New-York tribune., 1903-05-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

values made further progress toward higher
level in the greater number Of issues While
there was general public demand for secur-
fties. evidence Of accumulation OF attractive
stocks and bonds reflected in the character
Of commission house dealings. Preferred stocks
were in demand. There are a number of at
tractive preferred railroad and industrial shares
that are selling many points below their actual
worth, such stocks Atchison preferred South
ern Railway preferred. American Car and Foun-
dry preferred and United States Steel preferred
being noteworthy examples. Buying of Hooking
Valley issues accompanied by reports that
were generally credited that arrangements had
been made by which the Hooking Valley road
would pass 10 the control Of the Pennsylvania
or Lake Shore the common stock going in at
10 and the preferred be retired at par A
Joint ownership may be contemplated similar to
that held by the two last named companies "f
Reading. Last December the holders of Hook
ing Valley common were asked to deposit their
stock with ]. P Morgan & Co. under syndi
cate agreement looking 10 the retirement of the
preferred stock. which is subject to call at par.
In the last hour the whole list reacted from the
best prices on profit taking sales and bear pres
sure resulting from further reported reduction
Of 80 cents ton in the price Of iron The de-
cline is not considered significant of develop
:nents in the iron and steel trade of a per
nanently adverse nature. iron and steel men re-
tain lines the demand the chief Canse
for the cut in quotations. Labor troubles may
be having some effect on conditions in the iron
market The United States Steel stocks were
fractionally down at the close while net losses
when shown were seldom above small fractions
Steady realizing in Pennsylvania was a feature.
sales doubtless being against new stock Mexi-
National issues strong and active
the same character Of buying noted in the
last few days. All indication of the industrial
expansion under way in Mexico is con
tanned in the earnings Of the Mexican Central
Railroad for the first week in May. showing
an increase OF over the same time year ago of
SlS: 4:9. making gain from January I Of
S1s77.963.
The government crop report showing condi-
tions Nav ! is extremely encoura ging
summary Of = fsvora BILE situation in the agri-
cultural community. In thu month OF April win
ter wheat conditions decreased in percentage
from the preceding months only FIVE points
while the general position Of other cereals pre-
scented healthfu early growth in all parts of
fhe country. According to the estimates made
by government officers. the WELD of winter
wheat this year viii be largely in excess of five
hundred million bushels as against harvest
last year of only trile four hundred
million bushels Prospects for bountiful crops
will be important factors in the security mar
kets this year especially among the shares Of
the Western railroad issues Earnings of these
roads continue 10 break all records for this
period Of the year. For the first week in Nav
reports coming 10 hand show extensive i'm
provement in traffic receipts on about every rail
road IN the United States.
The returns of the Wabash Company for the
first week in MAY showing a gain of Sill 600
attracted buying Of the Wabash issues in yes
terdays market. while the announcement that
~ffr- u-oryI5 heoiv at
road with q tidewater terminal at Baltimore
also induced interest in the various Wabash
securities. In the last few days there has been
quiet accumulation of the shares of the Mis-
eouri. Kansas and Texas for the account of peo-
pie who Well informed regarding the affairs
of the property. There has been develop
ment affecting Missouri, Kansas and Texas in
the last few days. but there have been reports.
however that the company would be taken over
by the Chicago. Milwaukee & st. Paul. The
Rockefeller holdings are heavy in both the St.
Paul and the Missouri. Kansas and Texas com
panies. II is not thought likely. however that
the two roads viii be consolidated.
The progress of industrial companies is re-
fected In the reported earnings Of the Corn
Products Company and the United States Steel
Corporation. which have been published within
the last few days Net profits of the first named
concern in its fiscal year amounted to over 81
100000. with surplus after dividends and ali
expenses of over S2.50o000. For the month OF
March net earnings of the United States Steel
Corporation aggregated S9.9o0000. or $4,000
more than recently estimated. Reports Of this
character ought TO exert favora BILE influence
on the market value of the industrial shares
especially as earnings have been increasing for
the last three years. Buying Of Corn Products
stocks has been for the account Of people iden-
tffed with the company, and IL is understood that
these purchases have been made to hold for
material rise In quotations Riotous speculation
ia the cotton market has adversely affected 10
some exten: speculative sentiment in Wall
Street. but there is no to suppose that
the course of prices in this commodity Will have
material influence on the movement Of prices
on the Stock Exchange Wall Street is not in
terested 10 any particular degree in cotton spec
uation, the current business the Cotton Ex-
change being confined almost entirely 10 the
regular Cotton Exchange following. which Is
made up in part OF interests from other cities.
It is hardly likely that the present artificial
r1rfce Of cotton viii be maintained long enough
TO restrict for great length of time the export
movement. Engagements of gold for export fail
70 excite uneasiness in banking circles. while
they induce no liquidation among holders %
stocks Local bank supplies growing and
there is no prospect OF important advance
,n money rates IN the course Of the next few