New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-02
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Stocks were Gun and weak in the greater part
- the dav. with final prices AZ not losses In
most issues There were no developments af-
,ec-tng adversely tho actual worth % securities.
p.rue On the other hand che days news was al
IN favor of higher prices In an ordinary market
.ych q report as the Reading issued for July
,-olld exert favora bic effect on values. but IN
yesterdays trading there was no response 20 The
.onopanv's most excellent showing The rail-
rs, cor,nanv Of the Reading system showed an
I,or.asa IN gross earnings Of S1.210,244 and an
,,c-sasA IN net II $500. ga. as compared with
he same time year ago. The coal and iron
.ornpanv showed = gain in gross n S-''"s'4"t
.rs q gain IN net OF S692.:}54. while the surplus
,o- all COMPANIES was S!ga6 1911. against deficit
r July. 1902 OF S53l436 Following the splen-
,,s -.splfs -enorted by the Erie sud tho Central
7suroad Of Nev-Jersey. the exhibit made by
N. Pleading sccentuates The profitable business
being handled by the anthracite coal companies.
commission house business was light Mis-
,orrs Pacific was under traders pressure; also
Rock Island. which received no support from IN
sis.rs and United states Realty preferred.
s,o+-orolita-, oreped down. sales apparently rep
.sse-tine realizing operations. In the afternoon
sealings there was material contraction IN
he volume of business. and little movement IN
,jtber direction IN values. The CHIEF weakness
d, the dav was n Amalgamated. 81 Paul.
Netropolitan. Missouri Pacific and Rock ISL
and which were also the leading active feat-
ares Sugar Refining was among the few nrnn
-sues in the DAY. The market closed dul ana
peak. although above the lowest
one bad effect 81 the operations IN the specu-
ia-ive markets on trade is seen in the influence
- tho corner I'm cotton on the drygoods bust
81
ron have unsettled the CRY goods market. ar
n is estimated that even II quotations should
irop 10 10 cents tomorrow n would he ninety
DAVIS before prices % finished goods would be
-c5ucod Tho mills win not buy ~ current quo
.afious and as n consequence many of them are
Idle u is doubtful il such situation viii con-
tiuue much longer. A few .len control all the
spot cotton IN the world. hut 81 is not at al
'fl,oly that they viii be able 20 control the new
IRON. unless most Of the farmers have sold their
cotton I'm advance 20 the Nev-Orleans specula-
tive Clique Wall Street operator has made
nm estimate ~ this years cotton crop, based on
replies received from 525 correspondents in the
cotton States. placing the total yield at l2,7o3-
80 bales
The outlook for gold imports is not as bright
ID was month ago. but as soon as our cot
ton and grain begin 10 move this country may
10
may be. however that unless the price Of cot
ton declines exports viii continue light as ~
present For the month OF July exports Of cot
ton were 1907 bales. against 1884 bales in
the same month in 1902. or falling of Of A.
fer cent showing decrease in value OF about
Ss00oeO Europe will not only not buy Ameri-
can cotton al present fictitious prices. hut il
VIII 60 10 other markets and encourage the cot
ton industry in countries where the soil and
climate are favorable Cor the growth Of the
plant This is not the only country in which
cotton can be grown. and the present specula-
tion in the product while benehtting the cot
ton growers for a time. may work them irrep--
rsble injury IN the long run.
Railroad earnings for the third and last week
IN August show satisfactory gains throughout
the country. thirty-hve roads in the third week.
Tor instance presenting a gain Of S663115 in
gross receipts. Since July ] these companies.
which cover all parts Of the country. have
shown total increase IN gross earnings OF
s. 6sJ.57s as compared with the same time a
aesr ago. Improvement in railroad earnings is
not confined 10 the United States. as the Cana
dian and Mexican roads also show heavy gains.
Mexican National for July shows an increase
81 gross earnings ,MeNicsn currency Of $685..
go. and an increase in net Of So asl4 over the
corresponding period I'm 1902 " bile from Janu-
ar I net earnings have increased SECS $50
Considerable objection has arisen in soma
quarters 10 the plan for the retirement OF the
Mexican Central income bonds. but = careful
study ~ the matter ought 10 convince all in
come bind holders that the scheme is. under the
circumstances. the best that could be devised.
The Mexican Central is good property with 2
bright future. hUt So is badly an need Of more
money, and the stockholders and income bond
holders must come 10 SIS assistance II they ex-
pet ever 10 get a return on their investment
The present offer 10 retire the income bonds
which owing 10 the fall in the price Of silver
have deprecated in actual and market value
and 70 issu1 In their place debenture certificates
~ the rate OF 80 par value FOR each first in
come bond ~ the par value % 81 CO.. now sell
fng al $40 and At the rate 81 Sl40 par value
Tor each second income bond ~ the par value
% $1,000 now selling Al 500. appears 20 be
fair and for the best interest OF all concerned.
THE DAYS OPERATIONS ~ BONDS.