Omaha daily bee., 1903-05-01
NEW YORK STOCKS AND BONDS.
Prices Fail to Fulfil Hopes of Those
K for stronger Day.

NEW YORK, April SO.-Some hopes were
entertained that yesterdays STOCK marker
prices today, owing to the fact that. the
professional traders had r%efrained from
taking their profits on the days rise before
going home. But the first half hour OF TO-
says market demonstrated that that opera
ton had been simply deferred. The snort
of the professionals to take their profits
made manifest that there was no absorbent
power in the market, so that prices fell
weakly back and showed no recuperative
power for the rest of the day. tn condi-
lions which prompted the buying of yes
terday were not changed in any essential
particular today, but the traders found that
the buying prompted by the favorable fac
tor was strictly limited to themselves. The
net result was that prices today practically
retraced the course of yesterday and left
In the street more discouraged than ever.
The excellent showing of earnings by the
sey Central, Erie and Lehigh Valley re-
ports, was supplemented today by the
March report of the Reading, which was
even more convincing of the present pros
perity Of the anthracite trade, owing both
to its large share in the trade and the
larger proportional increase in its earnings.
Its surplus of all the Reading companies,
including the railway and coal and iron
company. was shown to be S6lS, 1856 larger
than that for March, 1902. Nevertheless,
proft-taking made an early impression on
the Erie stocks and later upon Reading it
an increase for the net earnings of Sill, O26
out of an increase in the gross of 1856, 400,
while for the Union Pacific the increase In
net earnings was 1851 ,679 left from an in
crease in gross OF S622, 173. These roads and
those in similar territory was as little af-
fected by this favorable showing as the
coalers. Missouri Pacific made some re-
sistanCe, although inspired statements were
current which were obviously intended as a
preparation for a showing of decreased net
earnings in March by that system. The re-
action In copper and In silver had a special
Influence in Weakening A~malgamated Cop
per and the Mexican railroad stocks. The
wintry weather prevailing I'm the west and
northwest caused some apprehension Of
crop damage that might be construed as a
the iron trade was not regarded as con-
vincing on the prospect in that trade and
especially the somewhat ominous conclu-
sion that business is too slow to fight,
but that does not mean that concessions are
to go on endlessly and there will have to
be a tremendous wages readjustment when
the markets turn"
The notable strength of the foreign ex-
change market indicated the possibility of
further gold exports and the retention of
the Bank of England rate at 4 per cent was
once more a disappointment. A demand
account $12, 100000, is sufficient indication of
the ground for retaining the discount rate.
Tn weekly statement of the Bank of
France showing an expansion in note cir
culation of nearly $50, OO0,00 o. and a loan in
crease of over $3S, 900, 900 shows another mo-
tive for the retention of the English bank
rate, considering the large amount of
French capital at 3 per cent placed in the
London market.
The pond market continued irregular.
Total sales, par value, 81, $780, 00. United
States rs declined u per cent on the last
call.
The following are the quotations on the
New York Stock exchange: