New-York tribune., 1903-04-20
THE WEEK IN WALL STREET.

rlace in last Mondays stock market marked
the conclusion OF the bear campaign IN secnrl-
ties which began last fall. Further reacuons
VII, doubtless develop. but material losses in
quotations are not expected, barring, or course
5evelopn1ents of an extremely adverse nature
The so-cafed bad news is ali out In the de-
cl,r,e in values on Monday there was 4 reflection
or the Northern Securities decision which was
rendered by the Circuit Court for The DISTRICT
OF Minnesota IN the preceding week. and winch
seriously interfered with the proposed merger
plans of various railroad corporations. as wen
as with the life Of the Northern Securities Com
rsYv This decision was al first considered oy
some people tnimical to the interests or 'nNes-
tors but on careful study of the case il was
found that the position OF American railway
securities would be helped rather than injured
bv the determination OF the government to
cbeclx the consolidation tendency that had be-
gun 10 run riot. The stock market has oeen
subjected to a long series of unfaNoraole oe-
velopme-ts in the last year. but it now beslns
10 look as II the period Of this kind of news has
reached its limit and that improvement in val
ues will be the leading feature IN the market III
the course Of the next few months.
There are many good reasons for the purchase
Of securities at the current level That these
reasons are appealing TO investors and large
speculative interests is reflected in the eharac-
-ar Of huyinE in the present market In lest
Hforda--,s break the so-caled bargain hunters
made their appearance in the Street, and as a
result of their purchases a large amount OF
stock passed into safe deposit vaults where X
will remain until quotations are many points
above prevailing figures. Throughout the week
t11ving of this chara cter was an fnhuenf1al rae
Tor in advancing values. The large market oper-
ators who for many months past have been
either committed TO the bear side or else non
sra q
we're open buyers Of stock on the closing days
of the week. their dealings amounting to many
thousand shares while their publicly expressed
or,fnions encouraged the belief that the makers
O. 2 bull market were actively at work Com
rered with the high prices OF lS82' the IoW
level on Monday showed losses Of from 70 10 80
roints IN the more active issues. with even
greater declines in some OF the inactive securl-
ties. as for instance. Chicago Northwestern
This decline brought the price Of railroad stocks
70 N investment basis Of from to 5ia per cent
while in the Industrial shares the investment
WELD averaged from TO u PER cent. In the
latter class Of stocks there has been little ac-
ttyitv IN the last year although in that time the
actual value of these issues has been increasing
at q rapid rate, owing 10 the expansion in ousi-
ness in the United States Industrial shares
representing the companies thai have peeh
formed in the last few years are rapidly becom-
ing seasoned, and 81 the greater number OF
cases assured Investment value is developing.
If the stock market enjoys a season OF edVanc-
ing values the industrial issues ought TO share
in the improvement; and. according to the opin-
;oa OF competent Observers. 2 movement OF this
character viii take place in sCch stocks as
United States Steel, American Car and Foundry
Securities American Locomotive shares. Corn
Products and Peoples Gas An excellent class
Of bl.yinc was reported IN the steel shares in
last weeks market. buying in many cases rep
resentinE an actual investment demand
in the railroad list cash buyers are absorbing
Atchison preferred ard common. Baltimore and
ohio issues. the Southern Railway stocks, Mis-
sr,,-i Pacific and Manhattan. Missouri Pacific
is a = Der cent stock which returns nearly .
por cent at its present market quotation. The
condition Of the Missouri Pacific property. both
pbvsioalIr and financially. warrants the utmost
confidence on the part Of investors in the MIS-
souri Pacific securities. In the last ten years
the road has practically been rebuilt, while in
that tine the country through which ii runs
has made rapid progress in agricultural and
rnanlfa curing pursuits, ard has grown up 10
the mileage Of the Missouri Pac.ics lines. The
Gould policv Of railroad ma cement has been
an effective influence in placing Missouri Pa
cifc securities in the permanent dividend col
umn. Earnings OF the company for the month
or February showed extraordinary increase
both n gross and net returns and were at the
rate OF about 10 per cent year on the stock
Such record is ble, especially as the road
is spending ar enormous amount Of money from
earnings on the property. Net earnings IN gen
erai are showing improvement. and predictions
made in some quarters last fall that the period
Of increase in net returns was over are not
being borne out by the reports Of the last two
months Among the noteworthy statements OF
earnings received last week was the report Of
the Baltimore and Ohio for March. showing a
gain IN gross Of SI:}3.2O6 and in net q gain Of
s504O55 The Baltimore and Ohio is another
abroad that has been rebuilt in the last few
years a fact that IS constantly being reflected
in the ability of the road TO handle a larger
volume Of business At a cheaper cost and in its
ability to manage its traffic in a manner best
calculated serve the public.
Money market conditions Improving In
the week rates for call loans eahfbited declin-
ing tendency. ruling at the close of the week
under = per cent. as against per cent in the
preceding week. IN their operations with the
sub-Treasur- the local banks gained consd-
era bic amount OF money. while with the interior
the movement was largely in favor OF New
York Shipments Of currency from out OF town
will continue heavy for several weeks, and 1t is
therefore likely that local bank reserves viii
expand TO point that VIII warrant the usual
summer ease in lending rates. Indications in
the foreign exchange market do not favor gold
exports from this country. while the course or
foreign trade encourages the belief that gold I'M
ports will develop IN the fail. Exports in March
Of general merchandise were heavier than in
any March on record. except March. 1901. being
in value s25. 900 900 IN excess Of last years rec
ord and exceeding imports OF merchandise in
value by over s35oo0Oo0 making for the three
the calendar wear a ira de balance in