New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-06-02
! High Low MAY % MAY - Ch.ges.L sales
THE WEEK IN WALL STREET.

fact
market values has not been established as
result Of the many unfavorable developments
of the last twelve months reflects the remarka-
BILE strength in conditions underlying the coun-
fry's industrial and financial position II IS
true that adverse developments have not been
permanent market influences. but nevertheless
few years ago similar factors would have
caused a decline in stocks from which il might
have taken a year TO recover. The panic of May
9 a year age. the corn crop shortage, the death
of President Mckinley. frequent periods of high
money rates and the anthracite coal strike have,
of course. had unsettling effect on specula-
tion but these influences have been of a passing
nature. as may be learned from the current
level of values. which in many cases shows the
highest prices on record. while in most cases
quotations are higher than at this time year
ego The time has not yet arrived for a big
bear campaign in stocks. Bull foundations are
too strong for bear success Passing develop
5nents may cause sharp setbacks and reactions.
but the general outlook favors still further
advance in securities values before long pc
,fod of declines sets in
There is little encouragement in selling stocks
short when railroad earnings show heavy gains
over a record breaking period a year ago, when
the iron and steel trade is more prosperous
than ever before known. and when trade and
finance in general are established on a strong
healthful. Current speculation in stocks is held
an check by the uncertainty over the outcome of
the anthracite coal strike. This labor disturb
ance however, has failed to bring out invest
Inent offerings OF securities or to create alarm
among spectators. There are, Of course pos
sihi!tes of serious trouble If the soft coal miners
,lso lay down their tools, but the chances do not
favor such a development. long strike in
both the anthracite and bitunlinous mines would
cha for l1a irdn
perity. The country. however, would continue
10 go on while eventually the strike would be
Asettled
8} In the last week which the Stock EX
Tchange was made up of only four business days.
trading was extremely light and chiefly for the
account Of professional dealers Prices We're
firm throughout while sentiment was cheerful,
despite the failure Of the coal miners and the
coal operators TO reach agreement Money
rates were easy. Foreign exchange conditions
gave indication of immediate exports Of
gold, trade reports favorable. the pros
poets of peace in South Africa We're promising,
crop reports were excellent and railroad earn
ings were enormous. The reports from railroad
centres show that an enormous volume of naer-
chandise traffic is being handled by roads in all
parts of the country. The movement Of grain
Is light but miscellaneous freight is heavy
enough to tax the capacity of the various
systems. Railroad earnings for the first three
weeks in May present substantial increases over
the same period year ago, When. il may be
recalled, traffic receipts were larger than ever
before recorded for a corresponding period Al
the close OF the week q batch of net earnings
for April was received. showing splendid gross
and net returns. Especially good results We're
presented by St Paul. Union Pacific, Atchison
and Canadian Pacific. Various rumors have
been circulated regarding the meaning of the
current movement in Canadian Pacific shares
but there has been no definite news regarding
the company and little outside of the increas-
ing actual merit of the stock which to base
nealings in this issue. 1t is not unlikely that
the movement is the result of buying by opera
TORS who long ago recognized the value of the
Canadian Pacific property and the wide margin
between the actual and market value of the
stock.
Current dulness in stocks is helping the
money market and the prospects favor easy
rates for loans until the usual fall demand for
crop movement purposes develops Despite the
ease in money. foreign exchange rates Well
under the gold shipping point. and at the mo-
1nent there is little prospect of an outward
movement of the precious metal A few weeks ago
gold exports appeared imminent. but heavy buy
ing for foreign account of American securities
ard active borrowing by local interests in Lon
don caused change in The sterling market that
rhecked the rising tendency of rates
In well informed quarters it is thought that
speculation in the attractive industrial shares
and low priced railway issues VIII be a feature
when the market again becomes active In the
last few days there has been growing demand
for industrial stocks. while a quiet accumula-
ton of the cheap railway issues is apparently
under way. The market to-day may be adj
yerseiy affected by the unfavorable bank state
rnent of Saturday. According TO the system of
averages The reserve above legal requirements
showed loss OF over 100000.
GOVERNMENT BONDS.