New-York tribune., 1903-06-29
THE FINANCIAL MARKETS.
LIGHT TRADING IN STOCKS And Ac71VITT IN
GRAIN.
Ranks Increase Cash and ReseUe Hodngsf"# eod &c
norts Likely-RaiToad Earnings
THE WEEK IN WALL STREET.

H.. -raal Ne1y records for the year IN
dpIness were made Fridays trensacuoiS' ~
instance amounting TO $4,000 shares' asL.lse ao
the preceding low record for IS"o oL -'
shares In few stocks where speciaA iiii'o
,,,.-e a+ work notably Colorado Fuel and Iron
and PENNSYLVANIA, price variations were hi0
erarely wide but in the greater numoer .,
60 eha,p.s were unimportant, with nnal
,o-s,,ons for the week differing little from
-hose ~ the week before The rapid Use III
Colorado Fuel and Iron stock was an llilpoi 'oiiN
incident Of the week, as II foreshaoo"eo O
veloprnent Of great significance TO lhe hoiue' "
.he coupany's securities. while TX aiSo poie
ehadovyed what amounted TO q puphc ahnounO
-,.nt of the close alliance between TWO Oh 'He
most powerful railway interests in the country
,-o,,o,..,e the advance in this stock It was an
,,n,oed that control Of the company had passed
~ new hands and that the long fight among
,o,.en6,ne uarttes for absolute ownership han
ha., brousht to an end Gould and Rocke-
,are-,s directors now dominate the board
wall Street IS nominally interested in the
entry of Rockefeller interests into the poa1o ol
directors OF the Colorado Fuel ano iron CoiIl-
MANY SIS # is thought that this development VIII
have an important bearing on the future oi 'Ho
Goula and Rockefeller railway systems Will
ezneciai Significance as 10 the relations between
-ns c.ou1ds and the Pennsylvania people in the
an Atlantic tfdewater outlet PennsylVanlas
.h,s,.sons 10 the extension Of the Wabash have
-. ,rsvented the Pittsburg entrance plans OF
IN. latter company from being carried out but
.be attitude of the Pennsylvania has mace II
quite clear that Gould progress to the East =" III
be opposed in every possible manner III Is not
considered probable that the Gould plans VIII
fell especially az the powerful Rockefeher IN
euence is working for them There is roolll loi
.o.h the C7oulds and the Pennsylvania IN lhe
re- The PENNSYLVANIA Railroad will never be
conneIled TO reduce dividends because OF new
oo-nnetition. The confidence that investors nave
.n the PENNSYLVANIA is reflected In the heaNS
subscriptions 10 its new stock for nome anu loI
,,, eoco,n- Large subscriptions were made
last week for European holders Of pennsylvania
e.oc,, for the new issue, and it was lareelg que
90 .h. srewing against these subscriptions that
en easier tendency developed in the 1orelsh eA
change market. Sterling exchange VIII uoup'
less harden again. as there viii soon oe d hed'S
demand for remittance against July interest ana
dividends due to foreign investors In American
stocks and bonds
sneculattve interest is now confined IN ereat
,ar+ IN the grain and cotton markets wan
c.. commission houses that have been doing
,;..,a IN tbe stock market in the last few weeks
o-o NOW actively engaged in executing orders
.,ere uyho nrofted heavily in last summers
,,,, snec,,lation in securities. The Western ele-
mont IS especially active in grain, ana IL Is
freely predicting much higher prices for wheat
and corn The weather so far TINS year mas
moi as a rule been favorable TO big crops put
~ climatic conditions In the rest OF the sum-
roer are seasonabIe satisfactory harvests will be
made Much of the crop damage currently re-
rorted comes from speculative sources for ef-
,or in hIsf there
enough uncertainty over the situation TO war
rant some of the present enthusiasm among the
corn and wheat bulls. In the cotton market
further high records are being made. and as the
cotton in the country is practically cornered
there is no telling what may happen on the Cot
Ton Exchange. The situation is most unfortu-
nate and official action ought 10 be taken by
the Cotton Exchange and the banks TO bring 10
an end a speculation which is damaging the
cotton market and the countrys export trade
Europe will not buy our cotton ct present
prices, especially as new sources of cotton sup
ply are constantly developing in countries other
than the United States Cotton production is
increasing at a rapid rate outside the United
States and the present high prices here VIII
serve 10 stimulate cotton culture in other lands.
Last week exports of cotton from the United
States amounted to 7S6 bales. a decrease Of
24S39 bales as compared with the exports for
the same week last year
The outlook IN the money market presents no
feature on which may be based predictions OF
disturbance IN lending rates this summer.
Higher quotations may prevail for brief period,
owing TO preparations for July disbursements.
but comparative ease viii. from present indica-
tions rule in July and August. Despite heavy
engagements Of gold for export last week the
banks received 4 large addition to their cash
holdings through heavy receipts Of currency
from the interior. Although at the moment ex-
change rates DO not permit a large profit in
shipments of the precious metal. il is likely that
the outward movement will continue for some
time. but II should be borne in mind that the
loss on gold exports win be offset by receipts
of currency from the interior and by the ship
r1ents Of gold from Alaska and the Klondike
Within the course of the next two months the
movement Of gold from the last named places
will doubtless be heavy enough to make up in
great part for the gold that this country has
sent 10 Europe within the last few weeks. Do
rnestic exchange at interior cities on New-York
stin rules at large premium, and as conse-
ouence the local banks gaining large
amounts OF money their operations with
Western and Southern cities The current de-
n1and in the foreign exchange market for
rnittance represents payments to foreign hold
ers Of American securities and payments for
money borrowed abroad last winter AS long
as time money remains at its present level no
cneasiness need be felt over the export move
rnent Of gold
Current in the time money market re-
fleets the light demand in the market from Wall
Street commission houses, while the relative
ease in call money may be traced TO the same
cause The demand for currency in the fall for
,ron moving purposes viii doubtless be as heavy
in preceding years. but il is not at all un-
likely that the federal Treasury will throw