New-York tribune., 1902-03-24

THE SITUATION IN WALL STREET
While the course Of the stock market last
week was irregular. and in the case of some in
dvidual stocks erratic, the tendency of prices,
q, whole. toward a higher level In not
few instances the gains in value were con-
siderable, whereas. on the other hand, there
were no losses of any account. There was a
distinctly better feeling in the speculative COM
rnunity; this too, in spite OF higher rates for
money. which usually have the effect Of lower
ing prices and likewise Of restricting operations.
Not only the volume Of business fully main
tanned throughout the week, but as said, there
actual enhancement of values. The
market was largely professional in its charac-
ter. but that fact made the improvement IN
prices the more significant. If the regular
traders. the men who make steady business of
speculation. buyers. II meant that they
looked for still higher prices at which to dis
pose Of stocks purchased and reap profits.
These stock market experts not always cor
rect in their calculations and representations,
and they may not he now, hut thing is GER
tain, they are for the most part working for a
further advance in prices and, except for the
matter of money existing conditions are in their
favor.
? The public. so called is not and has not been
,n the market to any extent. 1t is peculiar that
the public seldom takes a hand in the market
until upward movement has progressed for
a time. The manipulators Of stocks promote a
rise and rely on the public TO sustain It, and
take off their hands stocks which they accumu-
lated at low prices Stocks must go higher than
they are at present. and must be held UP by new
buyers TO permit the men who have been ad-
vancing prices TO relieve themselves of their
holdings with pecuniary advantage 1t makes
no difference what the range of prices may be.
there are those who will say it is high,
there those who will say it is too low. If
the prosperity Of the country at large is to keep
Up. and there IS every Indication that il will
keep up. then reliable support for values is
provided. If this view is taken there can be no
protracted decline in securities. There may be
reactions. and it would be strange if there were
not but there is nothing in sight TO
upon which to base a permanent downward
movement AS to whether securities should go
20 a loftier level depends partially on the light
in which things are looked al and partially
future Developments
1t perhaps is too much to say that current
prices are reasonably well adjusted TO current
circumstances This may not apply to every
stock or bond but, taking stocks and bonds in
the aggregate, il probably does apply. There is
limit to nanipulative accomplishment whether
in forcing stocks up or in forcing stocks down.
The point is finally reached where the influence
of natural factors dominates. 1t would seem as
if the direction TO be followed by stocks here
after must mainly be shaped by the prospects
for the crops. If the signs for bounteous
crops especially the exportable crops there will
be reason to look for better prices for stocks
than have yet been recorded. If the signs are
for poor crops. about as much as can be expected
will be the maintenance Of values and maybe
not that The size OF the crops Will depend on
the weather and freedom from visitation by
insects The area planted to winter wheat is
greatly increased over last year, when a very
large crop was harvested. Up to date no injury
has been sustained by winter wheat. and there
is hope that the yield will be a record breaking
one So far as can he learned. the acreage of
spring wheat also will exceed that of last year
The corn crop last year a partial failure
and in planting this cereal this year the idea
will be TO make up the loss in 1901.
For immediate consideration the subject Of
money is uppermost. The situation as regards
money is not menacing but it may be said 70
be engrossng The Treasury is absorbing money
from New-York, and, furthermore money is
flowing from New-York TO the interior in in
creasing volume The Treasury Department
may find a means Of Hberating currency from
the Treasury. but the only method by which
currency be prevented from going from
New-York 10 the interior is by raising the rates
for money in New York. II more profitable en-
than elsewhere the outgo will cease and money
will come hither from other points There is an
unusual use for money in all parts Of the
try. An explanation is furnished in the ex-
traordnary activity in miscellaneous business
Large places. like Boston. Philadelphia and Chi
cago. have been drawing money from New
York when they should have been sending
money TO New-York. At this particular time the
farmers require good deal OF money to buy
seed and implements. and much currency has
been sent West to supply their wants
The Tightening in the money market is not
without its advantage. 1t interrupted and has
since served effective obstacle to, gold ex-
ports. But for the increased rates for money
gold most likely would still be going 10 Europe.
Should money rates relax materially the ship
ments would be resumed. Russia has just nego-
tiated large loan, and England is to follow
with one OF liberal proportions. These two
loans presumably would take an immense
amount Of gold from the United States were il
not for the barrier to shipments in the form of
stiff rates for money here. The money market
in New-York has been adrotly regulated by the
banks. Borrowers have experienced no real diff
hculty in obtaining accommodation and unres
sonable rates have not been asked Prepara-
tions for the April l interest and other dis
bursernents may make money tighter this week
but anything approaching a squeeze is consid-
cred unlikely. Sterling loans are being awaited
of rather extensively their y,oa,,rg.,. a.