New-York tribune., 1905-03-03
BONDS.
STOCK MARKET OPERATIONS.

On a heavy volume of trading securities moved
toward higher level in the greater part OF lhe
day, the only important exceptions to the ao-
yorca among the active issues being Southern
Pacific Union Pacific. st. Paul and North
west in which the selling was heavy enough to
bring about cheaper prices The declines. how
ever were confined to small fractions. except
in the case Of Northwest, which lost over per
cent In the local traction shares, the Erie
issues Atlantic Coast Line, Louisville and Nash
vile, Canadian Pacific United States Steel
Amalgamated Copper and Sugar Refining there
active demand throughout the day. and
advances of per cent and above were common
The character of trading was similar to that
which has prevailed for so long a time in the
stock market, the only difference being in
creased tendency TO stimulate activity in shares
that recently have not been particularly buoy
ant in the speculation. as for instance, Sugar
Refining which enjoyed a net gain of over 3
points. The upward movement in Atlantic Coast
Line was accompanied by report that the divi-
dend would be advanced, while a rumor similar
in character followed the advance in louisville
and Nashville. The latter company, it may be
recalled, is controlled by the Atlantic Coast
Line The Street was active with rumors re-
garding various securities, but there was no
appeared to believe that the movement of the
ticker foreshadowed news developments of i'm
portance. Money was easy, while sterling, after
early advance. closed unchanged from the
preceding days last quotation.
Railroad earnings throughout the country
made excellent exhibits in the month of jan
uary, reports received so far showing a total
gain in gross of over per cent and total
gain in net of over 71a per cent comparison be-
ing made with the corresponding period year
ago. AS the Pennsylvania company handles
largely diversified traffic, it's gross and net
earnings furnish trustworthy guide to the
general position of the company's business, and
it is therefore encouraging to note that in jan
uary. returns of which were received yesterday,
gross income the lines east of Pittsburg in
creased $S36,900 and net earnings increased
S6O1 800 while on the lines west Of Pttsburg
there was a gain in gross of ST96, 800 and In
net gain of S30S, 400, making total gain in
net of S915.7O0, and in gross a total gain of
81 ,633, 400. Such a record ought to serve to
silence the people who not yet ready to
believe that the current bull speculation in the
stock market is based on something stronger
than mere speculative considerations. Business
is growing active in all the leading trade
centres In this country, and the same may be
said of the industries of the Dominion of Can
ada a reflection of the latter being presented
in the earnings of the Canadian Pacific and the
500 companies, which making large gains
both in gross and net income. The interest that
is being taken abroad in the Canadian invest
ments is larger than before, at the moment
one of the leading favorites in the London mar
ket being the Hudson's Bay stock, which repre-
sents the Oldest corporation in North America