New-York tribune., 1902-04-28

THE WEEK IN WALL STREET
The bull movement in securities made further
progress in last weeks market, in spite Of the
fact thar on several days sharp reactions were
recorded Extreme heat in the West naturally
caused crop scare reports. and selling of seeur-
flies Subsequent improvement in climatic con-
6itions however prevented important injury to
the winter wheat and as a consequence people
who sold stocks because Of adverse crop reports
were anxious TO resume their position on the
long side of the market In the last three Gays
Of the week prices were strong under the IN
Guence Of an active outside demand for secur-
;ties Enormous dealings in Reading supplled
food for much Wall Street discussion regarding
the possibility of a change of control IN the
property but no information on this point could
be secured from Vanderbilt, Pennsylvania or
heading sources. II was thought in some circles
that both Vanderbilt and PENNSYLVANIA inter
ests were buying Reading while it was reported
rtat the Goulds were also active in the stock
The Vanderbilt and Pennsylvania companies are
working In harmony, and in order to have
better control of the Eastern railroad situation
large amounts of Reading shares may have
heen purchased for NEUTRALITY-SUSPICIOUS.
account
Low priced securities In good demand
throughout the week. In the railroad list De-
troit Southern Wabash, Kansas City Southern
snd Wisconsin Central issues were taken by a
good class OF traders. Attractive industrial Is
sues were bought for speculative and invest
1neat account. but in the greater number OF
cases trading was comparatively light Doubt
less g. desire TO purchase dividend paying shares
a. cheap prices induces quiet investment buying
of stocks, such American Grass Twine,
American Car and Foundry preferred and
American Locomotive preferred. And the time
VIII doubtless come when stocks Of this class
will enjoy marked speculative activity. INDUS
trial shares that represent sound money max
ing concerns are cheap at ruling prices. and
there is no reason why they should not sell ma
terially higher. The current upward movement
of values is based conditions governing the
actual value Of securities. and consequence
all the cheap stocks of genuine merit should
work higher. Prices in many issues look high
from the point of view Of the people who are
not well posted regarding the countrys prog
ress but when actual worth and promising pros
poets are intellfgently considered the quotation
level does not present many instances vslere
prices ara at an abnormal level
1t is. of course manifestly impossible to make
estimates Of this years crops. Winter wheat,
however, is far enough advanced to indicate an
average yield, unless great destruction Is
wrought 10 the crop Winter wheat is not the
greatest crop of the agricultural West. and a
small crop Will not be Of particular import as
Iong as an average spring wheat crop is har-
vested Last years partial corn crop failure
had little adverse effect on railroad earnings.
owing 10 the heavy movement Of general mer-
c,1andise traffic. The country's export trade has
fallen off rs a result of the corn shortage, but
otherwise the influence Of this factor has been
rnirnportant. Several successive years of crop
failures would naturally cause serious trouble.
hal DC c.oSr ha-
lieve that such misfortune will develop. Rail-
road earnings in the West and Southwest are
heavy notwithstanding the light movement OF
grain the volume of general merchandise traffic
being large enough 10 cause heavy gains as
compared with record breaking returns a year
ago The enormous railway business in the
Southwest is reflected IN the Missouri Pacific
earnings for the third week in April showing a
gain over the corresponding week last year Of
S9S,00o.
Local monetary conditions are sound. Bank
holdings are slowly increasing. while the ten
dency In rates is toward lower level. Foreign
exchange conditions may induce gold exports
this spring but the supply Of money in this
country is large enough TO make foreign gold
shipments ineffective as important influences
on the money market. In the week the local
banks added over 100000 TO their cash hold
ings while reserve above legal requirements
rose 50 $50 400 10 50 461, ,050. Money call
representing bankers balance averaged IA per
cent last week, with time money unchanged at
4G4L per cent foS all periods on good Stock
Exchange collateral. There good inquiry
for commercial paper. but the supply small.
In London the Bank Of England made no change
IN its minimum discount rate. Discounts of
sixty to ninety Gay bills ruled at %. d27s. The
open market rate in Paris 2js per cent and
in Berlin and Frankfort 15sG134 per cent.
a noteworthy event Of the week was the pub
ucation Of the General Electric report for last
year. showing available net income equal to
about "a per cent the company's S250o0000
OF outstanding stock. The electrical industry
has made wonderful progress in the last few
years. reflected in the General Electric Com
pany's business. For instance, from 1895 TO
1895. the company's sales averaged S12 900 000
while in 1899 the business to S15679 4:}0
to 22.3794 463 in 1900. TO S2S 7S3 275 in 1901
and to S32 33s 036 in 1902