The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-20

that the mart great gold movsmenf vi
BE- from the other dido Of The Atlantic u
our own shores rsther than Tho reverse
! operation: and rhile this prophecy may
be somewhat too hopeful. 1t At least justine.
the belief that no great quantity OF gold
exports will be seen from this port for
very considerable time.
Perhaps even more potent a. cause oil
market strength than the lowering rates Tor
money is the increasing railway net earn
ings. The railroads. 30 the managers OF the
most important lines say privately. have
passed the period Of extraordinary exponse
caused by the congestion OF freight trafuc.
The orders that have been In force all winter
to move freight at any cost have given place
to the usual directions about economical
management and labor saving; and this
Is. OF course, because the freight congos-
ton has largely disappeared Moreover.
on many Of the hnes-notably on the Mis-
soun Pacific system-the heavy expendi-
lures for improvements are about over.
Missouri Pacifc's increase In net for Fob
ruary Of S773.0oo. and Baltimore and Ohio's
increase In net for March OF Ss04 900. show
what Ii going on. Possibly Of all the roads,
Baltimore and Ohio y making tho best
showing. It increased IT. gross earnings
100000 In March. with an increase Of but
$4,000 in operating sxpenses. Tho road
Is earning over per cent. on It's common
stock after all allowances for deprecia-
ton and improvements; and a. the ex-
ceedingly careful managers Of the property
express themselves a. morn confident Of
the permanence Of these earnings than
they have at any previous time, an increased
"a ~ ~.vxt~ L. NJ IT,
common shares 10 not at all improbable.
The stock is now paying but 4 per cent,
and the policy Of the Pennsylvania CON-
trolling interest In the matter Of dividends
u apt, as all can understand. under present
circumstances, to be somewhat more liberal
than formerly.
In the past. at this time Of year, the one
matter that has moved the stock market
most has been the condition Of the winter
wheat crop. II counter influences had not
prevailed the market would undoubtedly
before this have reflected the exceptionally
fine prospects for winter wheat this season.
The Governments report Of April 10 showed
a condition OF the crop approximating
perfection, and the weekly estimate pub
lishcd later declared this condition to be
improved. One OF the best indications pos
sible OF better market in future 10 the re-
cent strength Of the bond market. Agents Of
foreign houses. especially. report a demand
from Europe for our bonds and Investment
stocks that grows better and better each
day. Shipments Of these securities TO
Europe were larger last week than at any
time for six months. The conviction is
strengthening, too. that much Of the talk
about undigested securities IL unwarranted
and has been greatly exaggerated. Many
estimates Of the quantity Of these issues
that have been printed have been palpably
incorrect, and very misleading differences
have been drawn from the supposed load
Of undertakings that has been hanging
upon the markets neck. The fact is that
the large underwriting syndicates that
have not yet wholly laid down their bur-
dens are gradually doing so, and that their
strength is such that they have no desire
lnduly TO hasten the process. What may
he called speculative liquidation In Wall
Street is, selling by discouraged or
holders of stocks--has, ap-
parently. been completed The unliquidated
securities remaining are in the hands OF |
hose abundantly able TO take care OF them. |
Thought must he taken In due season,
81 course, by all having market interests |
% the financial necessities which will ar |
rive in the fall. Last years experience.
however. taught lesson that will proba- |
bly, this year be needed.
DANIEL +. KELLOGG