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

stock market trading was light in volume on
m advancing level OF values Prices were
helped by investment buying and by further ac-
cumulefior Of securities by operators who are
convinced that quotations viii sell many points
above prevailing figures in the course or the
next few months. The general public was not
factor in the days dealings but commission
houses were disposed to believe that an active
outside demand would soon be attracted by the
present persistent strength in quotations Wall
Street YVES not at all upset over the prospects of
q normal outward movement Of gold Paris Ex
change on London was lower and sterling rates
at this centre continued firm, with all fndica-
lions pointing toward shipments CT the yellow
metal by Thursdays French steamers. Gold is
rs-ualiy exported in May. and as the local
banks are now in position to stand foreign
drain without straining their resources exports
should help rather than weaken stock market
values The ability to pay legitimate debts is
not bear argument Traders. however, will
doubtless endeavor TO depress values If several
million dollars are engaged for export to-mor-
ron but little stock is likely to out Della
ware and Hudson advanced s points on sales OF
10000 shares. with the accompaniment Of no
news Developments. although various reports
regarding the property were put out The COM
pany will hold its annual meeting this month.
but there will be 10 change in the control of
the system. All the coal shares were strong,
while throughout the list advances were gener-
ally shown at the close. with many net gains of
1 point and ABOVE. There was good demand
for bonds for foreign account
People who buy securities at the current level
have the satisfaction Of knowing that they
not paying high prices for the purchases, and
that conditions governing the intrinsic worth
OF investment issues warrant the expectation Of
advancing market values. AS yet there is no
important public demand for securities, but
there IS. however. quiet absorption of first class
issues by people who can afford TO pay cash for
stocks and bonds Undigested securities are
rapidly being eliminated factor in the mar
ket while the issuance Of new securities has
been checked. In the course of the next twelve
months the amount Of new stocks and bonds
viii doubtless be too insignificant in extent TO
restrain speculative activity the Stock Ex-
change and from all indications it is safe to
believe that for the next few months. at least
all factors will be in favor of an expanding
market. II now remains to be seen whether the
public viii take advantage Of current oppor-
tunities buy stocks for rise. Perhaps if
there were active bull leaders commission houses
would enjoy growing accounts
Reports received yesterday from the winter
wheat belt indicated little damage TO the grow
ing crop as a result of the recent cold wea ther.
Western reports also showed a heavy volume of
business on the railroads In the last week and
an increase in grain deliveries, total receipts
Chicago amounting to 2.115,000 bushels. a gain
OF $4,000 bushels over the preceding week and
2S1 600 bushels over the same time year ago.
OF the net earnings reported. Chicago Great
Western and Denver and Rio Grande presented
conspicuous gains. Chicago Great Western Sc
curities may be worth watching. owing to prog
ress Of the road important factor in the
railroad situation IN the Middle West and the
steady Improvement that is taking place in it's
financial and physical condition. The company
occupies Independent position that some of
its larger neighbors would like to secure. but
no company Will be able TO purchase control of
the Chicago Great Western in the present open
market. the controlling interest is lodged with
people who have expressed their unwillingness
10 part with their holdings at anything like
current market prices. Great Western common
sold at 30 last summer. II may now be bought
under q. Wabash securities also have bright
future, especially the debentuTe B bonds, which
will eventually receive per cent interest pay
,nents The Wabash company is making won
derful forward r~ogress and this may also be
said OF I'll the l0uld properties.