New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-10

STOCK MARKrT OPERATIONS.

STOCK MAhkLl tPEhhAAO4
Trading IN Yesterdays stock market was made
,r entirely Of the operations OF the professional
.Ieu7e.l. on a. Irregular movement or values
that ended with more net losses than gains
v-inal changes were unin1portant IN the CREATE
-.gnber Il Issues. while transactions fehecleu
,-,,t,r,as absence from speculative dealings OF
the more important market interests ana com
r-ete indifference on the part OF the so-caiie1
-.uhric Efforts were made in the morning 10
,5s---ces -,-fces on the rur7or that the supreme
Court might hand down decision IN the North
on, Securities case IA the day. The same Toia'r
was circulated the day before. but II attracted
rttle attention owing 10 The fact that ceels-
ior On any day save Monday would he wholly
ont ~ keeping with the usual custom 81 the
Tinted states supreme Court ACTIVITY was
confined 10 Amalgamated Cop7e1 E-ch-soi.
rsrttr-ore and Ohio. Brooklyn Rapid Transit. St
Paul. Pennsylvania Union Pacific and United
s-s.es steel preferred. In these stocks price
changes were made up OF fractional variations
Dulness became more marked n the afternoon
dealings. and AZ the close there was absolutely
no indication Of life IN any part OF the list. IN
the commodity markets strong contrast was
oEcrcs 10 The securities market activity preHal
ing a wheat and cotton, the price for the latter
advancing. while the grain markets were gen
orally lower especially corn which broke sharp
u. in Chicago and Neu-York Important devel-
opnlonts OF the Gay were the favorable report on
i-os production in the last month and the re-
ports Of rhe Western Union Telegraph Com
rsny and the Consolidated Tobacco Company.
grhe ouieter condition Of general trade in this
country Is reflected in a decrease IN Western
Unions March quarter. March partly estimated
OF $4,000 in net earnings, as compared with the
same time last year. and loss OF Sl5l,cOJ from
eg1fl ~ cd TrD
1898 makes a most striking exhibit. and II VIII
ply Investors IN general 20 make a careful eN-
animation Of the figures. which are printed else
where in the financial columns.
ON March % the stockholders OF the Wabash
Railroad Company VIII vote 20 Increase the COM
ran,ts common stock 100000. IN order 10
comply with the laws Of Missouri which pro-
vide that the bonded Indebtedness Of a cor
roration shall not exceed its authorized capital
stock According 10 the best Information there
IS az the present time no intention Of issuing
any ~ this stock but the needs OF the company
IN the course Of the year may lead 20 a public
subscription offer. The chances are, however
that there win be no stock Offering in the next
ten months. unless the public should show
greater desire 20 buy securities. At the mo-
meut railroads ~ the hrst standing are unable
~ sell their stocks or bonds; that IS, they have
been given 10 understand that there IS 40 mar
lyet Tor new securities. and as a consequence
they are compelled 10 borrow money from The
hanks or their notes at 81 high rate Of interest.
The debenture bondholders Of the Wabash
company VIII also vote on March % 10 ratify the
trust agreement 20 secure 100000 = per
cent terminal bonds authorized az the last an
nual meeting OF the company. The fact that
this road f. increasing its Interest charges and
VIII doubtless eventually increase the amount OF
Its outstan6 ms stock. while & IS spending large
sums on Its proposed extensions and improve
ments. suggests the imprObability Of a dividend
on the preferred stock FOR several years 10 come
hut when the system reaches the state OF per
fecticn that IS now contemplated by the con-
trolling interests IN che property SIS securities
ought 10 be favorite investments. The Missouri
Pacific Company has bought a large block Of
the wabash preferred stock. and as the road IS
controlled by the people identified with The Mis-
souri, Pacific there is no chance or SIS ownership
passing 20 other hands. The Missouri Pacific
VIII have an Atlantic Coast outlet through the
wabash and its new Eastern connections. and
Il is no wonder. therefore. that the Pennsyl-
va1sla cornpay is unwilling 20 accept meekly
the so-called Gould invasion OF the. East The
invasion. however. is an accomplished fact.
Missouri Pacihcs earnings and the earnings
~ al the roads in the Southwest are not shar-
turns of companies in the East and West. The
South and Southwest are prosperous. and. &C.
cordinE 70 returning pilgrims from that part OF
The country. indications point toward active
period IN Southern Industries throughout the
year. King Cotton has brought great wealth 10
the people OF the Southern and Southwestern
States. Good market Judges are favorably dis
posed toward Missouri Pacific stock and South
en Railway preferred 70 hold for investment
and for speculation There are many cheaD
stocks on che list that represent railroad and
industrial companies that have not been increas-
ing their capital liabilities or borrowing money
on long tnc notes. and 81 bought on the de-
clines that NAV take place this year they viii
prove profitable purchases for The long pun.
Although AmaEamated COPPER, 81 company
with the general list, shows Indication q
builish i.1e. 81 is reported that cautious buyers
are taking the stock II IS Interesting 70 note
that exports Of copper for actual consumption
are rsuch heavier than they were ar this time e
wear ago