The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-12
FINANCIAL AND COMMERCIAL.
MONDAY. May II

: spite the fact that before the opening OF
| the Stock Exchange labor troubles IN the
! West and Southwest seemed more threaten
, ing than they recently have been and the
| fall in the sterling rate In Paris made gold
! exports from this side almost certain. The
| gold exports were duly announced during
the day and we're promptly taken at their
true worth, namely as being OF trivial
| importance In view OF the extreme cheap
| ness of money here. The usual history
| Of such matters under circumstances ike
I those now prevailing Ia that after the first
J exports succeeding shipments are taken
as a matter of course and attract little at
| tention Before the close OF business news
| Of a very encouraging nature was received
! from st. Paul and Ogden regarding the
difficulties raised by the Great Northern
and Southern Pacific railway employees
1t was stated at st. Paul that all the indica-
tions there were for settlement OF the Great
Northern trouble, and at Ogden that the
proposed strike of Southern Pacific ma
chinists in sympathy with their Union
I Pacific brethren had been indefinitely post
poned. and that, indeed. the dispute
over piecework in the Union Pacific shops,
which has been the core Of all the trouble.
was nearing an adjustment.
A good deal OF the buying Of stocks to-
day undoubtedly represented the cover
ing" purchases Of operators for the fall
This short interest has grown to compare
lively large dimensions and in the first
hours business on the Stock Exchange
il was evident that the market was in the
state described in the technical language
Of speculation as sold to a standstill
The course of the days market, however.
goes far to corroborate tho opinion, which
is held by the majority OF experienced
observers of financial conditions. that
liquidation has been completed and That
whatever selling Of stocks takes place
from time TO time is due to the sporadic
and usually unsuccessful efforts of small
hearish operators. To-day's upward move
ment in prices was led by two stocks par
ticularly Missouri Pacific and Analga-
mated Copper, There were no particular
news developments affecting either Of
these securities, although the price of
copper metal in London advanced sharply
and copper prices here stiAfened in couse-
quence. The conviction is very strong
at present among those who should be well
informed that both Of these stocks are now
selling at lower prices than their earning
power justities. Other particularly strong
stocks were the Erie, Hooking Valley,
Wheeling and Lake Erie and Illinois Central
shares A rumor circulated that the Hook
ing Valley road is to be turned over to
the Lake Shore road, which may in turn
share the control with others. The belief
also seems to be general thGt the next
dividend distribution on the Illinois Central
shares will be larger than he last one.
The whole market became very strong in
the last hour, so that nearly all the active
stocks showed decided net gains at the
close.
The Wabash Railways statement this
morning Of a gain in gross earnings for the
first week Of May Of Sill 100, was probably
prophetic as to the character OF similar
statements of railway earnings for that
week which will soon be made public. The
first annual report OF the Corn Products
Company, published to-day, was an ex-
ceedingly good one. Net profits OF - ,Ola,-
s4l for the year we're shown leaving sur
plus profits after dividends and all ex.
penses of s.. 5s7,775. The March net earn
ings of the United States Steel Corporation
were officially stated to be $9,ol2 900, or
SAP 900 more than had been previously esti-
mated. The very active speculation in
cotton continues in the various cotton
exchanges of the country, although it is
largely centred in this market Some
fear has been expressed lest the inevitable
collapse of this movement sooner or later
will affect the stock market unfavorably.
There appears to be little ground for this
view, inasmuch as very few Wall Street
operators have taken part in it and
the matter, indeed, now concerns COM
paratively few people, The greatest dam
age done by it is, in general way, the
tying up OF money in the South and the
stoppage of our exports Of cotton.
Our exports Of domestic products thus
including bread stuffs, provisions, cotton
and the like, for the month Of April, as
published to-day amounted to S54, 90, $50 +,
as against s5l,3s5 200 in April. 1902 The
statement would have been much better
than it was If the value of cotton exports
last month as compared with that OF the
same month in the previous year had not,
owing to the high prices asked for cotton,
notably declined.
BY all means the most important an
nouncement Of the day however, was the
official statement of the Bank Of England
that the applications for tho Transvaal
loan had reached the enormous total Of
over El, 25O 600 900. This throws some light
upon the amount Of money awaiting in
vestment in England, and inasmuch as
the terms of the subscription to the loan
required the deposit Of 3 per cent. OF the
proposed subscription at the time appli-
cation was made. 1t 10 evident that over
sao 900 900, or more than $3.50, o0o, 900. ia
now locked up in the English market. This
sum, Of course, will be released in very
short time and the event ought to produce
some effect on the foreign exchange situa-
ton. At 4 o'clock the Government report
OF crop conditions on May was announced.
1t was about as good Judges expected
making the condition Of the grain o?.8.
decrease OF less than points since April I
and comparing with a condition of TEA
at this time last year. The decrease In
acreage since fall is estimated at less than
1 900 900 acres, and a winter wheat crop
is indicated Of $40. 00O 900 bushels. as against
last years harvest Of III, 900 ,O0O bushels.
New Ysrk Stock Exchange Sales. May 10.
rxIrIp srArI' AND STATE SoxDi IN u. ooos,.
CLOSING PRtC.S o. rnrfsD s1AIss SsaDA-
rs,, BID A'k''' rs., BID A's'&'
1880. LOG 1904 ises,...lsoA 1904
US2s. USsc