New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-26
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
The stock market was strong in the greater
part of the day a large volume Of business
Active buying for the account or lnpor 1aii'
market interests was a prominent feature OF the
operations especially in some Of the low priced
shares, as, for instance Southern Railway. De-
troit Southern and Wabash. Encouraging re-
ports of crop conditions in the West and the ex-
pectation of a favorable bank statement to-day
served TO increase confidence in the market.
especially in commission house circles. winch
had been unduly depressed over the agricultural
outlook London active factor IN the
local market taking large amounts of various
issues The Vanderbilt and anthracite coal
shares were bought, also Louisville and Nash
VILE and Southern Railway, the last named ad-
rancing over point on enormous transactions
There was no news regarding the Southern Rall-
way or Louisville and Nashville, but reports
were again heard regarding the possibility OF
the Louisville and Nashville being taken by the
Southern on per cent dividend guarantee
basis In the industrial list there were no i'm
portant features although the dealings in the
Steel shares and Amalgamated Copper were
heavy. Good buying was reported in American
Grass Irvine and American Car and Foundry
preferred both of which enjoyed price improve
rlent The market closed firm after an after
noon reaction from realizing sales
An increase Of S9S000 in Missouri Pacific earn
ings for the third week in April reflects the
enormous volume of general merchandise traffic
in the Southwest and the improving financial
and physical condition OF the Missouri Pacihc
road. The co1npany's physical efficiency has
been so largely increased in the last few years
that heavier train loads are possible, while the
cost of operating is being reduced The shares
If he Southwestern stocks possess greater
merit than measured by current market quota
tons and unless radical adverse change takes
place in the character Of the countrys busi-
ness there ought TO be gradual appreciation in
Southwestern values. Trade reports received
Yesterday by the commercial agencies indicate
highly satisfactory conditions throughout the
country. General business is expanding. In
The iron industry activity continues and the de-
rnand for consumption is so heavy that the
capacity OF the different works must be IN
creased Within the of the next few
months fifteen new furnaces will be in process
Of construction. and when they are completed
Dig iron production in the country will be in
creased by at least five thousand tons daily.
According to trade authorities the country has
IN sight a production Of at least twenty-one
million tons year.
According to the known movement of money
IN the week, the local banks have added over
100000 to their cash holdings. On operations
with the Sub-Treasury there was a gain in
FAVOR Of the city institutions while receipts OF
currency from the interior again largely in
excess of shipments. The bank statement that
will be published to-day will doubtless. usual.
fail to reflect actual bank conditions Money
market conditions an NewYork and throughout
he country are sound, while in the European
financial centres improvement is reported. For
eign bankers believe that the Boer war Will not
Owe out the summer. With the end of the war
he South African mines will again become &C
aye producers OF gold, and a stream of the
rolden metal will again flow into the English
money markets Gold production in the United
States continues at rapid rate. IL gold is
ihipped from New-York this spring the supply
n this country will not be materially affected.
md there is little chance that outward move
rent will have an adverse influence on the local
money market
The circular sent out by the United States
s.ee, CORPORATION to its stockholders states
Among other things. that the expenditure or
,bout So, 100000 for proposed improvements
viii effect q saving in manufacture OF SIOVoV-
400 annually and that under normal conoltlohs
would substantially increase the output, thus
adding from 100000 to S15oooVoo to the
tearly profits In addition. the company desires
% capitalize the S15.o00ooo expended in the
rear commitments maze prior TO iile Soip o-
alton organization and s10.000.0oo due for prop
.r.,ss purchased. In all S50.OO0000 of
.anital is involved in the present readjustment
alan which provides for the substitution OF
200 900 3 per cent bonds for an equal
mount OF preferred stock and the sale of $780,
10000 Of bonds for cash. II is undoubtedly true
hst the company spend judiciousy $4,000
MOO of cash on improvements. etc. but why
bo,,,d this amount he capitalized when the
EARNINGS are so heavy? There appears to be
rrnle justification for criticising the company
or having dividends on the common stock when
30 900 cash for working capital is needed.
The company pays at the rate of per cent
ear on its common stock or S22ooOoo0. The
,ostnonernent of dividends for a short time
rould have increased the companys financial
.osition and strengthened confidence in its Sc
Irities
THE DAYS OPERATIONS IN BONDS.
<aurp.rafrnJT RONDS-Market firm Final