New-York tribune., 1902-05-12
RtDNI'S.
HiEh Low. May 10 May c cb'gs, sales.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
Developments in the week affecting stock
market values were influential in restricting
trading, while bringing about a generally lower
Jewel of prices on the greater number Of days
The week began with a collapse in a number
of shares that had been advanced to fictitious
prices. and ended with an anthracite coal strike
announcement. In addition to these unfavOra bIe
factors the money market was against bull aC-
ttiVity in stocks Influences of a permanent
character were. however, favorable TO the ad-
lvocates of higher prices, but, of course. for the
time the strength of the general situation was
govershadowed by the temporary unsettling
events of the week The fall Of International
Power stock in the preceding week prepared the
Street for other sensations, and the breakdown
of the so-called Meyer syndicate was therefore
mot a complete surprise to careful market OBJ
Servers. The International Power episode and
the Meyer affair were wholly of local signifi-
canoe. They were not the result Of conditions
affecting values in general and their influence
on stocks can only be temporary.
The stock market situation has been vastly
improved by the priczing of certain industrial
bubbles Liquidation that developed in the pre-
oeding week and continued with great force on
Monday of last week brought out many weak ac-
counts that subsequently passed into stronger
hands. Moreover. the end of the boom in worth
less securities strengthened the situation by
causing action by the banks to check reckless
speculation. The weak commission houses and
The shoestring traders were convulsed with fear
Monday. but the conservative banking houses
and intelligent operators in securities
tirey satisfied with the course Of market values
and the disturbance among the bubble compa-
\ nies. Liquidation was purely speculative In
II vestment holdings not thrown the mar
EeY nd we'll cd yrar uCf
turbed There are many sound industrial
shares and the developments Of the last few
days ought not to prejudice intelligent operators
against them
The decision by the Goa! miners to take rest
from la Dor which is bringing them better wages
than ever before in their history comes at
me when the coal companies best afford
not TO give in To the miners demands. The
summer is not an active season in coal. In
the present the producing and carrying
companies have enough coal on hand to meet
all trade requirements without advancing the
price To the consumer. but. Of course. the con-
sumner need rot expect that he will not be forced
TO pay higher prices the result of the strike.
As TO the anthracite coal stocks. there is only
one opinion among careful market Judges. 1t
is that the coal stocks always a purchase
on the declaration Of a strike. The companies
will have no heavy wage bills TO pay if the
strike continues. while they will continue to
sell coal already mined. If the strike came in
the fall winter season the effect would be
harmful TO the companies, while its influence on
the general situation would be greater than it
can be at present.
Gold exports will doubtless be made when
money rates rule at lower level. In the last
week call money got high as 20 per cent al
though the average rate was under 10 per cent.
Regarding probable gold shipments, 1t is we'll
10 bear in mind that while this country has a
merchandise trade balance in its favor, credits
this account have been than offset
by the heavy borrowings Of American bankers
in Europe. In addition to the influence named,
the large investment of American capital in
foreign enterprises. expenditures Of American
travellers and differentiation of imports have
served TO place this country in debt 10 Europe
But the debt easily be paid Legitimate
conditions responsible for the present posi-
rion of the international exchange market. and
the strength in exchange reflects the wealth
and prosperity of the United States The enor-
rnous financial transactions of the last few years
have been helped by foreign capital but this
capital represents loans rather than perma-
nent European investments here Money mar
ket conditions sound. despite high rates and
iow bank reserves. The volume Of money in
the country is incre asng. and our production of
gold in Colorado alone will more than pay our
years debts abroad.
II is hard 10 ind unfavora BILE factors in the
general Industrial situation Railroad earnings
for April show in the aggregate gain in gross
receipts OF over Is per cent. as compared with
the same month a year ago Traffic In all parts
OF the country is remarkably heavy. and i'm the
West and Southwest new records are being
made. Despite the enormous falling off in
grain tonnage this year. the Western roads
Will end their fiscal periods with largely in
creased income accounts as compared with
year ago. The outlook for continuation Of
the current heavy volume Of business on the
railroads is promising. Industrial activity pre-
sents no indication OF reaction. Crop prospects
are not especially promising for the winter
wheat crop. but conditions far have been
favorable for spring wheat and corn planting