New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-02


Trading in securities did not reflect the in
creased speculative interest that was reported
in Tuesdays market dealings being light IN vol
ume in the greater number Of issues move
ment of values that showed much irreg1larity,
with lower prices in most shares at the last
The fact that the London market was closed was
not considered influence in the local business.
nasmuch as London, recently has not been active
in securities; could the announcement
of an Atchison bond offering be advanced as
reason for the days dulness To be sure, Atchi-
sons bond offering not favorably received
in the Street. and in view of the terms of the
issue and the fact that the company is IN the
market for money so soon after increasing its
dividend on the common stock 1t considered
somewhat surprising that the announcement did
not increase the volume Of business at the ex-
pense of values. Transactions varied little in
character from those of the recent past Tues
days dealings excepted, and the return OF the
market TO a condition of extreme dulness was
disappointing to the speculative interests who
had been counting upon wider demand for Sc
curities. There news affecting Stock Ex-
change properties of sufficient Importance to in
duce liquidation of well held stocks. but the
trading element, in the absence of outside
demand sold in many parts OF the list. while
there profit taking on accounts ac-
cumulated in last weeks market, especially in
Union Pacific Reading the Hill stocks, United
States Steel and st. Paul. The bear element
also used a slightly firmer tendency In call
money as argument for lower prices, rates
advancing a result of the shifting Of accounts
incident to the May dividend and interest dis
bursements, estimated at SS0GO0O0O Last
prices as a rule. were at or near the poorest Of
the day, but the final decline was not accompa-
MED by an increase in the volume Of business
Total sales were 551 ;;;44 shares, compared with
763 sos the day before and 2.4G4 40 on the same
day In 1906. The heaviest losses were in Atchi-
son. St. Paul. Great Northern. Reading and
Union Pacific
The growth Of the earnings Of the United
States Steel Corporation in the last four years
bears strong testimony to the progress of in
dustrial affairs in the United States. and tho
| decision of the directors OF the big steel com
pany not to increase the dividend the com
mon stock ought not TO be taken an indica-
ton Of an expected depression in this branch
Of the nations business. Doubtless the directors
influenced in making the quarterly divi-
dend on the common at the old rate by the
large deductions made from earnings for new
! construction. That the corporation has been
able TO supply It's fiscal needs for improvements
and new plants from earnings instead OF from
| note capital issues is most significant OF
the financial strength of the concern, and It GER
J tainly will increase confidence among investors
| in the intrinsic value Of the Steel securities
particularly the preferred stock which In the
last six weeks has been bought IN large amounts
| for investment account. In the first quarter Of
the current year the Steel CORPORATION deducted
! from earnings $14.5OO,O00 for new construction
which compares with s1O,500O0O for the same
| purpose in the corresponding time year ago
/ and. with the exception of the December quar-
ter, the amount deducted in the last three months
was larger than in any quarter in the history of
the company. Even with the large deductions
! for new construction. the report of earnings
showed surplus Of $3,684576. bringing the total
surplus to more than 800, 100000. In the March
quarter in 1903 the net earnings amounted IN
! s15,20s,SS6, the lightest in the history or tho
! corporation; in the following year thew rosa to
$23075,s96, in 1906 10 S36634 400 and in 1907 m
S59l22,4SZ record unsurpassed in the iron and
| steel business of the world The United States
Steel Corporation has long passed the evnar,
mental stage, and 1t is in a financial and
| physical condition that fnsures the permanency
! OF preferred dividends in years of general trade
| depression. 1t is not unlikely that with favor
able conditions in the iron and steel trade in
the current year holders of the common stock
will receive an increased payment before 1908
So much unfavorabe criticism has been di-
rected against the Erie property In the last few
months that it is encouraging TO note the fact
I that its earnings are picking up materially and
that in conservative investment circles there is no
uneasiness over the future of the Erie first pre-
ferred stock, or. for that matter the second pre-
| ferred. For the month of March the gross earn
| ings of the company increased $4,000 while
net earnings increased SOS. 900, the latter gain
offsetting the losses in the preceding eight
months and giving the road net gain for the
nine months OF the fiscal year Of $63.500. In
April last year the anthracite miners suspended
work, and labor conditions are now almost
perfect, as far as the anthracite trade is con-
| cerned, the chances April earnings this year
will show substantial Improvement both in gross
and net returns. Railroad earnings throughout
the country are increasing. Railroad officers