New-York tribune., 1903-03-16
TEE WEEK IN WALL STREET.


--..r.-+. fayor the holding OF good secura'ies
O. h,Sher prices In the decline OF the iast
ro-4n,xht pool holdings have been hsh'eHeO'
STOCKS have peSsed into stronger hanos' @"o
sho-f interest has been materially inCre0seO
Prominent speculative interests "ho "eIo "
six-eiv engaged IN booming stocks last suliiiii'
vhen prices were from 10 to 30 points dpo"e 'ne
-r,,rrent level have for the last Few weeks Oeei'
..r,rn1 fr working for lower quotations, and
their enthusiasm has attracted q follo"iiis nc
ss sl+orether too large for safety. The oechhe
4. re,cr overdone lust as the advance was car
,4.6 too far last year and as g consequence
s.s- manic Is possible at any moment otocAs
az. not dear 1t current values. save, perhaps IN
1he case Of q few issues among the stahoaTu
yas1vvsy shares. Compared with the hlgh IeNei
- yoo3 6Acl,oes are now shown Of Is points In
KtchIson. 26 points in Baltimore and ONO, ID
-,esnts IN Canadian Pacific 30 points IN 81 Faul'
* ncsnts fn Delaware and Hudson, Fl poinOs IN
TI.,,evfIIs and Nashville 16 points in Manhat-
'&sn q points in Metropolitan. il points IN mis-
acssrs Pacific 30 points IN New York Central -
v.ospts "a Pennsylvania 20 points in Reading, 1S
-,.suts in Southern Pacific. % points In Union
Pashe 1S points in Sugar Refining. 25 points in
Consolidated Gas and points in United STATES
eSeeI common. These declines have carried an
auormcus amount Of liquidation. resulting III lhe
noncanhRtiou Of stocks in the hands OF power
%uI financial interests.
The Southern Pacific stock pools fight against
$ns MANAGEMENT OF the company does not prom
t.s .. 1,r.~et either the Southern Pacific or
UnSon Pacific company, nor is IT likely tnat its
tn0usncs viii hereafter be adverse TO stocks IN
ennersI. Mr Keene is fighting for the declara-
t4iou Of q dividend on Southern Pacific stock. II
he wins the stock will doubtless advance. II
ia loses there will be no change from existing
conditions and decline II one shouio occur
Win merely represent sales by disguised pool
holders who already have decided loss to thelr
account as their stock was purchased In the
-,adrhborhood Of Il. A fight between the heene
and Hartman interests looks large on paper
hr,t when IL is considered in all its lights and
shadows its Importance is considerably dinln-
Ishsd especially far any effect upon the
u,pnersl railway situation is concerned. OF
rorrxe tf the pool were forced to liquidate at
euYrent holdings there would be temporary un-
eastness in some quarters, but 1t is not at all
afkeiy that any such result Will follow. Recent
selling OF stocks because OF the Southern Pa
cadc question has. It is thought, discounted pos
efbIe adverse developments, while the general
decline that current prices show as compared
with last years record figures has certainly
-nore than discounted the few unfavorable fac
tore IN the general situation. Declines how
ever are always carried far beyond legitimate
point and the course Of values in the next few
weeks may therefore develop further sagging
tendency. Good stocks are purchase on reac-
fions. The medium and low priced railway and
industrial issues may be bought without much
risk at prevailing quotations. 1t requires no
great amount Of money to buy them outright or
TO carry them on large margins.
Monetary conditions promise TO remain i'm
portant factors in stock market speculation for
some time to come. but not to extent that
csIrse acute in VaIues The
portazce Of our growing export trade
factor in the money market cannot be over
estimated. It means the liquidation Of the bal
snce against this country abroad. the accumu-
ietiou Of credits that will make gold imports
possible, and the payment of the S40.000O00 on
Panama Canal account by this government
by msanE Of exchange operations that will
suit In an actual increase of funds at this centre.
That tie United States is rapidly regaining the
ground lost IN its export trade in 1902 is re-
Elected in the current volume Of grain, cotton
and general merchandise shipments as reported
from official sources For February the total
outward movement Of domestic products. in
Guiding breadstuffs provisions, cotton and min
eraI oils, was larger than in any February on
record amounting in value to 72,266,67
compared with S54, ,999, ,7O6 in the same month
year ago S65, ,5S1 in 1901 and $50, CTS, 100
in 1900. All items showed gain, the heaviest
Being IN cotton, shipments Of which increased
In value $3.50. $50 over February 1902. and in
grain. IN which the gain was in value $685., ,256.
The higher prices for cotton have been help
70 the country's export trade. as foreign spin
aaers have needed the product and have been
willing to buy at rising quotations Shipments
OF merchandise from the port of Neu-York for
the week ended Tuesday showed gain in value
1of about 100000 over the same time last year
and ron sn known indications the movement
WI continue to expand throughout the year
The United States has a big supply of domestic
products and manufactures for export and for
siSn countries are willing to buy at prevailing
'pricsS- Ths complete statement of foreign
trade for February shows an excess of exports
over imports In value OF S429229i4
Local banks sre well satisfied with the situa-
'fiou' and they have advised the Secretary of the
Treasury that assistance from the government
3s not warranted by current conditions This
means that the banks are in a better nositjon
man renected by the bank statement and that
'New-XorR can secure all the money # wants in
European financial centres Money rates for
time funds are quoted at 5&66 Der cent for
from sixty to ninety days a pretty clear tndi
cation that the banks expect TO 90 a profitable
business for some time TO come Call money
WILL # 10 thought, rule at stiff figures for sew
erSl weekE- An important development of the
week waG the announcement from Washington
Of the probability of extra session of Con-
gress early In the fall for the ostensibIe pur-
pose Of TattfytaE the Cuban treaty High
authority is responsible for the statement that
the chief purpose Of an extra session Of Consress
viii be to enact currency reform legislation Shat
VIII prevent monetary stringency In the fall
ending for ali time the periodic disturbance in
the money market The decline I'm stocks mas
pretty thoroughly discounted the advance in
money rates. end bear traders ere now hertn-