New-York tribune., 1902-06-09
High Low. June :. May 2slChgsl Sales.
-Ex interest.
THE WEEK IN WALL STREET.

Activity in stocks is held in check by the an
tsracite coal strike A few tiInid holders of Sc
curities have parted with their possessions be-
cause of exaggerated fears regarding the results
of the current labor disturbances in the coun-
try's industries. but the chances are that sales
made on this account will prove Improbable
There is Of course. reason for caution among
operators who buy small margins There Is
net however. adequate cause for the sale OF
well n1argined stocks at a loss or for 1nFest-
rlent liquidation. The comparative firmness OF
prices reflects great confidence on the part OF in
vestors and leading speculative interests in
settlement of the coal strike before lasting in
i15rv IS done TO the country's industrial activi-
.ies The position Of trade in the United States
is based on such strong foundations that II
would doubtless require unusual labor disturb
ances 10 check the rising tide of prosperity.
Operations in stocks are unimportant at the mo-
rnent but with settlement of the trouble in
the anthracite coal region heavy transactions
will doubtless develop
The commission house trader of slender means
and the professional operator who believes that
conditions favor the bear side for the time are
depressed and hlue. but attempts to lower values
are not highly successful. The little trader is
honestly blue The professional bear is merely
hearish for business reasons II should be noted
however, that the hear crowd is not large one
and that it has no responsible leader Careful
spectators know that. excepting the coal strike
all conditions favor higher prices. while they re-
slize that the coal strike be little more than
a passing influence. When the strike reaches
1ts most critical stage-and that point already
may have been touched-a settlement may sud-
denly follow 1t quite often happens in labor
troubles as well as in Wall Street disturbances
that the darkest period is merely the forerunner
OF light An instance Of this occurred only last
week in the teansters' strike in Chicago.
General financial and commercial condltlons
are remarkably encouraging. Trade reports for
last week as received by the leading commercial
agencies show that crop prospects are brilliant
and as 'Bradstreet's' says. railroad earnings
are enormous. despite the small grain tonnage;
bank clearings are quite heavy Notwithstanding
the speculative dulness, and failures are fewer
in number than in recently preceding years
The ending OF the Boer war should serve to in
-,>resss- our export trade while it ought also TO
exert a most favorable effect on the financial
situation OF the whole world Gold mining will
= now be resumed in South Africa on large
N scale and as a consequence the available supply
~ of money in Europe will be largely increased in
the course of the next twelve months. Indus
trial progress will naturally be helped by the
mining operations in the Transvaal- There
will be more capital for employment in the chan
rels of trade, and, while Europe VIII be the first
20 enjoy the results OF the Boer surrender,
American markets will eventually also be IA
xorably affected. The London market failed to
reflect TO any great extent the announcement OF
peace owing in great part to the fact that prices
had been advancing for several weeks in ex-
pectation Of the Boer surrender. further up
ward movement however, is looked for The
benefits of peace may develop slowly. but this
Will help rather than injure the financial stua-
ton a slow growth in the financial and gen
erai business market is far more TO be desired
than period of boom and overstimulation- One
of the strongest elements in the industrial situ-
alton in the United States is to be found in the
absence of overstimulation. Trade is absolutely
sound and healthful-
The course of values in last weeks securities
market presented few features of interest while
trading was phenomenally dull in the greater
number of issues. The many favorable devel-
opnaents Of the week certainly served to offset
The coal strike situation. but they failed to in
duce active operations Among the noteworthy
factors that might ordinarily exert a favorab BILE
effect on stocks was the increase in dividends
by the Chicago and Northwestern directors on
the common and preferred stocks, the develop
,renr OF the fact that the Vanderbilt interests
are stfll in control of the company. the remark
ably favorable statement of earnings by the
Pennsylvania Railroad and the excellent gov
ernment report on cotton. The last named fore
shadows barring future damage 10 the plant,
one of the largest cotton crops on record, and
even with certain amount Of injury the yield
should be well ahead Of last years harvest
Money market conditions at home and abroad
are sound and promising In this country the
supply Of money available for use in the chan
nels of trade viii doubtless be favorably
affected by the decrease in government receipts
which will follow the looping off Of the war
taxes in July. The large government income in
excess of expenditures in the last two years had
been due TO the tax revenue and TO the
heavy gain in import duties at the local port.
IT is estimated that the repeal Of the war taxes
will slill leave the government large surplus
from ordinary internal revenue and customs ac-
count ard in intelligent banking circles it is
held a great misfortune that much of the
money that Will continue TO pour into the Treas
zfy from payments at this centre cannot be used
in the channels Of trade instead of lying idle in
Treasury vaults. The cessation Of war tax pay
rzlents. however. viii naturally exert favorable
effect on the local money market large a
proportion Of the tax is paid IN New-York and
vicinity The weekly bank statement showed
q small loss in surplus reserve.
GOVERNMENT BONDS.