New-York tribune., 1902-03-31
BONDS.
High Low Nar.27 MAJ. p. Chgs. / sales
THE SITUATION N WALL STREET

THE SITUATION IN WALL STREET.
Results in the matter Of net changes in
prices from operations in stocks last week
were not important The New-Yor6 Stock EX-
change was closed on Friday and Saturday,
also was the London Stock Exchange, SO that
tho last prices here and likewise those Of Amer
,can stocks dealt in abroad are the prices Of last
Thursday. The New-York Exchange VIII be
open today. but the London Exchange win not
reopen until tomorrow. There was a consider
able contraction in the volume Of business on
Wednesday and Thursday. and the upward trend
Of prices was arrested. one reason for the cur
tailment in dealings was the disirciination to
carry oper trades over the holidays. and an
other was the uncertainty as to the state Of
money to-day. which IS the last day Of the
month. There was however. no liquidation of
importance nor. indeed. there any sign Of
future liquidation of importance. There was
merely a disposition 70 await developments
before embarking in speculative operations
from which. If need he, a quick withdrawal
could be accomplished. Professional operators
are for the most part committed 10 the long
side Of the stock market. and their efforts Will
be exeTted to move prices 10 q higher level un-
less more untoward elements in the situation
than are now in sight should be revealed.
It is assumed that if there were to be any
furry in call money It would have occurred on
Thursday since loans made on that day We're
II hold good until to-day. There was dis
turbance whatever IN money on that day, and
accordingly it is reasonable TO assume that there
VIII be no commotion in money to-day. The
money market has been handled by the banks
with much skill II money has not been abund-
ant, the actual requirements have been readily
met and rates have been kept within reason
able limits. L NAV he necessary to keep UP
rates 10 hold money here. hut so long as rates
al{ ir9r will a n
only do fairly stiff rates prevent money from
going the interior. but they also serve IS
an effective barrier to the departure Of gold TO
Europe Except for the recent stiffness in
money rates much more gold would have gone
10 Europe than left these shores in February.
Indeed, II was only the raising Of money rates
that stopped gold exports. The large Russian
loan which IS 10 be followed by a possibly
larger British loan, viii test the financial re
sources Of Europe. It is not expected that any
part Of the Russian loan will be offered here,
but part Of the British loan may he.
The Treasury must absorb money almost un-
interruptedly until the repeal Of the war tax
becomes effective. July !. The Secretary Of the
Treasury will doubtless find a method of
heasing money from the Treasury if the lock-
ing Of il up in the governments vaults inficts
q real hardship on borrowers in the open mar
ket He can resume the purchase Of bonds. but
adopt. a better thing TO do is to increase the
deposits Of the government in the national
banks bat the banks are not specially anxious
10 pay eNtravagant prices for government bonds
which must he pledged as security for govern
rnent deposits. There seems 70 he unusual ac-
tivity in money throughout the country. There
is nc financial centre between the Atlantic and
Pacific where there is idleness in money. At
most points rates are high. The truth is mis-
money in the country is required TO carry it on.
This is q healthy state Of affairs. There is
no boarding Of money. and therefore money
is not firmly held because Of lack Of conf
dcnce.
The factor Of chief influence in the stock mar
ket hereafter will, presumably, he the outlook
for the crops. There was a bumper crop OF
wheat last year Not only that. but the growers
received a good price for their wheat. On the
other hand, the corn crop was . partial failure
There was scarcely more than half a crop. al
though there was almost a maximum acreage.
The growers received a good price for their
corn but not a price good enough to make up
for the shortage in yield. II is estimated that
The acreage planted tc winter wheat is about
one-hfth greater than in 1901. Accordingly. if
there is large a yield acre as there was
last year, the crop viii reach almost JoOWOo91
busnels There have been many reports Of
damage 70 winter "Hedl, nat no iftItiCu dl-
tention has been paid to them. for the rea-
son that they enanated almost wholly from
Chicago, and il was supposed they We're put
forth for a purpose. The first monthly govern |
m=nt report winter wheat VIII be issued on
thursday Of week. and until then there
VIII lie no authentic information on this crop. |
Weather conditions have been satisfactory.
Practically nothing is yet known TO spring |
wheat II is believed that the acreage viii be |
Increased over last year 10 about the same eX- !
tent as the acreage Of winter wheat was in |
creased. In that case. and If the yield an acre |
spring wheat viii be little short Of 400OpO00O |
bushels. Thus the crop OF winter and spring |
wheat combined would be in the neighborhood |
Of 9O0o01Cep bushels. or nearly 2OO000000 |
bushels greater than in 1901. Still II the crop |
IS no greater than last years which. in round |
numbers. was 725 900 600 bushels IT will be con
sidered q bountifuI one Wheat is crop which |
figures conspicUously in the prosperity Of the |
country. II is shipped abroad extensively in the /
kernel and as -four. and ii makes vast amount /
OF sterling and Continental exchange at a sea- |
son of the year when there is a special demand |
drawn in anticipation of shipments of winter !
wheat will be coming on the exchange market.
II VIII be a serious matter if there is another /
corn crop shortage this year. Corn is a crop OF /
immense value It furnishes a good portion of
the tonnage Of leading Western railroads in the |
md in he ofi fLxa