New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-30
THE WEEK IN WALL STREET.

1reat i-rezulari ty with 1Inir1portant changes at
the close net losses predominating. Ihere was
again a total lack Of interest in speculation on
lie mart OF the public and the larger speculative
interests. although there was falr oeflahu
from investors for bonds. both on the Stock E&-
change and over the counter. Brokers VINO
make specially Of high grade bonds report
growing inquiry for first class railroad mortgage
issues and they appear 10 believe that this de-
Inand viii increase, and that eventually IL VIII
be an effective influence in bringing about
greater activity In the share department or the
market At their current prices the greater
number OF well known railroad bonds return an
attractive income. and II would therefore seem
wise for people who have idle money TO invest 1t
IN some Of the attractive bargains that may now
be secured among railway mortgage issues
There are also many attractive investment
stocks which are worth purchasing at prevail
ing quotations The idea that values may go
lower before a sustained upward movement de-
relops doubtless serves 10 check buying al
ruling quotations but il may not be well 10 place
overmuch confidence IN the theory or cheaper
price level as quotations are already in the ma
4oritv O, shares well under their actual worth.
and at a point which more than measures inc
reaction which is now under way IN the eoun-
rry's industrial activities.
Trade reaction presents no unhealthful tea'-
ures and according TO the reports received py
the commercial agencies there Is no prospect OF
serious trouble in any branch throughout the
summer sea son. Weather conditions in the last
week were most favorable TO planting and the
growth Of the crops already IN the ground Whl'e
they were also favorable TO retail trade re-
Election Of the latter being found in the IN
creased output Of the local drygoods and other
houses for the account Of interior towns.
Buyers who are in the city are looking forward
N a dill season. but not a disastrous season
Railroad earnings compare unfavorably with
this period year ago, and as a consequence OF
the falling off in income most roads are cutting
down their expenses in every possible manner
including the laying off OF many employees from
which the managers expect TO make a hailuSoIle
saving for the benefit OF net earnings. wan
street has not been favorably impressed with
The large reduction in the working forces OF the
railroads and other industries, doubtless on the
theory that this action viii create discomfort in
labor circles and lead to disturbances that VIII
have 2 most serious effect on trade In general.
OF co,rse this is a question which is worth con-
sidering but II IS too early TO discuss the proO-
able effects of the laying off Of men, as al the
moment there is nothing on which one may DaSe
intelligent conclusions. If the weather con-
tinues favorable early estimates Of the winter
wheat crop viii have 10 be revised, "hAe lhe
reople who have been predicting poor spring
market losses If they have been Specializing on
the assunlptjon that this years haryests viii be
below the normal.
Interesting movements in the stock market
last week were confined TO few issues. notably
Brooklyn Rapid Transit and the Chicago Ter
,uinal issues In the latter stock, also in the
companys bonds there was an active sell
ing movement, which caused a material loss In
these securities. There was no news affecting
probably represented sales for the account OF
people who had learned something about the
company's financial condition. which It may be
assumed was not at all favorable. In the com
pany's last fiscal year its surplus above charges
was reported at only $1,000 and Of course. If
the loss in income this year has been at all
large there may be some doubt over the ability
Of the company 90 pay interest on its bonds
The company's interest charges on the basis Of
last years payments call for $4,000 and in the
first six months Of the current fiscal year there
was a deficit after charges Of 10000.
In Brooklyn Rapid Transit a large volume Of
business was transacted. buying Of the stock
coming from good sources, and in many cases
representing absorption of The security 20 hold
for much better quotations The cOmpany's
earnings are making a remarkably good show
ing at present and 1t is not unlikely that receipts
this year viii break all past records, owing I"
the cOmpany'S increased facDlIeS LOT haI4olltS
traffic and the improvements which have been
made at the nearby summer resorts which are
reached by the lines OF The Brooklyn Rapid
Transit Company. While earnings Of this con-
Germ may break records this year, there IS lit
tie hope OF q dividend :he stock, inasmuch
as the company viii lie compelled for many
months TO come 10 spend its surplus on its
property. This, however VIII increase the in
trinsic worth Of the security and eventually
place it in the dividend column. In conserva-
tive investment quarters il is believed that peo-
pie who buy the local traction shares at pres
ent prices win some day make handsome profits
on their investments. In some circles there is
q disposition TO buy Metropolitan in preference
10 Manhattan. owing TO the large difference in
their market values, but holders Of Manhattan
are satisfied that their stock is not only worth
more than its current quotation, but that in
the next active bun movement it viii keep as
Ear away from Metropolitan it is at present.
Both stocks are guaranteed but Manhattan's
guarantee appeals TO many people as being the
more valuable Of the two
Money market rates presented extreme ease
throughout the week call funds ruling below
. per cent, while time money was freely Of
fered at from 20 per cent, according TO the
period. Further large shipments of gold were
made without affecting money market condi-
uons the loss on shipments of the yellow metal
being more than offset by the receipts of cur
reney from the interior There was an enor-
nous gain IN shipments from out Of town the
movement being heavier than in any week in
the last year. total receipts amounting to over
Sll9Ooo00. This does not include the deposits
at this centre on account Of new gold No more
gold "a Do,