New-York tribune., 1909-03-02
FINANCIAL AFFAIRS
STOCK PRICES HIGHER.
Reading Rises 5 Points on CoUering
Operatio1as-Honey Rates
Unchanged.

Stocks were strong in the best part OF the day
on an active volume Of business that was espe-
cially pronounced in Reading, the Hartman
issues the metal shares and Wisconsin Central
securities, the latter advancing pool opera
tions which attracted buying for public
account. The general list however was not &C
lively bought by outsiders. the chief operations
representing further covering OF short contracts
for Wall Street traders and efforts by semi-
prominent interests in the financial community
TO bring about bull market over the tnaugura-
ton. The heaviest buying in the last few days
Of improving values has been by the shorts and
the fact that a large bear account has been COW
cred since the break q week ago will add partic-
ular interest to the course Of prices IN the i'm
mediate future further gains will represent
buying power independent OF that involved IN
the resultant of transactions for the decline
Reading advanced more than points in the
forenoon and lost q part Of the gain following
the announcement that there would be no de-
cison in the commodity clause case traders who
sold the issue advancing the silly theory that
the Supreme Court had made up its mind against
the coal carrying and producing companies, but
for purposes of state had postponed the publi-
cation Of its views until after the change in the
Washington administration While there were
no important decisions in the day by the United
States Supreme Court. the Court Of Errors and
Appeals OF New Jersey handed down a ruling
of the highest importance to corporations IN the
matter Of minority stock holders Of the United
States Leather Company against the merger OF
pany the decision upholding the rights Of the
minority interests who refused to give up their
prior rights when representatives Of the Beer
Trust bought into the United States Leather
Company which was behind in its cumulative
preferred dividends 40 per cent and proposed
the "disinterested" plan whereby the company
should be turned over to another corporation
the Central Leather Company, controlled by
them. A few shareholders who decided that
they had Eome rights regarding the back dlvi-
ooia = and IL
from the telegraphic dispatches from Trenton
that the court agrees with them. Minority
stock holders IN corporations SO seldom object TO
the plans Of the controlling interests that II al
ways IS interesting TO note activity on their
part especially when their conditions are based
on solid ground The general market closed
under the best prices. Of the day, with the chief
advances In Reading, the copper shares, Wis
consin Central American Ice, Pennsylvania, New
York Central, American Car and Foundry the
Hartman issues, United States Steel and Amer
lean Smelling Copper prices were slightly
higher and reports from the metal trades were
more bullish
TRANSPORTATION companies are enjoying at
nresent a much larger volume OF business than
at this time a year ago, and the promise OF
steady Improvement IS bright enough to war
rant increased expenditures, which in the course
Of the next few months likely to show
marked gains as g consequence Of growing
business and the cheaper cost Of materials and
supplies involved in the maintenance and new
construction accounts Of the railroads The
large PENNSYLVANIA system, which probably
handles the most diversified traffic OF any rail-
road in the country, shows in its report for
January Just received, substantial expansion in
gross receipts over the corresponding month
wear ago while IL reflects the companys abil-
itv 10 increase its operating costs and still re-
tain soma of the gain IN gross in the net eN-
hibit. The actual increase in bushes as SHOWN
in gross earnings amounts on the lines east OF
Pi1tsburE directly operated TO $657,500, with a
gain in expenses of s405.10O and gain in net
of s252 400 while on the lines west of Pittsburg
similar encouraging results were attained, the
gain in net amounting To s20S,S00. against an
increase in gross Of $500, 400. A year ago the
company cut it's operating expenses as compared
with 1907 SI,353,6O0 and in this reduction. in
connection with the increase in January this
year. is found a striking example Of the severe
economies introduced in the months following
the panic and the gradual disappearance Of the
adverse factors affecting the countrys railway
business in 1908 Gross earnings under the
returns OF January, 1907 and 1906. the Pennsyl-
vania lines east OF PittsbUrg. for instance, pre-
senting a decline from 1907 Of s1362.900 and
from 1906 s7s1.7O0 while net earnings show
losses Of S414.z3O and s610.100. respectively AS
the Pennsylvania Railroad handles the traffic Of
so many different Industries and covers such an
immense mileage. 1t is encouraging to know that
the company has started the current year with
moderate gains in gross and net earnings and
depart from the policy of rigid economy forced
bv period Of acute business and financial de-
preston.
The money market opened the week at rn-
changed quotations and with no indication OF