New-York tribune., 1901-08-05
Sex interest.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
Current operations in the securities market
are not significant Of important stock market
deals Trading is confined in great part to thu
operations Of board room members. who work
profits and losses from fractional changes, and
who stake their trades factors Of passing
market influence. The public is not in the mar
ket Substantial interests are not actively en-
gagged IN speculation. although they are large
holders OF stocks and buyers on all declines and
on all offerings Of long" accounts. In the last
week the movement of values reflected in great
irlegularity the varying phases Of the steel
strike. This great labor dispute was the con-
trolling influence in . dull and uninteresting
market, and the prospects are that it Will so
continue until a settlement has been reached.
The strike shaped traders sentiment. but its
power to Induce liquidation was not especially
effective in the week. Stocks have declined so
many points from the high level Of the year
and weak holdings have been SO thoroughly
eliminated that strikes and crop damage stories
TAIL to create active downward market
Recent rains in the corn belt checked the eX-
aggerated crop damage stories, and as conse-
auence more rational view Of the situation de-
reloped It now appears probable that the corn
crop will fall we'll under last years heavy yield.
bat il is calculated that the advance in prices
will wholly offset the smaller harvest as affect
ng the farmers, while Il is pointed out that the
railroads viii make in increased wheat traffic
the amount they may lose in corn shipments.
Crop reports from all over the country show
rast Improvement over week ago. The North
vest viii. it is estimated, produce a bigger
crop than in 1900. the Pacific Coast crop outlook
s encoura sing, and even in the Central West
and Southwest where the effects Of heat and
irouth have been the most serious, farmers are
hing much better than famine. The exact ef-
,ects Of the recent drouth of course, cannot be
estimated at present, but from all indications
and known offsetting factors the country's pros
oerity win continue 10 advance. :he farmers will
ind a good market with good prices for their
products, and the railroads viii haul loads Of a
weight and value equal TO the records Of 1900.
Railroad earnings continue 10 indicate a re-
markable business situation. About every road
IN the country reports a steady gain in traffic.
and despite the heat Of July and the fact that
trade is supposed TO quiet down in that month.
returns for the four weeks were extraordinarily
,arge. In addition to the evidence furnished by
railroad earnings trade activity is reflected in
large bank cleariEgs, which were larger last
week than in any corresponding period on rec
prd, with a gain Of 20 per cent over July year
ago. For seven months the clearings at eighty
three cities aggregate So, 1913 $40 1917. a gain Of
49, per cent over last year. For the month of
July the Increase outside OF New-YoTk is p g
per cent while for the seven months the increase
is I6G per cent. In the South cotton crop con-
ai:ions are improving. but large earnings of the
Southern railroads no longer depend entirely
upon Gotten, owing to the great increase Of other
lines OF industry in the South. Southern Rail-
way, for instance, showed in 1900 only 10 pei
cent OF cotton in its total tonnage. Other roads
hao vie bap he H.
ern. but traffic has become so diversified in the
South that the bear argument on Southern
stocks OF small cotton crop should no longer
be effective in reducing values. Southern Rail
way stocks Were sold last week on unfavor-
able estimate Of cotton crop conditions. This
estimate, while showing a lower condition for the
country at large, indicated that the condition in
the Atlantic States was well maintained or
even improved, the Improvement being most
marked in Georgia, where il amounts TO 10 per
cent. The Southern has considerable mileage
in this State, as well in the others whose in
aications are favorable.
Money market conditions received some atten-
ton last week, owing to an advance in foreign
exchange and 10 the government receipts for
July. With the exception Of Nav this year the
Julv receipts were heavier than IN any month
since the war revenue act became operative
notwit thstanding the fact that the reduction in
the internal revenue law went into effect on
July l. A growing surplus in the Treasury will
not help the money market, but, despite the
heavy amounts thus removed rom the channels
OF trade, there is enough new money in sight TO
prevent trouble in money operations. Gold con-
tinues to arrive in large sums from the Western
and Klondike mines while the general amount
OF money in circulation is larger than in any
summer on record The advance in exchange
rates leads 70 talk OF gold exports. but in well
informed circles IL is thought ;hat no shipments
VIII be made at present. and probably not be-
-nre December 1t is pointed out that exports
- ccIton Will soon be freely made again and
that wheat Will be In good demand at high
prices in Europe, and as a consequence a ma
teriai fall IN exchange rates may be expected.
The general money market is dull. call loans
r,-:ing at 2sk per cent and time FUNDS at 4Q4Ib
per cent. The supply OF commercial paper has
increased. but the demand is light. European
money markets remain unchanged.