New-York tribune., 1902-05-19
THE WEEK N WALL STREET

THE WEEK N WALL STREET
Stock market trading was light throughout
the week. without important price fluctuations
in either direction. Most shares We're lower at
the close. The decision Of the coal miners TO
suspend work pending the miners convention
on Wednesday and the subsequent declaration
of a strike naturally served to restrict opera
tions in stocks. although they did not cause
noteworthy declines in values. The position Of
the money market. however, was more effective
than the coal strike in inducing caution in
speculative operations. At the close of the week
local monetary conditions gave evidence OF i'm
provement, and il quite generally believed
in leading banking houses that the period of
stringency had its course. Call money,
which opened the week at 10 per cent, ruling at
8 per cent, declined to average rate of Jl2
Per cent Friday The decline in money rates
was followed by a frmer tendency in foreign
exchange. which earlier in the week had been
extremely weak under the pressure of large of
ferings of bankers bills against purchases Of
securities in the local market for foreign ac-
count and loans made by foreign bankers for
New-York account
There is nothing in general conditions under
lying securities values that presents occasion
for alarm. The anthracite coal strike is the
only dark cloud in the industrial sky and its
influence cannot he permanent in character
Strikes may come and go, carrying to hundreds
Of homes suffering and financial losses. Gripping
for time railway traffic and industrial produc-
tion but they do not wreck the energies Of the
nation or leave a path of ruin from which re-
coyery cannot be made. Strikes are serious and
unfortunate and there should be no attempt TO
belittle their Importance. On the other hand
however, there is no reason &c assume that the
great material prosperity Of the country will
pass away because the coal miners are unwilling
for the time to work under the terms laid down
by their employers. The coal stocks were all
affected by the action of the miners convention
with the heaviest losses in Delaware and Hud-
son and Reading. Wall Street has a theory,
which has generally proved correct, that 1t is
dangerous to sell stocks short on the announce
tnent of a strike Il will be interesting to note
how this theory will work this time, especially
as the coal stocks are, a rule, in the hands
of strong financial interests.
F,xpansion ia railroad earnings continues.
Current returns compare with a period year
ago when traffic movements were larger than
ever before recorded for a corresponding period
Improvement is general throughout the coun-
try. and in the month of April there were prac-
ticaIy no serious reductions from April 1901
OF forty roads reporting gross earnings for the
month named, two roads showed losses of
STAG $50 while thirty-eight roads presented
gains OF s., 702, ,564. In the Southwest. where
the crop loss year ago was pronounced. result
ing in light volume of grain traffic, this year
heavy gains are reported in earnings Missouri
Pacific for instance. showed an increase in gross
earnings Of S257 600. st. Louis and San Fran
cisco. slsS04S and Missouri, Kansas and Texas
sIO6 956 In the South Louisville and Nash
yiIle's gross earnings in April $245Ol0
larger than in April last year while the South
ern Railway increased S231, ,5S4 Mobile and
Ohio slO9,77S and Nashville. Chattanooga and
St Louis S102, ,92S. The largest gain shown by
any system was S595 04S by the New-York Cen
trail In the Northwest Great Northern's earn
ings increased $530961, and Northern Pacific
S426,1 ,140.
There has been a big falling off in agricultural
tonnage but gain in the movement Of general
merchandise The effect Of the corn crop failure
is stroAgly reflected in the countrys foreign
trade statistics for the last few months in the
exports of breadstuffs, but notwithstanding the
decline in this item, which in April amounted
in value TO 50 S66. III, the actual volume of ex-
ports is enormous. Exports Of manufactures
are not falling off Imports are increasing. indi-
eating growing wealth and prosperity in the
United States. With the exception of April in
the two preceding years the exports last month
were heavier than in any corresponding period
on record. Total exports were in value Sloo'-
I70.87a, against total imports in value of
S75s23. lSS. leaving an excess of exports over
irnpoS-s to the value Of S:}3 347 7SS In the same
month last year exports exceeded imports by
over S44 100000. For the ten months ended
April 80 total exports amounted in value 10
81 100 l5S 674 against 81. .260, ,421.S17 in the
sarae time in the year before, the falling off be-
ing due to the reduction in the volume OF ex-
ports of grain In the time named the excess Of
exports amounted to S4:I5 949 compared
with S5S4, ,29S O12 in the preceding year. I'm
ports since July l have increased in value
S7s 392 800. There is prospect Of a material
reduction in the outward movement Of general
merchandise. while il this years harvests
bountiful export figures viii doubtless run back
10 the record breaking totals OF 1900 and 1901
The iron and steel situation is in a wonder
fully sound and prosperous condition. The cop
per trade is improving. money market condi-
tions are promising. crop reports brighter,
bank clearings large, and in fact. with the
exception OF the coal labor trouble. the indus
trial and financial outlook is unusually clear
and encouraging. Regarding the iron situation
h is interesting 10 note that the production OF
Lxon I'm the United States in April made new
record blast furnaces putting out ]. .JO3,326 tons
mr. at q rate Of 100000 tons a year In other
words this country is producing at rate equal
10 more than the combined production OF Great
Britain and Germany. The factors named are
Of course oyershadowed for the moment in