The sun., 1903-05-06
FINANCIAL AND COMMERCIAL.
TUHsDAY, Nay 3.


stocks hea vIly and continuously In to-day's
market for the purpose OF securing the
profits that had accrued upon their pur-
chases made last week. prices held steadily
and the market was hrn and hard through
out the day In the early trading stocks
advanced. about 4 OF point on. the av-
erage. Then. under the profit taking sales
referred to they declined, closing In nearly
all instances. however. practically above
the prices At which they closed yesterday.
Business In the last two hours was very
dull Prices Of American stocks In London
before the opening Of our market were
generally above parity and London houses
we're moderate buyers Of stocks here.
A very much better feeling prevailed on
the other side OF the water, because OF the
current impression there, almost amount
ing. 1t seems. 10 certainty, that the new
Government Transvaal loan will he Issued
at 3 per cent. The London market Is de-
scribed by competent observers as being
in much the same position as our own.
namely. that conditions there warrant
higher prices for securities and are only
awaiting some signal event such as. for
instance. the successful fotation Of the
new Government loan and the release OF
money in the market that will mark the
completion Of the operation, to result in
. pronounced upward movement in values.
Trading In the market to-day was with
out special feature. The weekly Govern
ment crop report declared, as expected.
that the low temperatures last week did
much damage to fruit and vegetables, as
we'll as to early planted corn, in certain
sections Of the West and Southwest and
served to delay planting operations. but
that winter wheat had escaped injury and
that the general outlook for the crop all
over the winter wheat belt was most prom
Using. Money loaned freely on the Stock
Exchange at per cent. and rates for time
money were again shaded. One of the
chief reasons alleged by traders for the
temporary liquidation OF their holdings
was that the taking OF a comparatively
large quantity Of gold for export would
probably be announced tomorrow morning
and that they desired to see what effect
the announcement would have on the
market. The actual developments Of the
day. however. initiated against the prob
ability Of gold exports or, at least. tended
shipments to minimum. Sterling ex-
CIdISc ucTc Woo a utOic lOWcT III inc IOTc
part Of the day. but rose again in the late
afternoon, while in Paris sterling advanced
to % francs II centimes. and, according to
some cables. to II francs 17Ls centimes
General opinion in the foreign exchange
market was that under these circumstances
a metal shipment to the other side would
have to take place as a special" trans
action and that there would be no money in
the operation on an ordinary exchange basis.
So far as can be learned no Inducements are
being offered by Paris bankers for the ship
ment OF gold at this time. The present
sterling rate seems to preclude exports Of
gold to England direct. and shipments
would have to be made to Paris upon a
triangular" basis, II at all
The really important occurrence Of the
day, however was the publication Of the
simply extraordinary reports Of the gross
earnings Of the various railways for the
fourth week Of April. The principal roads
reporting and the increases Of earnings
shown were as follows Missouri, Kansas
4 Texas, SIS. .ooe Southern Railway, SIle, $50;
Norfolk 4 Western. Sl23. 500; Mexican Gem
trail, $751; ,s27; National Railroad OF Mexico,
s.s72; Missouri Pacific. $50, 900. The New
York Centrals gross earnings for the month
Of April also increased t7s2 ,072 Recalling
that in the month Of April the congestion
of trafic on railway lines throughout the
was almost wholly over and that
The weather and all other circumstances
we're favorable for the profitable conduct
of railway business. II is almost certain that
reports OF net railway earnings for April
when they are received. will show large
Increases. The enormous and especial in
,rease in the earnings Of the Missouri Pa
df1c system for the last week Of the month
s attributed to the passenger traffic Incl
lent to the dedication ceremonies at the
St. Louis exposition. They illustrate how
,ver, the great enlargement Of revenue
which the Missouri Pacific sys tenn will
enjoy. by reason of the exposition, through
out this year and the next. Since Jan. 1,
he aggregate gross gain in earnings of |
he Missouri Pacific system has amounted |
% 1871 per cent and il the gain continues |
1t the same rate until the end of the year |
1t least IL per cent. will be earned. allowing |
Tor all deductions. upon Missouri Pacific |
common stock. Even admitting that 80 |
arge a proportion Of gain is not kept I'D |
The future Of the road seems very bright.