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

DAOAA @L11AA&AA<@ - --~e~-~
Total dealings in yesterdays stock market
amounted to l29.407 shares IS compared with
I7SI2s shares the day before ana 171.92S shares
IN Mondays trading. Interest WIS confined to
a few issues, with the heaviest business n
A1nalgamatsd Copper. Brooklyn Rapid Transit
American Sugar Refining. St Paul. Mexican
Central Pennsylvania and United States Steel
rrefarred. N these stocks net gains were gen
orally recorded at the Close while Throughout
the list the greater number OF securities showed
Improvement over the final figures OF the pre-
oeding day. There was. however, no outside IN
tarest In the dsy-s speculation, and there was
no effort on the part Of the more important
operators TO create activity either side Of the
account Foreign houses traded N upward q
three thousand shares. The London and Con-
tanentsi markets presented few features Of In
tsrest but there was stu evidence Of uneasi-
ness IN London and Paris over the settlement az
the last named centre. which viii be made TO-
day. II was generally believed IN local banking
Circles that while conditions on the Paris Ex-
change are far from sound. arrangements have
been made to tide over all firms and individuals
that may be In trouble as result OF the recent
disturbance on tbs Continental bourses. While
New-York is waiting for the development OF
conditions that viii be more favorable 10 &C
tivity f. the stock market. the financial losses
abroad IN the last few weeks are not factor Z
special importance IN this market, this be.
due 10 the strength OF the local position and
the absence OF foreign selling OF American
cmities- There appears TO be much diversity Of
opinion regarding the amount Of American
lr17 FvT
lative account but from the known foreign
operations IN our market IN the last five years
and the practical absence OF LIQUIDATION since
The outbreak OF the war IN the Far East the
best Judges believe that fewer American stocks
and bonds are held abroad than at any time IN
many years
News developments OF the day failed 20 stin1-
Ulate activity in any part Of the list. The an
nouncement that the Manhattan stockholders
would receive an extra dividend OF per cent
on April I. the decision OF the city authorities
10 allow the Brooklyn Rapid Transit Company 1
10 bring its cars over the Williamsburg Bridge 4
and the discouragfng earnings Of the Pennsyl- 1
vsris and the Lehigh Valley companies for the /
month Of January failed 70 create a following /
either side Of the market. Both Manhattan 4
and Brooklyn Rapid Transit were strong feat
ures but dealings were small, amounting in /
Manhattan 10 less than two thousand shares 4
Pennsylvania earnings were extra ordinarily 4
bad yet the stock recorded loss Of only 4 !
on the lines directly operated east ~ Pittsburg 1
gross earnings declined from the same month a 4
year ago S1O933O0 and net earnings declined /
81. 223O0O. while west Of Pittsburg the loss was
smaller. II is interesting 10 note that in the 7
last two weeks reports from the Pennsylvania \
Offices indicate marked Improvement in tranlc ,
receipts. LehiEh Valley showed a drop in net \
OF over 100000. Against these unfavorable re-
turns the Southern Railway for the same month /
presented an Increase. both IN gross and net re- /
ceipts. the former Increasing S214.Os6 and the 4
latter Ss3.7S1. making gain in net from July I
OF S5950J6 Southern Railway issues were ne /
less. Traffic conditions in the South and South 4
west are IN better shape than in any other part 4
Of the country. and from present indications 7
the chances DO not favor an important falling I
or IN the volume Of business for many months /
10 come.
Wal Street is discussing with considerable in 4
terest the circular Of The Erie voting trust 20
the stockholders. suggesting the extension OF
the trust for five years. II this IS not done the
voting trust viii expire IN May Of the current
year and the property VIII revert TO the control
Of the stockholders. where. according TO the
ideas OF interests who oppose an extension of
the trust Il rightfully belongs. II should be
borne IN mind that the trustees DO not demand
that they be continued in power. They merely
make the suggestion. their theory that the
Erie property is going through q period in its
life when a change IL the control vvould not
be for the best interests OF the company. This.
OF course. IS a matter Tor the stockholders 10
decide. They should study the history OF the
Erie road IN The last five years and ezarnins
the course OF the property since its reorganiza-
tion. which was so successfully brought about
ny mr.. Morgan. There is stIu much 10 be done
IN the way CT improvements on the Erie. and
the stockholders must consider whether such
work viii be carried out better under their tdeas
or under those OF the present voting trust As
there are large interests IN the Erie that know
good deal about railroad work and railroad
hnanciering. IL is likely that there win be strong
opposition 10 extension OF the voting trust,
but IL may not be strong enough 10 be success
ful.