New-York tribune., 1903-05-11
THE FINANCIAL MARKETS.
QUIET BUYING OF MANY ATTRAC7TVE SECURITIES.
Monetary Situation improves and Large Gold Exports Not Expected
Heary Railroad Earnings.
THE WALL STREET SITUATION.

tant public speculative demand absorption iOl
investment account and buying by opeIa'"Is "a
large financial resources are reported SO4''
mission houses are disposed 10 believe 'hat an
active outside inquiry for stocks VIII sooi1 ue
,elon as prices are at an attractive level. while
conditions governing the actual value OF M
vestments warrant the expectation Of higher
level of quotations in the course OF the coliiiNs
summer T11ouths Al the moment the larger IN
forests are apparently not endeavoring 10 en-
courage an active market and it is not hKeiy
that the public will come in" until eVioenCe
Of operations for a booming market are re-
sected in the daily course OF trading Ifls Is
period OF digestion and absorption. Stocks are
going into strong hands. so-called unoigesteo
securities are finding permanent Judgement IN
investors boxes, and the floating supply OF
speculative and investment issues is growing
smaller 4 situation Of this character makes
for a bull market and. according TO the best
market Judges, the people who hold their stocks
now will be able to sell their holdings many
points above the current level before the end or
August
Stocks advance easier than they decline IN
the present market. They show great resist
ance TO bear pressure, and ready response 10
operations for the long account. In view OF
the great decline and extensive liquidation that
has taken place IN the last eight months. the
resistance TO further operations for fall is
not surprising. especially as conditions under
lying values are sound and stable. The strong
position OF the country's foreign trade. the IN
cressing amount Of money in circulatlon' anu
the prospects for currency reform leglslauon N
the fall are factors that are creating commence
among investors over the financial situation IN
this country, and eventually they should be
effective influences IN sustaining bull specula-
fion on the Stock Exchange. A gradually ris-
+t,,~- Z IN &c 1nVU
way, is far better for the health Of the financial
district than an active bull boom. Later on in
the season IL may be impossible to prevent a
veratable boom IN stocks and there are many
traders who predict in their usual facetlous
manner that the market viii sizzle in July ana
boil in August. Most stocks and many oonos
uiIl be attractive purchases until they are
quoted q number OF points above prevailing
values. especially guaranteed stocks such as
Manhattan cheap railroad shares such as
Brooklyn Rapid Transit, Atchison, Wabash pre-
ferred. Baltimore and Ohio. Chicago Great West
ern. Erie issues Mexican National. Missouri
Pacific and Missouri, Kansas and Texas. and
sound industrial issues. as. for instance. Amer
ican Car and Foundry shares, Pressed Steel
Car International Paper preferred and Corn
PRODUCTS.
According to reports received IN the week, lit
tie damage was done to the winter wheat crop
by the recent cold wave. while under the in
f7uence of the current seasonable weather good
progress has been made in planting. Agri-
cultural prospects are bright, and in all parts Of
the country all lines Of industry are prospering.
the only drawback being labor troubles. which,
however are not sufficiently important to upset
the country's business. Earnings Of the indus
trial companies show heavy gains in gross and
net receipts and there appears nothing IN sight
that will check expansion IN this line for many
months TO come Railroad earnings now coming
20 hand for the last week in April and for the
month show remarkably heavy gains over the
same time YEAR ago New-York Central, for
instance. presenting an increase in gross OF
s7s2 o72. as compared with the same time a
year ago The final compilation Of net earnings
for March results in q gain for roads reporting
Of about 20 per cent. this excellent showing
being made in the face Of an increase in oper-
ating expenses of over 16 per cent. Earnings of
the Gould roads make most favorable coTnpari-
sons with the same time year ago. Missouri
Pacific for example presenting a gain for April
in gross income of S627,9 while those Of the
Wabash system heavier than in any pre-
ceding April in the history Of the company.
amounting TO above S275.090 It is understood
that the Wabash debenture b. bonds will soon
be placed in the interest paying column. the
road is now in 6 position 10 divert part Of its
earnings from Improvement account to the pay
-nent Of it's obligations to its bondholders Chi
cago Great Western, the shares Of which de-
veloped some activity in last weeks market, re-
ports growing earnings. and officers OF the road
believe that income will be largely increased
with the opening Of the Omaha extension. This
property occupies an independent position in the
Western railroad situation that VIII be worth
watching
Gold exports to Paris were prevented last
by rhe advance in Paris excfs uge on Lon
don while the appearance Of bankers bills at
the close Of the week suggested that shipments
OF the precious metal would Tot be made this
epring Gold exports at this period would be
viewed with equanimlty, the money supply
AZ this centre is increasing, and as exports Of
merchandise from the United States running
heavily in excess OF imports. Foreign financial
conditions co not indicate a need Of gold i'm
ports from the United States Bank holdings ia
London. Paris and Berlin improving, and If
gold goes out from here il will not be be
cause OF inducements on the other side. Sew
eral times within the last eight months gold ex-
ports have been imminent. but at the eleventh
hour foreign exchange market conditions have
changed enough to make an outward movement
unproftable. and similar situation may de-
&elop this month.
Call money rules al an easy figure. and time
funds may be had to run over the first Of next
year for per cent. At this time in 1902 bor-
rowers could not obtain loan for beyond six
months. and the willingness Of bankers TO make
long time accommodations now is considered a
Taost favorable factor in the monetary situation.
Conditions in the money market moving in
The direction Of ease and stability in rates. and
this early period Il is believed that there viii
rot be a repetition in the fan Of the troublesome
developments that marked the course Of money