New-York tribune., 1903-05-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Stock market values were irregular in the
greater part of the day. with decided strength
in the last hour and small net gains in the
majority Of active issues. a compared with
Saturdays final figures Trading not ac-
tive, total transactions amounting only
334,129 shares. There was. however. further
evidence OF accumulation of stocks by substan-
tial market interests. while there no
liquidation a result of the announcement of
gold export engagements. To-day's French
steamer will carry S1,J00000 sold to Paris and
additional shipments may be made in the course
of the next ten days. 1t is not believed, how
ever that the outward movement viii reach
large dimensions. and if it should it is
asserted by local bankers that disturbance
would follow in the money market. Gold
ports could hardly develop at more favorable
time. and, as they represent legitimate interna-
tional financial conditions they cannot be
twisted into bear argument stocks Gold
exports will increase the chances of gold
imports in the fall. The labor situation
responsible for bear attacks the market in
The early dealings, especially Southern Pa
ci1c. which sold down over point on the
ports that strike would be declared by
tain OF the company's employees. In the last
hour news of a postponement of the proposed
a
gain at the close. Wheeling and Lake Erie first
and second preferred We're strong features ad-
vancing 3h and rs points. respectively, while
all the Gould issues exhibited strength Missouri
Pacific at a gain of is and Wabash debenture
Bs at gain Of Ia attracting the chief atten-
ton. Illinois Central closed 23s above Satur
days final figure. and further activity at ad
vancing values was shown by the National Rail
road of Mexico issues
Buying of National Railroad OF Mexico shares
by prominent Wall Street houses is exciting
siderable comment in investment circles while
Information from responsible sources that these
stocks are being accumulated for purposes of
control has attracted good speculative pur-
chases. The stock is evidently being bought by
people who desire the ownership Of the property,
and il is noteworthy fact that efforts are being
made to acquire stock without advancing the
price. a representative banking house is TAX
ing this issue for else, and it is quite
naturally inferred that the Rock Island will
eventually control the Mexican National prop
erty. Earnings of the Mexican railroads have
been improving for the last few years, and when
the gold basis is established in the Mexican
Republic the income of these roads will be prac-
tically doubled as at present receipts are on
the basis of the Mexican silver dollar. while
payments for interest and supplies generally
at the rate of the gold dollar Mexican National
apparently have bright future. Capital has
been moving into Mexican industries al rapid
rate in the last few years and the growth of the
coantry's industries in the last two years has
been extensive. The Mexican National Railroad,
now called the National Railroad of Mexico, was
practically reorganized several years ago, and
since that time large of money have been
placed in the property. The work of changing
the gauge from narrow to standard will be COM
pleted in the fail.
The movement of grain on the Western rail-
roads is increasing. combined deliveries at Chi
cago last week reaching total of 3.0S1.Ooo
bushels a gain of 100000 bushels over the pre-
ceding week, and a gain Of 1900 bushels over
the corresponding time year ago Heavy rail-
road earnings insured throughout the year
as a result Of last years big spring wheat and
corn crops and the large winter wheat crop of
the current year. 1t is natural 10 expect some
deterioration in the winter wheat crop from
April ! TO harvest time but even with unusual
adverse climatic changes the yield this year
should be enormous, as conditions of April
and May indicate a record breaking crop.
April exports of domestic products showed an
increase in the outward movement Of bread
stuTs in value of So. .7:57. .1o6 compared with
the same month in 1902. and, despite e falling
off in cotton exports this year aggregating in
value 81 249 176 and a decrease in exports of
dairy products of over S}.000.0o0, total exports
were in value S312,306 heavier than they were
in the same period last year For the ten
months ended April 80 total exports of domestic
products amounted in value $690,243, ,S53,
against SG.27S.c19 in the corresponding time
tr the preceding year. This record has been
exceeded only once, in 1901, when the total was
S74l9l7.1 .194 The complete statement OF foreign
trade will be issued on Friday, and it Will doubt
less show a further considerable addition to the
trade balance in this country's favor.
Speculation for she rise continued In the cotton
market in New-York, New-Orleans and Liver
pool The movement of cotton prices was not
a favorable Development Of the day, as the
sDeculation was wild and furious. with heavy
selling by interests who helped the market up a
month ago. Spinners regard present quotations
as famine prices and they maintain that the
statistical position of cotton does not warrant
the advance in values on the Cotton Exchange.
People who contemplate buying cotton, either
for speculation or for trade purposes. viii 90
We'll 10 wait.
Ia