New-York tribune., 1903-05-06
sE- dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stuck market trading reflected the efforts or
certain powerful speculative interests TO test
values further buying by people VINO are &C
,,r,uleting securities TO hold for higher prices.
and an increasing demand for foreign account
purchases OF the last named character being
heavier than reported in many weeks The mar
pet WAS tested in the first hour by moderately
heavy selling and il withstood the pressure
without material price reaction No weak spots
were discovered II was easier to advance val
ues than 70 depress them, and il was found that
good buyers were IL the market and that COM
J. ssion house business was slowly improving
The whole course Of trading proceeded IN man
rer that was extremely encouraging TO people
who are in favor OF higher prices, and as a re-
suit Of the days dealings sentiment was firmly
espoused to the bull side Of speculation. While
foreign exchange was again firm, discounts
abroad were easier and 1t not thought
likely that gold would be engaged for export
to-day. Total dealings in stocks were above
100000 shares, with the heaviest trading tn At
Gibson, St Paul. Erie. Missouri Pacific. Mexican
National Pennsylvania, Reading. Rock Island
and Union Pacific.
In the industrial list strength was shown by
American Car and Foundry. American Ice pre-
ferred American Linseed preferred, Interna-
tional Paper issues. Pressed Steel Car and
United States Leather shares, On the curb
Standard Oil advanced Il points International
Paper common rose rs. and the preferred PA
points. The preferred is per cent stock that
has paid regular dividends for many years, and
at its current price Of 72l4 it is considered an
attractive purchase.
Officers Of Western railroads have made
thorough investigation Of crop conditions in the
wheat and corn belts and they find that the
recent cold wave had no widespread damaging
effect on the growing grain Indeed. agents for
the various roads in different sections OF the
crop territory report that the decrease in the
yield q result of the unreasonable weather
viii be too insignificant for notice These re-
ports are indorsed by the governments weekly
bulletin which says that winter wheat has es-
capped material injury, despite last weeks freeze
over the western portion of the winter wheat
territory. while IL adds that the general out
look for this crop continues most promising.
Early planted hurt. but great
amount of this cereal was in the ground In
the Southwest indications point. according to
railroad managers in that part of the country.
10 the largest wheat crop record Railroad
earnings now coming to hand for the last week
in April and fer the month show remarkably
heavy gains over the same time year ago.
New-York Central, for instance. presenting an
increase in gross of S7s2.072. as compared with
the same time year ago. The final compila-
tion of net earnings for March results in a gain
for roads reporting OF about - per cent this
excellent showing being made in the face Of an
increase IN operating expenses Of over is per
cent
Earnings Of the industrial companies also
show heavy gains in gross ard net receipts and
there appears nothing in sight that viii check
expansion in this line for many months TO come.
If there should. therefore re cn active bull
market in securities industrial stocks ought to
supply q fair proportion of the business. both
for speculative and investment account pre-
ferred and per cent industrial issues being
especially attractive for the latter class Of buy
ing. Industrial shares that are paying per cent
dividends. such American Car and Foundry,
Pressed Steel Car. United States Steel and Corn
Products. are selling at an attractive buying
level and il seems safe 70 believe that they
are good for ten points al least before the end
of the summer. The issues named are selling
from 10 20 IS -oints under 30. On their merits
they are entitled 70 a price Of over % and it
VIII Tot require especially active demand TO
advance their quotations that figure Ameri-
can Car and Foundry preferred and United
States Steel preferred are solid per cent in
vestInents selling under par. They are worth
as much intrinsicallv as many railroad issues
that are returning Jess than ; per cent. In the
local traction group Brooklyn Rapid Transit
and Manhattan are being absorbed by careful
market interests who appreciate the feet that
Manhattan is Z guaranteed per cent issue sell
ing or g 3 per cent basis. and that b r T"
wiH eventually be a sound dividend payer
Population must expand in the territory covered
by the Brooklyn Rapid Transit's 500 miles Of
track New bridges ana tunnels will do much
for Brooklyn real estate and Brook1yns big
transportation company.
The DAYS OPERATIONS IN eoNDs