The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-05-02
'YyxAxcIAI AxD coxMsE0IAL

to-day. and tho stock quot alton iDstru
ments stood still for minutes Mt aftlme
Prices advanced, however, and the market
was strong The one feature OF the market
deserving attention, perhaps. was the dis
sipation over night OF the scares and rumors
{, that filed Wall Street yesterday. The
Pennsylvania Railroad directors declared
their usual semi annual dividend, setting
at rest the ridiculous fiction act aiout that
! the dividend would be reduced. In the
grain market the stories Of damage to winter
wheat had little influence. although prices
| Of the options for the future delivery OF
wheat stiffened a little. The advance,
| however, was chiefly In the May option.
| In which speculative deal is under way
in Chicago. 1t Is probable that winter
wheat has been injured somewhat by the
recent cold weather In the Vest but the
cold wave has been rapidly succeeded by
reasonable Temperatures, and 1t Is realized
that small lowering Of the well-nigh
perfect condition OF the winter wheat crop
can take place without causing appreciable
or general harm. The harbor engineers
strike, which It was declared yesterday
would paralyze shipping business at thisport
did not take place, and there was q general
retering out Of threatened May Day strikes
all over the country. In this respect May
1 this year has an exceptional record. In
this city the only labor disturbance worth
mentioning seems to be the strike OF the
Italian workers on the subway, and this,
Of course, is a matter of no stock market
importance.
Especially strong stocks to-day we're the
Missouri Pacific Wabash, Delaware and
Hudson, Manhattan and the Metropolitan
Street Railway shares. The impression
prevails in usually well-informed quarters
that payment will be made on the Wabash
debenture B bonds in June, while Missouri
Pacific stock is being steadily accumulated
by interests connected with the manage
ment Of the property ON account OF the
enormous earnings of the system, supple
mented as they will he by the revenue
from the freight and passenger traffic
incident to the st. Louis Exposition. For
the rise of over points in Delaware and
Hudson no specific information was given,
but in the opinion Of competent judges
the stock has long sold too low in view OF
the very large profits now being made by
the Delaware and Hudson company. Con-
servative and trustworthy estimates are
that for the current year the company will
earn c5 per cent. upon it's common stock.
and while the regular dividend distribution
for the year was fixed last December. ac-
cording to the company's custom. it would
not be at all out Of reason II an extra divi-
dend was declared before the time arrives
for again fixing the dividend rate for another
year, or that, at least. a somewhat larger
purchase than usual of it's own stock should
be made by the company. The rks In the
traction stocks was stimulated, perhaps,
by the general belief that the rece't assault
upon the Metropolitan Street Railways
management will end in fiasco tomorrow.
There has been OF late large absorption
OF the Manhattan Elevated Railway shares
for investment, and the floating supply
OF the stock in the Street is not large. The
statement in this column yesterday that
the Metropolitan Securities Company.
which guarantees the per cent. dividend
on Metropolitan Street Railway stock, had
issued call for the second cash assessment
Of IS per cent. upon it's stock was prena-
ture. Such call will, however, be made
within a brief period Of time. 1t will
be remembered. Of course, that for tho
money thus paid into the Metropolitan
Securities Company, and again paid out by
it, the company receives the equivalent in
securities taken out OF the treasury OF the
Interurban company.
The foreign exchange market was again
higher to-day, and gold exports next week
seem probable. 1t will be interesting to
observe, in that event, how many people
will be deluded by the cry which undoubt-
edly will be raised by bearish spectators
that because OF these metal shipments the
stocks Of railway and industrial companies
in this country are worth less than they
were before the shipments took place.
AS a matter Of fact, to any reasoning man
moderate gold exports from this country
at present form an argument for higher
prices for stocks. Money has kept accu-
mulating in this market in such volume
that only pittance can be obtained for its
use on call, and bankers are unable to loan
funds on time at rates which they consider
satisfactory. IT, therefore. this idle money,
or small portion OF it, is devoted to settling
our foreign balances. 1t sh ould be a matter
for rejoicing that events have so shaped
themselves that tho settlement can be made
thus easily. Money continues to pour in
here from the country. over 81, 600, 900 being
thus received from the interior and in new
gold by local DAhkd uuTlllS inc current
week. Tie less by gold exports and Sub
Treasury operations-the Sub-Treasury loss
only amounting to slos ,o0o-reduces this
gain to about si5Oooo0. While, therefore.
the loan account Of the associated banks.
AZ II will appear in to-morrow's stateu,ont
Is n matter Of guesswork, it seems impoesi-
bic that the statement should he other than
a good one.
New York Stock Exchange Sales. May I.
tuSrEp srArBl AND STAIR BOND. IN si.ooAs,.
L - sc. 1907 ....,.........,.......,.'..'l rs
q L IS lg25... ,................r.,..,., sou
CLOSING paicEs % rSirxo sTArxs ssSos
BID. Asked. ND. Asksd
,uso, ..Io1 iuox lsss...l3e 1877
1910 LOO 1908 s:s..lse la7
usx.r uSa.r
.suswlo7h iosH ,s.".lo2n ioa,4
S. C. Sac
lsss-n. lo7A losl4 io4...lo2k 1854
UsAT Sa.6ss.r
iso7....lloM lllh isa4,Dcl2l
L Ss c,
isO7".Iloa NV
RAILROAD AND OTHER BONDS.
Adams E1p4s l'Chl RI&P RR4s Or Short Line S.
500, OllA 1000 g! 10000 !
500, lOi $4,000 S!lI Or Shor, Line IS