New-York tribune., 1903-06-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was made UP IN great
part of the operations OF professional ueaiei9'
outside interests having few orders on eioilet
side Of the account Opening prices were liliii'
without important advances, while IN the SupSe-
ouen+ transactions irregularity was the ruling
feature with weakness following the publcauoh
Of the hank statement There was loss OF
,,earlz- 81 600 900 in reserve above legal require
,o.,ts bringing the item 20 S4115630 but the
statement was favorable in the loan item, snow
Eng contraction Of s.. 500. The loss in cash
was over SS.000,000. against an estlllaIeu
loss based on the known movement OF money Oh
less than 81, 100000. the discrepancy being due
20 local changes in cash not reported in the
,as7,lar channels of information. Withdrawals
for trust company reserves were doubtless nm
r,ortant factors in the loss. Reserve is now at
. level that encourages higher rates for money,
nnd The chances OF further heavy gold exports
ere therefore not promising. Final prices
showed about as many net gains as declnes'
Canadian Pacific, St Paul. Erie, Louisville ana
Nashville and Pennsylvania exhibiting strength.
while Amalgamated Copper, Atchison. missouri
Pacific. Reading, Rock Island and Union Pacific
closed at small net losses.
BOND brokers report a quiet absorption of at
tractive railroad mortgage issues. and While
they see no indication of great activity in the
market they look for gradual Improvement i'll
prices Bonds have not suffered material Dc
clines as compared with the heavy shrlnkage IN
stocks Indeed. there have been few important
losses a drop of tei, points in Wabash deoehture
Rs representing one of the heaviest downward
movements. Among the solid investment issues
there have, Of course. been declines, as many
big dealers In stocks have been forced TO sell
their mortgage securities in order to protect
their speculative holdings. but the market as a
whole does not present any likeness to that for
stocks in which prices have declined from ~ TO
90 points, with heavier losses in some
shares. as for instance. in Northwest and Gen
eral Electric. Few people are willing TO sug-
gest that stocks at bottom figures, although
the majority of operators admit that prices are
at an attractive investment level change in
the course of values ought to develop soon. as
the market has every appearance of an over
sold condition.
OF the Western railroad shares. perhaps the
best buying in the declines Of the last few weeks
has been in Missouri Pacific This stock is now
solid 8 per cent issue. representing a road
that is ably managed. and which through
q country that is rapidly expanding in all lines
Of industrial activity. Moreover, the Missouri
Pacific is big part Of a vast system of rail-
roads that practically extends from the Atlantic
TO the Pacific, and it viii always therefore be
heavy carrier of through freight and passenger
traffic. Missouri Pacific could easily pay 6 per
cent on its stock, as it is earning about double
that amount. and there have been reports that
the dividend would be raised TO this figure this
year. The manas cement of the company is con-
servative, however and it may not consider an
increase wise. large amounts Of money are
ftfn 20 be expended on the property. There has
slso been good class of buying in National
Railroad of Mexico issues recently, interest in
the property being attracted by the company IS
new plans. by which the Mexican Government
becomes a large stockhclder in the road. and
which secures for the company valuable con-
cessions and immunity from competition in
tain parts of Mexico for A long term of years
Capital is moving into the Mexican Republic
and as consequence the country is enjoying
Industrial awakening that will add much
value TO all classes Of Mexican investments
Railroad earnings are increasing at a rapid rate
gross receipts Of the National Railroad of Mex
leo from January ] 10 May ! amounting to
S5,26S456 against S4311. 400 in the same time
last year, and S3.2l3,0O3 in 1901. Net earnings
from January l to April 80 Were $1.31l, rs
against SSI4024 in the corresponding period a