New-York tribune., 1903-06-22
THE WEEK IN WALL STREET.

prices
compared with the closing figures OF the week
before There were days Of sharp moves IN Oolii
directions vi igorous efforts were nnade oS He
bea- element to lower prices. and while marked
success ACCOMPANIED their transactions at times
recoveries were generally made under the IN
huence Of active bidding for stocks oy tne puii'
and for investment account There was I'''e
commission house business for the account va
the so-caIied public. and IN the latter part u
the week professional dealings showed iAa
terial contraction with disposluoh shioiie
MANY dealers 10 withdraw from the speculaIoAi'
The market has apparently regaineo IT'S eQul-
lfbriurn There are now two distinct sloes 10
speculation, but it is not thought likely that a
large volume Of business will develop for either
account at present. while Il is believed tnat
srregularitv in prices will prevail for NUMBER
OF weeks 10 come.
After e long movement of prices in one dlrec-
fton. which generally ends in g day OF big oeai-
ings and speculative decentralization, a sraoual
reduction in the volume Of trading and an lr1es-
ular course Of values must be expected. Losses
sn the decline Of the last eight months were
enormous Profits made the bear side were
heavy hut hardly large enough TO form the
basis for an important bull campaign A bull
market will according 10 the opinion OF many
observers develop later in the season-that is. II
-be c-ons turn out well and If the federal Treas
,rzv throws enough money into the local market
10 rrevent monetary disturbance at this centre
r-ben the demand for crop moving purposes be
gins Meanwhile the Street may be forced TO be
satisfied with q dull and hesitating speculation,
although in some cases where special causes
exist material price enhancement may take
place Stocks are generally in good hands, and
while the developments Of the last year in the
stock market and in syndicate operations may
cause further duidation it is thought that sell
ing Of this character will be effected quietly and
without material reflection in prices There are
still left however people who believe that
stocks will work lower and that the bottom fig
ures will be well under the present level. As
far as conditions affecting the actual worth Of
securities is concerned, there is reason for
cheaper quotations. The bad features in the
situation-and there are not many-are more
than measured by the declines Of the last few
months and unless there is TO be a complete
change in the character Of this countrys in
dustrfes there is justification for the pes
sirnisn which IS heard in some quarters.
gradual and satisfactory settlement Of labor
troubles is an encouraging feature Of the current
situation
As frequently pointed out in this column. the
progress Of BUSINESS affairs until after the next
Presidential election will undoubtedly be at
years but there is no feature in the situation
that foreshadows breakdown similar to that
which developed in 1893. The foundations are
now strong. Preparations have been made in
the last ten years for period Of depression.
and as consequence stockholders viii not gem
orally be asked 10 submit the passing of dvi-
dends. when depression develops. Railroad COM
panies have spent an enormous amount Of
money on their properties in the last few years.
and when hard times come along railroad man.
ayers viii be able to check expenditures On i'm
provernent account, and pay their stockholders
their regular dividends. save, perhaps. in the
cases where overcapitalization exists The
country is on such solid business basis
that II is hard TO conceive Of the development
OF any business reaction Of sufficient proportions
10 upset the intrinsic value Of the representative
investment securities 4 crop failure will injure
business but ii VIII not Kill the productive ener-
gies OF The country. Reports for the last week
received by the commercial agencies indicate
healttful situation in most lines Of trade The
Iron Age" reports that all departments Of the
iron and steel market are quiet with DISPOSE
ton among buyers to exercise conservatism.
but II finds indication of unsound conditions
in the industry In the schedule of prices for
finished steel products for 1904. which
drawn up last week. no important changes were
made for the 1903 list. representatives of the
United States Steel Corporation and the outside
companies finding in conditions no cause for
price reduction and no indication Of business
collapse.
Crop reports show an improving tone. Corn
will be late this year. but with favora BILE
weather in the rest of the season a fair harvest
should be gathered. Grain traffic in the last
two weeks the Western railroads has been
affected by the recent floods and earnings have
naturally been lighter than in the preceding
weeks. and in the corresponding time year ago
The less in traffic. however has not been large
enough 10 create alarm among railroad officers
Railroad earnings elsewhere in the country con-
tinue TO return gains this time last wear
some Of the more important being shown by
Southern Railway. which for the second week
in June increased 0291: Norfolk and Western
S149. .653; Chesapeake and Ohio SCI Col: Chi
cago Great Western. S13612, and Texas
and Pacific S21.577. Foreign commerce sta
tistics for May show a material falling off in
exports as compared with the same month in the
last three preceding years. and substantial in
crease in imports. While exports were heavier
than imports 10 the extent Of over S21 900 900
in value. the total outward movement of mer-
chandise showed large falling of from the
record Of the same month year ago. and still
larger reduction compared with the corre-
spending time in 1901. Exports Of manufact-
ures were heavy, but the shipments of food
products presented a large decrease as com
pared with May 1902. The excess Of exports
over imports amounted in value TO S21. SO 90s
against S2e. .632. .444 in May a year ago. and S45-
925.2GS IN 1901. For the twelve months ended
May 81 the excess Of exports over imports
amounted 70 1897. OF, SOS. against S494 642 $50
in the same month in 1902 and S677. .S73. 80 in
May 1901. While the foreign commerce for
May shows s. falling of in exports. il is inter
esting TO note that foreign trade for the fiscal
year. June estimated IN part. has been heavier