New-York tribune., 1902-06-23
THE FINANCIAL MARKETS.
BROADER STOCK DEALINGS,
coAr. STRIKE AND SECURITIES RAIL
ROAD EARNINGS
THE WEEK IN WALL STREET

'ie'-t
ing the abor disturbances in the coal regions ana
other parts of the country. the public showed
slight inclination to enter the market especially
in the bond deDartment. in which excellent IN
vegtment buying was reported. II is quite likely
that the splendid crop prospects and the gen
orally sound position of trade throughout 'le
country are considered adequate reasons for bun
sentiment on securities. The coal strike mas
fallen fat as a market factor as far as prices are
concerned Trading has of course, been reduced
bv the shutdown Of the mines. but 1t now pe-
gins to look as if the market would. even IN TINS
respect disregard the strike situation "ah
Street has supreme confidence in the bellef that
the coal strike will not reach stage where the
country's industrial activities will be seriously
affected. Even the prospect OF a soft coal SIlhe
fails to shake ;his belief
II is a fact that the larger financial interests
are hopeful for. and, in fact. are counting on,
further enhancement Of securities values Ihe
more important speculative interests are also
in favor Of higher prices and if the labor sltua-
tion were a little clearer. the public might oe
induced to become heavily engaged in the mar
ket With so much bullishness in Wall street.
it would be most unfortunate for bank accounts
# the magnificent industrial prospects in the
Tinted States We're upset by the impoliuc ana
llnwarranted course Of labor agitators IN lhe
coal regions and elsewhere. SFrom the point OF
view of many people however. the call for SOFT
coal strike convention is the last gasp or dying
.causa Il x 10 he hoped that this view will be
justified by subsequent developments MI
Mitchell is doubtless playing bold game. but
il is not Troba bic that his efforts 10 tie up the
entire coal industry of the country will cause
anv change in the attitude of the owners
Trade reports received in the week. while CIV
ing prominence to the possible effects OF gem
eral coal strike on the nations business found
nothing in the situation in other lines save
encouraging factors. Two Of the soft coal car
rving roads, The Norfolk and Western and the
Chesapeake and Ohio. reflect in their latest
earnings the soft coal strike in Virginia and
West Virginia and the monthly reports Of the
hard coal roads for the current month Will
doubtless make unfavorable exhibits Else
where in the railroad world earnings now com
ing 10 hand are above last years big totals
while the outlook favors continuation OF pres
ent heavy traffic receipts. Gains on the ROADS
in the South and Northwest are particularly
large the increase for the second week in June
Of all roads reporting amounting TO about per
cent Good buying of the granger stocks last
week was based on the expectation OF bountlful
harvests and as a consequence. an enormous
volume of traffic. Grain shipments continue
small at present but the westbound movement
CT general merchandise traffic is heavy. The ex-
tent of the winter wheat crop has practically
been determined. The maturity of the spring
wheat crop is some distance away, but there Is
reason to believe that there will be an average
WELD of winter and spring wheat, taken to-
eether Since good prices to be OBJ
tained for wheat the return in money from the
crop viii be satisfactory. The first government
report On corn will not be issued until the 10th
Of next month but it is known that the acreage
is very large, and there is, accordingly, reason
TO hope for bumper crop As supplies Of old
corn are exhausted Dounteous production of
the cereal will not materially lover the price
for it.
The money market at home and abroad IS in
a satisfactory condition. with supplies available
for investment increasing. Preparations for the
July 1 interest and dividend disbursements are
proceeding and thus far have exerted no ad-
verse influence on the local money market. The
present tendency CT money is TO flow from the
interior 10 New York. The absorption OF cur
rency by the Treasury has been reduced to
small proportions. and in a fortnight the gov
ernment will release immense sums much OF
which will once become available at this
centre. There does not appear TO be anything
in the outlook for money to cause apprehension.
although in some quarters uneasiness is felt over
the position Of the foreign exchange market. It
IS absurd to worry over the possibility Of gold
exports # gold goes from here it will be in
response TO legitimate trade conditions The
country is in debt TO Europe but 1t is not
impossible that foreigners may buy enough of
our securities and take enough of our food
products this fall to Offset the present balance
against Our exports continue to exceed
imports, but offsetting factors have created an
account in Europe's favor. Including all items.
the decrease in exports from July to Nav 81
has been in value So. J67 7:53. made UP almost
entirely Of the loss IN domestic products. De
spite the decline Ia exports in MAY. there was an
excess Of exports over imports in value Of S26-
s36.415. This compares with S45 92J POS in the
same time in 1901 and S41 774.324 in 1909 I'm
ports last month trife under those OF
May year ago, but with that exception heavier
than in any preceding May since 1897 In the
last eleven months imports have increased in
value SO. 81 .G.12. The heavy gain in imports
as shown by the government figures reflects the
increased buying power Of this country and II
supplies another proof Of the prosperity pre-
vaIling here The actual value OF imports how
ever, Is much larger than shown by the official
figures, owing to differentiation in bills of lad
ing
The outlook appears to favor the cheap priced
railway shares and the industrial issues oP
merit Among the high priced stocks ST PauI
is in favor with conservative interests wbrIe
lower down the scale Missouri Pacific is being
absorbed by good class OF traders Wabash
common feature last week that attracted
considerable attention. owing to the heavy deal
ings. apparently for inside account The Gould
shares are Well worth watching: also Chicago
Great Western 1t is learned en- good autborit,
mat foreign Interests In the Chicago Great
western Company are not only not parting with
their holdings. but adding to their lines
GOVERNMENT BONDS.
Government bond quotations compare as follows
with those OF a week ago: