be watched with particular interest A,
this period OF the year loan expansion generally
takes place. Last year from January 10 70
February p loans showed net increase of owe,
100000. In March. 1902, from January n
March ], the increase amounted to over SIS
100000. and from December 20, 1900 TO Febr,.
airy JIG. 1901. net increase of S127524 400
Precedent suggests increase this year al.
though the chances are that the banks will ex.