New-York tribune., 1903-05-07
sEo dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS
Stock market trading was not particularly
AeuFe' out prices were generally firm. with net
gains in most issues at the close Profit akfne,
fsles failed n affect values. while the least de-
n1and caused hardening Of quotations Buy
Ing was again for the account Of people who are
sccunuis ting securities TO hold for higher fig
ures. and for investment account such stocks
as Manhattan, Missouri Pacific and ST Paul
being IN demand in the latter class of business
Interest in the low priced stocks was a feature
of the day. and in well Informed circles it was
reported that a good class OF buyers had been
active in Chicago Great Western Mexican Ma
tfonal and Wabash preferred II costs little 10
carry stocks OF this character and, as their
actual value is much greater than it was a year
ago, IL may prove profitable 10 hold them for a
rise 81. Louis and San Francisco and Rock
Island issues were active features but there
were news developments affecting the two
properties. Call money ruled at an easy figure,
while time funds could he had for the balance
Of the calendar year ar per cent. with lower
rates for shorter periods. At this time IN 1902
borrowers could not obtain a loan for beyond
six months, and the willingness of bankers TO
make long time accommodations now is
sidered most favorable factor in the monetary
situation. Sterling rates strong. but ship
advance in exchange at that centre on London.
4 small shipment was made however. to South
America. Local foreign banking houses have
X is understood made heavy ren1ittances for
subscriptions TO the Transvaal loan, and
yesterdays great strength in the foreign ex
change market was ascribed to this factor II
is expected that the loan will be put out at
fat : per cent rate Applications for Paris
oorut were responsible for the advance in ster-
cable that dealings already made at pre-
MUM in the loan amounted TO above
SsIsoo00o1o. IF sterling advances few points
more gold exports direct to London will be
possible
Reports from the iron and steel trade reflect
TO diminutiou n the volume Of business and no
indication Of a change in conditions governing
the trade in the rest of the year All the plants
If :he subsidiary companies or the United States
Steel Corporation are working to their full
capacity. the entire output for 1909 being taken.
with orders already booked for 1904. The
poration is turning out at the rate Of ten million
gross tons year from its eighty blast furnaces.
while its rail mills. wire nail plants tin plate
works and general steel works are producing at
heavier rate than ever before IN the history OF
the trade. Similar conditions prevail among the
companies not allied to the United States Steel
Corporation. A situation of this character ought
70 inspire confidence in business and financial
circles. for activity and steel means pros
perity in most lines Of trade The United States
Steel Corporation is in a position that insures
dividends its preferred stock in years CT
business depression. while it viii require a
period of extraordinary trade duness TO re-
duce earnings below the dividend requirements
for the common stock. II such period should
develop il would not be likely that holders of the
common shares would be left without return
on their investments. the corporation is
building a surplus fund that viii protect share
holders iu days OF falling earnings. At their
present prices United States Steel securities.
therefore. appear well under their actual worth.
Earnings Of the Gould roads show heavy gains
a year ago Missouri Pacific. for instance.
presenting a gam for April in gross income of
s627. 600. while those Of the Wabash are heavier
than in any preceding April in the history Of
the company. amounting 10 above S275.000. IT
is understood that the Wabash debenture b.
bonds viii be placed in the interest paying
column and in connection with this il is inter
esting 10 note that the president Of the road in
g recent reported statement. said that in the
next two years only absolutely necessary i'm
provements would he undertaken on Wabash
proper. The road has received the benefit OF
enormous expenditures from earnings on I'm
provenaents in the last few years, and AT the
annual meeting in 1862 II was explained that the
directors DID feel justified III paying interest
on The oebenture BIS" while II was necessary
&c meet heavy payments for improvements out
20 current earnings. u now appears that this
necessity no longer exists. and as a consequence
holders Of the bonds may confidently look for
return on the money invested The bonds call
for per cent ana at their present price Of 76ls
they are considered desirable purchases.
Chicago Great Western, the shares Of which
developed some activity yesterday. reports
growing earnings. and officers Of the road be
lieve that income viii be largely increased with
The opening of the Omaha extension This prop
ertv occupies an independent position in the
Western railroad situation that viii he worth
watching.
rBE DAYS OPERATIONS nm BONDS.