The sun., 1903-05-13
FINANCIAL AND COMMERCIAL.
TUESDAY. May II

Last hour OF business, despite the markets g
e1treme dulness. Heretofore, whenever
the market has turned dull after moderate
advance in prices professional speouators
have after chatting for few hours. begun
10 lament the lack OF buying power and
IN sAll stocks mscellansously. Some stioh
movement as this did take place. 1t is true,
In the latter part OF the afternoon to-day
Nevertheless, changes from the closing
prices OF yesterday were small. Inc news
OF the day comprised mixture OF favorable
and unfa avorab BILE factors, with the favorable
ones predominating. The monthly Gov
ernment crop report, issued after the close
OF the stock market yesterday afternoon,
showed that crop conditions were In much
better state than had been generally imag-
ined In Wall Street The acreage OF winter
killed wheat was put at much less than the
average amount thus destroyed in previous
years, while the deterioration OF the crop
caused by the cold wave still left an indl-
Gated winter wheat yield Of 100 900 600
bushels more than the largest crop ever
known. The weekly crop report, published
to-day, showed an improvement in con-
ditions as compared with the first of the
month, when the monthly calculation was
lower prices on the grain market aud
sharp and much-welcomed fall in prices on
the Cotton Exchange. The danger OF po-
ltical complications with Russia regarding
Manchuria has, apparently, entirely ceased.
The success of ftheTransvaal loan in England,
with its revelation Of the amount of money
lying idle there. was widely commented
on. and the belief was expressed in the
more important foreign houses here that
the event would greatly stimulate demand
for investments in England which could
not fail to react very favorably on American
securities. Similarly, the higher prices
offered for the bonds Of our city as disclosed
by the opening of bids to-day for the city's
issue of corporate stock was an additional
testimony as to the strength of the general
bond market. Very many favorable re-
ports Of earnings for the first week of May
were received. The most prominent roads
reporting and their increases IN earnings
were as follows: Missouri Pacific, $4,000:
Southern Railway, sse,4l3; Norfolk and
Western, S78,6l8; Louisville and Nashville.
sol. .s45: Mexican Central, $133, 43o: Texas
Pacific, $l3 s24; Chicago and Great Western.
Sl4, ,8s3 Nashville. Chattanooga and st.
Louis, $3s,2se.
On the other hand, while the settlement
Of the labor troubles on the Southern Pacific
and Union Pacific railway systems seemed
probable to-day, the possibility Of strike
on the Great Northern Railway seemed
greater and the general strike situation
over the country could hardly be said to
be improved. Sterling exchange here did
not decline, despite to-day's gold ship
ments, and sterling In Paris also held steady.
This makes 1t possible, therefore. that
more gold may be shipped before the week
S out. But as call money to day was offered |
1t 2H per cent. and time money was as cheap |
ls ever, these shipments are obviously |
II small importance. The real impulse
n causing the weakness Of the market at
he close was the cumulative effect OF the |
leavy liquidation in Pennsylvania Rail- |
Dad stock which took place during the |
lay as the result Of sales Of stocks made |
,ganst the purchase Of subscription rights
to the Pennsylvania Railroads new stock
ssue and the sale Of these rights them
selves The net effect Of the Pennsylvania |
Railroads $40 900 900 stock issue has been
o bring good share Of it into Wall Street, !
md the stock market is now absorbing"
t after ite regular fashion. The sales OF !
hat have been made In the past are. of |
course in the nature Of banking "arbitrage'
,perations but they none the less cause |
he price OF the security to sag. and hence |
affect the general market |
adversely. In the last few minutes Of busi-
less on the Stock Exchange the room traders
'old the market vigorously, attacking
,hiehy the United States Steel shares upon
he report from Pittsburg that prominent !
private steel manufacturing concern in
hat city had made price for steel biets
or delivery throughout the year at less
han the prevailing market quotations.
The report was also accompanied by the
tatement that the pig iron market in Pitts
,urg had developed a weaker tendency.
The formal announcement of the acqui-
ition Of the st. Louis and San Francisco
Railroad by the Rock Island Company
made the shares OF both COM
,anies concerned active There is good
eason to believe that one of the considera-
ions offered TO the St. Louis and San Fran
'isco stockholders. and accepted by them,
or the transfer Of their property was the
that the Rock Island Companys
tock received by them in payment will
,e placed upon dividend-paying basis
n the fall. The Wheeling and Lake Erie
md Hooking Valley stocks advanced, the
ormer by reason of tho benefits that will
.ccrue to the Wheeling and Lake Erie oom-
,any by the extension of the Wabash road
nto Pittsburg and the latter by the UNDER
standing that 1t will be most favorably
Effected by the plans for the Hooking Valley
which, it is believed. are
rearing completion The Mexican National
preferred stock was bought ac-
lively at higher prices in the closing hour,
ven while the traders were assailing the
,eneral list. There can be little doubt
hat market movement of substantial
Importance is behind the Mexican National
tocks The most unframed observer of
n arket conditions, moreover, must be
with the evidence of accumula-
ion of the Missouri Pacific shares that has
Ne en- going on for some weeks past. Mis-
ouri Pacific sold to-day at the highest
,rice recorded for several months, al
hough 1t sold off with the other stocks at
he close.
tsw York Stock Exchange Sales. May IL.
UNIrEp srArE7 AND sTArs BoNDs IN 81. i.OOos..
100 S IS T 1925. 5.......................l
cLosISa PRICES rrtrsp s,A1ss HONDA
,s. 1~ Asked us.r s~ ~'1'A
1880 80. oon loeA ,sa5,..laoa lsex
rs. c. u Sts.c.
1880, e. oo.l 1907. 1s2S...l3oN laeA
J s ssr. U S Sas.r.
,sosls,lo7A losA ,so4,".loaH loaA
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