New-York tribune., 1901-06-10
THE WEEK IN WALL STREET.

,ssnlted in a higher level Of values at the close
as compared with the preceding week. The ao-
vance. however, was accompanied by great lr-
regularity and. at times. aggressive operations
nv the bear element. Room traders thought
that crop damage reports were sufhclent arSu-
ment for lower quotations, but the course OF
speculation reflected no uneasiness on the part
OF investors or substantial speculative interests
over conditions in the Western farm lanos Inc
crop situation evidently is not as promising as
ii was a month ago. when conditions were uh-
usually favorable. Current conditions are ul-
favorable by comparison, but trustworthy au-
4horities find nothing in the outlook TO cause
alarm. Winter wheat was falIure last year;
while current indications point 10 norman norman
WELD this year. The average cOndlton OF spIlliS
wheat is high while that of corn and oats Is not
so encouraging. Although no one can tel at thls
period what the harvest viii bring forth, there
is nothing in prevailing conditions that war
rants pessimism the sale of good securities
Some of the high priced railway shares look IKE
attractive short sales, on the theory that prices
have gone beyond actual worth, put IN these
davs of records and bull activity it requires
brave trader TO sell anything short
Dealings in stocks last week We're heavy IN
volume and indications apparently pointed tow
ard a revival of the speculative activity that
prevailed before the panic Of May g. Commits
sion houses were active buyers. substantial IN
terests supported their specialties, and the at
tacks made by bear traders produced few i'm
portant results The settlement Of the Northern
Pacific trouble continued TO be an effective in
f1uence in the market, while signs of a further
harmonious extension Of the community control
policy created bull enthusiasm in some of the
darkest corners of the Street The election of a
Morgan interest TO the directory of the Atchi-
son road a. move in the railroad harmony
scheme. and the buying Of the shares of the
various roads that controlled by the leading
banking interests in the country was an i'm
pressive exhibition Of the general belief that
harmony among the big railroads is growing
stronger every day. There is evidently a large
amount of capital still seeking investment, while
IL is apparent that the losses made in the recent
panic have not seriously crippled the investing
public. II the public is again willing To come
into the market at the current prices, stock
values may move TO materially higher figures;
but it may be well for careful buyers to leave
the fancy priced railroad shares alone at the
prevailing level, buying instead the lower priced
issues and attractive industrial securities.
The iron and steel trade is extremely active.
All the industries allied TO the iron and steel
business are prosperous while trade in general
throughout the country is enormous. In iron
and steel prices are not at prohbitive levels, and
the policy OF the United States Steel Corporation
10 keep quotations within the export demand as
sures a growing business in iron and steel for
long time to come. With activity in this trade
general business VIII continue 10 enjoy pros
perity Railroad earnings reflect in heavy in
creases the sound position of trade, while they
present ample reason for investment confidence
in American securities. Roads in all parts Of
the country return striking gains for the last
week in May and for the month. with especially
marked Improvement among the Southern and
SOUTHWESTERN companies. For instance, Louis
Vile and NashVlle's earnings for the last week
in May showed a gain of 13 per cent; Chesa-
peake and Ohio, Is per cent: Texas and Pacific.
10 per cent; Missouri Pacific 22 per cent; St.
Louis and San Francisco, "a per cent: St. Louis
Southwestern, % per cent, and Missouri Kansas
and Texas "a per cent
Money market conditions appear 10 be working
IN favor Of continued ease in lending rates. The
reduction by the Bank Of England in its mini
mum discount rate TO 81 per cent is taken to
indicate that London viii call upon this
market Tor gold this summer, while the absence
Of gold shipments to France last week is thought
10 fOreshadow an end OF the gold exporting
movement. Western money continues to come
10 Aew-fork, and there is little prospect of a
scarcity OF funds at this centre for a long time
10 come With easy money and sound business
and political conditions. further activity in
stocks may reasonably be expected. The sum
mer months are not ordinarily marked by ac-
uNity in speculation, but the prospects now are
that the market this summer viii be an excep-
ton.
The weekly bank statement showed a heavy
loss IN reserve due to a big increase in loans
and deposits Financing of the new tobacco
company was responsible for the expansion in
loans, while the decrease in cash represented
gold exports Of the preceding week The actual
position Of the banks is far stronger than shown
by the bank statement