New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-01
THE FINANCIAL MARKETS.
TRREGUL4RTTY IN WEEKS STOCK Dealings.
Western Fails Create BOom-TTade Conditions Shoe
Mann Sound Feature8-Ralroad Earnings Lighter
THE WEEK III WALL STREET.

I manner throughout the week on a volume OF
/ business that reflected a marked falling on IN
speculative Interest in securities trading. There
was little outside demand. ard the failure Of
the preceding weeks advance TO attract an
active public following encouraged a renewal
OF operations on the short side and liquidation
in many Issues IL which holders decided to con-
vert paper profits into cash. The extremely oP-
timistic views OF the element that was such
powerful factor IN the advance OF 1902. and
also In the subsequent decline did not have the
desired effect on public sentiment, while they
were not received with enthusiasm by the con-
serya;iye section OF the Wall Street community.
The traders however. who operate on the bear
side more often than they do on the bull side
welcomed the bullish outbursts OF the Western
following on the theory that advice to buy from
d source which is made up OF speculative ouc-
cancers would make more people sell stocks
than buy them Efforts have been made by the
Western element 10 bring about big bun mar
ket by the screaming and hUrrahing methods
that were SO effective years ago. but at the
present time this plan Of campaign promises TO
scare the public rather than attract It
General conditions governing the actual value
OF securities are. in the main. sound. but IN
creasing irregularity is shown in trade. TO-
gether with feeling of uncertainty In various
lines over the prospects for an active business in
the year In the week discouraginG reports
came from the iron and steel industry. railroad
gross earnings showed an increasing proportion 4
Of decreases as compared with a year ago. and
the speculation in the cotton and grain markets
were considered adverse factors. Here 1t may be
said that the advance in cotton to 16 cents a
pound has added hundreds Of millions Of dol ]
lars 10 the wealth OF the country. especially the
South and that the high price Of wheat has en- |
riched about every farmer IN the United States. 4
At the same tine. however. present prices rep I
resent a speculative demand rather than a 4
healthful Inquiry for consumption and for this /
reason the situation in cotton and grain. par I
ticularly cotton. is not as sound as Il might /
otherwise be- Bulls IN the cotton market predict /
% cents for July The cotton market Is develop I
ing the same situation prevailed in the stock 4
market before the bull speculation Of 1902 culmi-
mated, and il may be well for cotton bulls to 4
bear this in mind. rev people are looking for a /
boom in the iron trade. and current reports re-
garding the industry's failure to go back to the
level OF earnings OF year ago ought not 10 dis
courage Wall Street. This industry had seri-
Gus relapse in the second half Of 1903. and IL
cannot recover at once any more than the stock
market can Immediately jump 10 the high fig
u-es OF 1902. II Is encouraging to note, however
that the export trade in iron and steel products
Is beginning to show an improving tendency. De- /
cember's total as compiled by the Bureau Of
Statistics. exhibiting a considerable increase
over the same month in 1902
Railroad gross earnings for the third week in
January show for forty roads reporting an
increase Of S5o1. $50 for twenty-five roads and
decrease Of S236 SOB for sixteen roads. an av-
erage gross increase Of 33S per cent. compared
with an increase IN the same week q year ago
over 1902 Of 7.45 per cent. For the month Ct
December thirty-two companies reporting show
an increase IN gross earnings Of S2.3l0340 ard !
a decrease in net Of $780, OF 60 per CENT /
which compares with an increase in net IN De !
cember 1902. OF $50 per cent over December /
1901. In December. 1903, expenses on roads re-
porting increased Z per cent II is this factor
that is causing uneasness IN some circles. and
when II is coupled with the announcements q
railroad bond issues and a cry from most roads /
for more money. II becomes. Of course a factor
which cannot be disregarded. Reports Of net
earnings received last week made particularly
unfavorable comparisons from the preceding
year gross and net earnings generally being
smaller and expenses heavier. There was a
shrinlzage in tonnage in December from Deem
Der. 1892. and the increase Ia expenses was out
u proportion to the falling OF In business. and
surprising to say the least
SHIPMENTS of anthracite coal in December were /
2J9.749 tons. against 5.0S9 $50 tons In 1902.
The Central Railroad % New-Jersey. with SILL
23g decrease in gross. has $205S increase in ex-
penses. thus making S213.-97 loss in net: the
. Erie reports S45J.2G2 decrease in gross and an
increase of Si404CJ in expenses, causing a loss
OF S595G71 in net; the New-York. Ontario and
Western. with S132 7S3 decrease ia gross added
So I32 to expenses. and hence has 81 iI.9lJ loss
IN net; the Jehigh Valley has S23l,39T loss in
gross and S212 iS6 loss in net the New York.
Susqueharna and Western. S26.l35 decrease IN
gross and S1S.S12 decrease ia net. while the net
% the Reading company has been reduced from
Sl69T571 to S1.3S7,l43. The Atchison system
I reports a decrease IN net 81 December Of Se3.973
and an increase in expenses Of $3.50 S23 The
Chesapeake and Ohio. the Canadian Pacific and
the Wabash show gains in expenses and de-
c-eases in net returns while the Pittsburg. Gin
cinnati. Chicago and ST. Louis shows decrease
in gross earnings. but a large contraction IN ex-
pcnses The Union Pacific was the only road re-
porting that made favorable exhibit for the
month, its gross earnings Increasing SSS4. 94S
and its net earnings SG04 35T.
Money market conditions appear favorable 20
/ stock market activity. bank holdings being
/ heavy and bankers showing a liberal disposition
4 regarding loans There was some talk in the
week about the banks trying TO discourage spec
( ulatlve activity. bat the banks are not in
= the Street to regulate speculation. but TO make
money fcI their shareholders they are not try
. ing 70 prevent speculation any more than the
railroads are discouraging the shipment OF
. freight. Bank loans on speculative operations
are wei secured. II was not the fault OF the
= banks that stock market dealings showed fall
4 ing 81 in volume last week Dulness was due
. 20 the refusal OF the public 10 speculate Can
3 money WAS lent at per cent and y per cent in