The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-05-29
FINANCE AND CONNER CT.
CURRENT NEWS AND GOSSIP
OF INTEREST TO INVESTORS

deferred stock and some of the preferred.
and as a consequence, the present COM
mon stockholders will become second
preferred holders. Under the plan the
Mexican National will secure control OF
the important Mexican Interoceanic
Railroad. and 1t will also secure con-
cession from the government by which
there shall be no competing railroad
built in an important zone Of the Mexi-
can National territory for twenty years.
Mexican National will become the larg-
est road in the Mexican republic, an!
its securities should prove profitable
purchases. In the last few years this
system has been rebuilt physically and
financially, while its earnings have been
increasing at rapid rate. The gold
standard eventually will be established
as the unit of value In Mexico and, with
| this prospect in view, capital shows no
hesitation in moving into Mexican in
c=strial and railway enterprises.
| The principal movements of currency
| for the five DAYS ended May q. as com
| piled by the Wall Street Journal in
dicate that the banks gained thereby
| 1851, 500 They received from the in
i terror s6.451, 600 and sent to the interior
| 81 .s12 800 OF which $780, 900 was trans
ferred through the subtreasury to New
| Orleans. The gain from the interior was
81, 63S, 800. New gold was received TO
the amount of s92S.500 of which s622. 100
was on New York Assay Office checks
$196,500 on San Francisco Mint checks
and telegraphic transfers, and S109. 800 on
Seattle Assay Office checks. Gold ex-
ports were So, 462, 500, of which 1906. 500
went TO Paris in bars, $305,700 to Berlin
in bars, and s2.25o.00O to Argentina in
coin. The ordinary disbursements of the
subtreasury amounted to SIS, 032. 500.
| Payments by the banks to the sub
treasury for customs, internal revenue
) per cent redemption fund. ETC., were
SIS, 575, 400. The loss on subtreasury
operations prorer was s1.542. 800. The
total gain from the interior and new gold
was 1851, 100 The total loss on sub
treasury operations and gold exports
was S., COS, $50; SO the net gain was $751;
600. The feature this week was the large
gain from the interior. which was more
i exports Customs collections for the
five days were $3.50. 300. daily average
of $46S 600. Last week the daily average
was 1891, GOO. Pension payments for the
five days, however, were only sS18. 0C0.
a daily average of s1e3.000 comparing
with daily average last week OF 1916
600. This explains the loss on sub
treasury operations proper.
The general impression today is that
pretty much all the bad news Is out,
and has been discounted, and that the
i market is not far from the turning point
Prices have. had big decline. and STAN
dard railroad stocks and industrials
OF tried merit have gone down to prices
which will undoubtedly attract the at
tention of investors, and induce a bet
ter class OF buying. During all this de-
preston, the fundamental conditions Of
the country have not experienced any
radical change outside OF the disturbing
influence of the spread OF labor troubles.
II has been mostly rich mans liqui-
dating market" Selling OF this sort once
started, makes 1t hard to say when or
al what level OF prices il Will end, but
It would seem as though there had been
sufficient OF this liquidation for the
present. at least, to ease things up
enough. and permit of a somewhat
steadier tone to the general market. Be
fore, however, there can be any resump-
ton OF real bull speculation. there must
be substantial assurance on the new crop
situation. That is unquestionably the
most essential feature to restore con-
! fdence in the future stability OF the
|, market.
, London cables say a distinctly better
, feeling prevails there today. and 1t is
principally due to liquidation in copper
nd American stocks, yesterday progress
! ing SO far for the account of the sew
! eral crippled operators that their al
: fairs had been tided over sufficiently to
$ Iobviate the necessity OF announcing then
e failure. Mr.. Morgan is reported 10 have
C supported the market there.