The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-04-26
Many Events Of Importance
Eventuated in Seven Days.
HIGHER PRICES PREDICTED
Bears Not Expected to Press Their
Operations Further Money Situa-
ton Has Materially improved.
Panama Indemnity to Be Paid.
Especial to The Times -Dispatch)

Especial to The Times Dispatch)
NEW YORK, April 25.--The financial
nge says:
The Developments OF the week 30 far
ms they affect the future of tho situation
were insignificant In comparison with
the many events of commercial and finan-
clal Importance that have occurred dur
ing the past month. Such news a be-
came public was OF n favorable character
which was reflected by a continuance of
the upward movement In the stock mar
ket that set In during the latter part OF
tho preceding week. a change Of specu-
lative sentiment was apparent to the
most casual observer OF stock transact
tons; and while It is difficult to forecast
the future of a market such as has cx-
listed since the beginning OF the year, 1t
Is an acknowledged fact that many large
traders, some of whom are properly re-
garded as leaders in Wall Street, have
reversed their positions and are now pro-
dieting higher range OF prices. 1t Is
but natural that the establishment OF
tho recent low figures for our loading So,
curities during a period OF Acknowledged
commercial prosperity should attract buy.
ers VINO recognize bargains when they
see them. 1t Is also unreasonable to pre-.
sumo that the bear" operators who
were largely responsible for the decline
In values and who were aided by un-
favorable developments OF what might be
termed n transient character, will at
tempt to press their advantage.
TO have attempted to continue tho
downward movement below the prices es-
thblshed by tho unexpected decision in
the Northern Securities case would have
Lcen impossible. Their Walf- Street eape-
rience taught them that reaction almost
Invariably follows a sharp decline such
hs that OF two weeks ago. hence the re-
cent upward tendency may be attributed
IN large measure to short covering
INDICATION OF LINIENCY.
The permission granted by Judge Sam
born. OF the United States Circuit Court.
to tho Northern Securities Company to
receive dividends from the Great North
ern and Northern Pacific Railroads In
May was generally accepted as an indica-
tor. OF leniency on the part OF tho courts
to the corporation whose exlstepce Is
threatened. While a minor victory has
been gained by the Northern Securities
Company by the granting OF their petit
ton. the legal status of the company re-
1nuins unchanged. pending the decision Of
tho Supreme Court, and the permission to
pay dividends will have no effect on the
main point Mt issue.
Attentlonts again. reverted TO the none
tary situation. which Is materially i'm
proved The present low rates, however,
should not be accepted as a guide to the
future OF the money market, for the next
Of the banks to a point where high money
will prevail. Consideration must be given
to the fact that the Panama Canal pay
company reserves, and the Steel Corpora
tions stock conversion will occur In the
early summer months; These require.
sources of financial institutions are about
to be taxed to their limit by the demands
Tor crop moving purposes. Il Is therefore
drain.
CURRENCY SUPPLIES.
April has fulfilled the expectations
based on the preeedens Of former
York's financial institutions making
greater gain than usual in currency sup
plles,l 1t is, probable that May also win
that at tho end Of tho month the banks
will be better fortified to meet the ex-
traordlnary requirements OF the coming
Hummer In May last year the receipts
June they were .9,soo.0Oo New York
banks therefore received from other cities
about 81, 600 during these two months,
Of he tR6 sss weeka from
Aprii. 1901, $4,000 came in from out
OF town: In May, sl3, 900; In June, ST.
600, o6o-a Total OF s2l,l00,ON. These fig
ures would indicate material increase
n cash resources from the present until
the early summer but whether the gain
Will be sufficient to meet the dlsburse-
ments that Will then occur will depend
largely upon the manner IN which the
Trensury will decide to mako the Panama
payment.
Beliaf is held, in many quarters, that
the Treasury will pay the Panama In
demnty out of Its cash balance. not dis
turbing the depository banks. Yet tho
fact remains that the governments cash
balance Increases very slowly, and unless