New-York tribune., 1903-05-01
BONDS.
THE DAYS OPERATIONS IN STOCKS.

TIE DAYS OPERATIONS IN STOCKS.
Trading in yesterdays stock market was dis
appointing so far as the volume OF business was
concerned, but there was reason for encourage
r,eut IN the character OF the transactions, buy
ing coming from excellent sources and repre-
sentiug dealings for the account Of people who
have tie common sense and available capital
70 buy when prices are cheap Much OF the
DAVIS selling was by the local trading element,
which apparently was unfavorahly affected py
The absence Of general public demand for Sc
curdtiee also by the strength in sterling ex-
change and unimportant adverse crop weather
reports from the West. Winter wheat could
suffer great deterioration and yet make an
enormous Yield. the crop has advanced TO
point where only the severest adverse climatic
change. could cut down the harvest TO a ma
terisl extent Good exports present no reason
for alarm. Shipments If made will be small
and the local banks are thoroughly able TO take
care of such a movement without rpsettng the
monetary situation. Irregularity was the chief
feature Of the days movement Of prices. Early
figures were generally strong, but thereafter
values moved n an erratic manner. with the
tendency much OF the tine in favor OF lower
level Declines however. were insignificant.
while at the close quotations showed fair per-
centage OF net gains as compared with the last
figures Of the preceding day. There were no
striking changes among active issues CaA
money ruled az 2is per cent. while sterling ex-
change was at a level at which gold could De
shipped to Paris az profit. There is no fast
steamer sailing for France until next Thursday.
and in the meantime conditions in the exchange
market may move against gold exports Rail
road. earnings received yesterday showed
further heavy gains IN gross and net receipts for
March.
The intrinsic worth of railroad securities as
measured by railway earnings is rapidly in
Easing and running far ahead Of current mar
ket quota tons Improvement in traffic receipts.
especially in net income. is striking, and from
all indications in various parts of the country
earnings throughout the present year viii ex-
ceed the best records Of preceding years Net
earnings for January showed increase Of
over per cent. ss compared with the cor
responding period in 1902, while in the short
month Of February 2 gain Of nearly B per cent
was recorded. In March the expansion in net
earnings truly wonderful. the gain amount
ing for roads so far reporting to upward Of Ia
per cent notwithstanding q substantial in
crease IN operating expenses. The growth of the
net profits OF the American railroads ought to
attract al active investment demand for rail-
road stocks and bonds, particularly for the at
tractive low priced issues that are selling under
par or slightly above this level. Industrial COM
psnies are also reporting enormous gains in
eross and ret earnings. while interests identified
with the industrial activities Of the country ind
IN conditions underlying business many reasons
for predictions Of continued growth in eaIn.rgs
throughout the next twelve months. In many
cases Industrial companies have orders on their
books that VIII keep their works active for
months 70 come. This is especially pronounced
among the car building companies, as. for In
stance the American Car ard Foundry Company
and the Pressed Steel Car Company The stocks
OF these concerns are held by people who do
not care 70 sell az the present level and il good
sized bull market develops in the course Of the
next few months this class of industrial Sc
curities Will doubtless move toward materially
higher quotation level Good buying is reported
in the shares of the Corn Products Company, q
concern which has recently placed its common
stock per cent. dividend basis, and which
is earning heavily in excess Of its dividend
uuirenents. Careful market judges con-
WINGED that excellent opportunities afforded
for profitable purchases among the industrial
shares
In the last two days buying Of stocks has been
for the account OF substantial market interests.
Sentiment is growing more favorably disposed
toward the bull side Of speculation. and IN all
quarters Of the Street the opinion is generally
expressed that the period Of liquidation is over
and that Improvement in values will be the lead
ing market feature in the next sixty days. Con-
ditiors in the money market, in the agricultural
outlook and in the general business situation are
certainly in favor Of rising values. The assur-
anoe from the Russian Imperial Government
that it's intentions in Manchuria are entirely in
the interests Of international peace ought 70
exert favora bic impression on the foreign mar
kets anc indirectly on The local market Ac-
oordinr 80 advices received By foreign banking
houses investors abroad are beginning TO show
more friendly spirit toward American securi-
ties and IL is believed that an active demand
from foreign sources will soon develop Already
there has .een quiet absorption Of frstclass
railway bonds. and bankers find no difficulty in
placing securities with European houses,