New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-06-16
June June
4 rs5r., B -op- - = .Ch'gs sales
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
The anthracite coal strike continues to restrict
trading in stocks, but il is not effective in bring
ing about a lower level Of values Prices have
held remarkably strong. There has been no i'm
portant liquidation. aggressive efforts Il
lower values. and indication that investors
or prom!nent spectators intend to part with
their holdings. Wall Street is encouraged over
the strike situation, owing TO the apparent fzzlf
Of the soft coal strike in West Virginia More
over it is confidently believed that there viii
be no trouble in the other bituminous fields. in
asmuch as the miners are now working under
an agreement that has year to run The use
of soft coal operates against ones comfort III
the large cities but il offsets to a great extent
SIS far as industrial activity is concerned me
shutdown at the anthracite mines. Just so lone
as manufacturers are able to secure SOFT Goa
there will be no important check to the coun-
trv's industrial prosperity from the hard coal
strike The anthracite miners cannot stay
away from work indefinitely. and the chances
are that a settlement Of the trouble will be
made before the busy season for the coal bust
ness sets in.
The coal companies have. Of course. already
lost money as a result of the strike. and Dig
decreases in the earnings of the various anthra-
cite roads may be expected. The stockholders
Of these roads are not alarmed, however, as they
,rnozv that the poor consumer will be forced TO
font the bill later in the season Coal at
stiff rates may be looked for this fall 1t may be
recalled that the heavy falling off in earnings
nv the coal roads in the strike of October. 19Vo'
were made up by the heavy gains in revenue IN
subsequent months. If the countrys industries
continue prosperous. the coal roads VIII DO an
enormous amount of business in the fall and
winter and despite present assertions by labor
leaders that the strike will run on until their
demands are granted there is no reason Tor
taerishness on the anthracite securities When
the strike ends Erie Ontario and Western ana
Reading ought 10 prove profitable speculauohs
for accounts accumulated al the present level
The impression prevails in the Street that the
stock market will following the end Of the coal
strike enjoy a period of strength and acllNllE-
In the last week there was evidence of quiet
bu,ing of securities by prominent market inter
es,s The Western speculative crowd showed
some evidence of renewed life. and the return of
Mr.. Gates TO New-York suggested the posi-
bilty of bull activity again. The recent opera
tions of Mr. Gates and his friends were based
on solid facts, and their ventures in the market
are likely TO be repeated when the opportunity
arises With railroad earnings breaking all rec
ords with business in general prosperous and
with stocks in strong hands there is little en-
couragement for bear operations. Then the crop
prospects alone are bright enough to discour-
government crop report showing conditions of
June favorably interpreted in speculative
circles despite slight falling off in the con-
dition OF winter wheat, as compared with the
preceding month. Winter wheat will show a
heavy reduction from last years harvest, but
with a fair yield of spring wheat and corn the
loss in winter wheat will hardly he noticed
Since June / crop prospects have improved
the condition of corn being especially encourag-
ing. According to trustworthy dispatches. the
plant is vigorous and strong and unless there
are unusual hot and dry periods in July and
1 August the crop will reach maturity with a
N bumper yield In Kansas the acreage is large
~ as over 100000 acres OF abandoned wheat
fields have been planted in corn, in addition tc
the already heavy corn acreage planted earlier
.n the season.
Railroad earnings received in the week for
the first week IN June showed remarkable gains
over the same time year ago. when traffic
receipts We're enormous Missouri Pacific, for
instance. presented a gain of $4,000 over last
year, Southern Railway a gain of S42.079, Cen
traI of Georgia gain of S19170 Norfolk and
Western a gain OF S31 $50, Louisville and Nash
willie gain of $685. while many other roads
made equally favora BILE returns. In view of the
enormous earnings throughout the country. il
IS not surprising that railroad stocks and bonds
refuse TO seek lower level. Buying of the
Gould stocks in the week was due 10 the grow
ing earnings Of the various companies, and tc
the expectation of favorabl developments af-
feetiDg the properties. Missouri Pacihc's earn
tngs in April were heavier than in any preceding
April on record and the outlook in the com
pany's territory favors continued expansion In
traffic receipts. Missouri Pacific, and. in fact
all the Gould roads. are in better physical and
financial condition at present than ever before
recorded, and the stockholders in the various
properties should find IL profitable 10 main
tain a tight hold of their possessions.
Local money market conditions are favorable
save that the Sub-Treasury continues to absorb
money from the banks. Fortunately. the pay
Jaents by the banks to the federal government
will soon decrease. owing 10 the operations OF
the bill for the repeal OF the war revenue taxes
Money continues 10 move toward this centre IN
large volume. and despite the heavy loss &c
the Treasury the banks enjoyed a sub
stantial net gain the known currency move
rnent In London money conditions are salts
factory.
GOVERNMENT BONDS.