New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-07
Eek interest.
THE FINANCIAL SITUATION.


There were no important developments affect
ing securities values last week, conditions re-
naming favorable in most departments OF
money and business. The failure of low banh
reserves to induce stock market liquidation has
impressed the speculative community with the
strength OF other conditions governing the pres
emf positfon of the investment situation. Eforts
have been made to lower values. but no pracu-
cal results have attended operations of TINS
character The reason for the failure or the
advocates of lower prices may readily be seen
when it is recalled that stocks are not In weak
hands that the strongest financial interests IN
the country are. owing TO their immense imam
ciai transactions. pledged 10 the bull side OF the
market, and that the factors underlying the
true worth of securities are stronger now than
at any preceding time on record. In the week
lust closed speculative operations con-
Quoted on larger and broader scale than re-
Gently noted while Friday total dealings IN
stocks were heavier than any preceding day
this wear The demand from out Of town shows
an expanding tendency, both IN stocks and
bonds and the recent activity IN the so-called
speculatives is being followed by renewed In
terest in the standard shares.
Wall Street was somewhat worried early in
the week by Chicago reports regarding the con-
dition Of winter wheat. Reports Of damage TO
the cereal were generally unauthoritatiVe, while
information from people III a position to know
suggested that the winter wheat situation en-
toyed marked Improvement in the latter half Of
March. TIE monthly statement OF the Agr-
cultural Department, which VIII be issued on
the 10th Of this month. may not indicate such a
promising crop a year ago. but il does not
appear probable that there win be anything In
the statement that will warrant pessimism over
this wears harvests. II should he borne in mind
that the area planted is much larger than a
year ago, and it should also be remembered that
at this season of the year alarmist reports are
common. People who have just returned from
the farming territory of the West report ex-
IRENE optimism on the part OF the farmers. The
ground is in good condition in most sections. the
weather has been favorable for winter wheat.
while a larger acreage as compared with 1871
both for spring wheat and corn, will be
planted.
Despite the partial loss In the corn crop last
year the farmers in the corn belt prosper
ous while the railroads are carrying more
freight than they handled at this time a year
ago An immense volume of general merchan-
disc traffic is moving over the Western and
Southwestern roads. and business is heavy
that farseeing railway managers are making
plans for many new lines and extensions in the
Western States. Railway development in that
part OF the country promises 10 be rapid In the
next few years but the chances are that the
proposed lines, such Senator Clarks
Salt Lake and Los Angeles road. will be oper-
ated under the community Of interest scheme.
rather than as independent rate disturbers. The
road mentioned will open up a valuable part Of
the country TO transportation facilities. and 1t
may figure link In a new transcontinental
line including the Denver and Rio Grande and
other Gould properties. The West an
enormous amount Of territory. and there is am
pie room for many more railroads Railroad
earnings throughout the country continue
heavy. and all indications from business CEN
tres point toward further industrial expansion.
The falling off in bank clearings in March from
March, 1901, not due TO trade conditions.
hut 10 the lighter financial transactions this
year particularly the smaller speculation in Sc
Curities.
The money market quiet throughout the
week, with important change in rates or con-
ditions- There slightly easier tendency in
call money, and this followed by a firner
tone in foreign exchange and talk of a resump-
ton of gold exports. Should money return to
its former ease at this centre there is not much
doubt that gold would go TO the other side. 1t
is a question, however, if rates for money will
subside sufficiently permit the departure Of
gold. There is apparently no great need for gold
abroad. despite the Russian loan. and the prob
ability Of the issuance OF a British loan Pre-
sunaby efforts viii be made TO take gold from
the United States. but this. effort will like
ly be resisted. There is fun employment In the
United States for all the money in the country,
and certainly large amount OF gold could be
transferred TO Europe without a pronounced eff
feet on the money market. AS the Russian loan
was fioated IN Berlin that centre is the object Of
foreign financial attention at present. The stu
ation there appears TO be better than had been
supposed Foreign discount rates remain I'M
changed In the local market money on call ha 9
been as low ~ per cent with the average
however, at about go per cent. The demand
for time money is only moderate. In the COM
mercial paper market a feature is the buvtng Of
choice six months single named mercantile
notes by bankers who have foreign exchaaga
connections.
GOVERNMENT BONDS