New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-05-04
THE WEEK In WALL STREET.


While stock market trading is dull and unin-
teresting. prices show great resistance 70 "h-
fsvora bic news and hear pressure. exhibiting
stability that is promising Of better quotatohs
later on in the year. Reports from the west
last week Of damage TO the winter wheat crop
erd strength in the sterling exchange market
that Jed 70 expectations of gold exports TINS
week failed to exert important influence on Val
ne Traders 10 be sure endea vored to force q
decline but their efforts were not successful
unless fractional reactions were so consloeIeo'
There are so many encouraging factors IN 'iie
situation tha; the refusal of the stock market
10 60 down on trading pressure is not surprls-
;rr, and unless all indications go wrong the
,resert stability in prices Will lead to gradual
exhaustion in business at advancing quotations
wall Street Is somewhat pessimistic over the
Immediate outlook because there is no puohc
buying power in the market. but ii is well to
rbserve that despite the absence of a general
public demand stocks are being quietly ab-
sorbed by people who have large financial re-
sources Buying Of this character generally pre-
cedes an active upward movement in securities
According the best advices from the winter
wheat belt the cold wave last week did not seri-
ously injure the growing crop. Winter wheat
ss not far enough advanced to be materially
damaged by climatic changes incident to this
period of the year. but even allowing for marked
deterioration in the plant from now until the
gathering of the harvest there would still be
yield Of large proportions. as on March con-
ditions indicated the largest vinter wheat crop
on record larger than the best preceding record
BIZ many millions of bushels Crop damage re-
ports may be expected at frequent intervals in
the course Of the next few months. but the stock
market is already so far down the speculative
level that traders will doubtless be forced to
content themselves with small reactions. Gold
exports may be made this week current condt-
items in the foreign exchange market warrant
.ng shipments It is not likely. however. that
an important outward movement will develop.
and il IL should this country would not be en-
oarrassed. Our supply Of gold is rapidly in
oressing Local holdings Of money are expand
ing and lending rates reflect little demand for
funds This situation suggests cheerfulness over
gold exports, inasrnuch the metal will go to
iiouidate the rapidly disappearing debt for
American account abroad. Gold exports
legitirat- developments Of sound inter
national financial position. and they possess no
element which sales of securities may be
Justly based. Years ago, when the United
States Government was compelled TO buy
tain Of silver every month. and when
foreign countries We're withdrawing their cap
ttai from owing 10 uneasiness over the Amer
.can finances, gold exports were unfavorable de-
veIopments. Now however. gold goes out to
pay our debts abroad just it will doubtless
be imported IN the fall settle the balance that
foreigners viii owe the United States for bread
stuffs and manufactures.
The statement of foreign trade for March,
which Will be published in the Of the
next two weeks will, from the known move
1nent Of trade through the month, show large
increase in exports and a large balance
in favor OF this country. despite heavier
imports. Exports from the port of New-York
have been running ahead of March a. year ago,
while from all Atlantic and Pacific points of
shipment the foreign movement OF our bread
stufs and manufactured articles has been
enormous. With a growing foreign trade, with
stability in general business and expansion in
railroad ard industrial company earnings, there
ought TO be uneasiness over the stock mar
ket situation especially as prices are many
points under the high records of last year. while
weak speculative accounts have been thoroughly
eliminated from brokerage houses. The issuance
Of new securities has been checked. This is a
factor worth bearing in mind in discussing the
future of speculation An important factor
which will be eventually reflected in the stock
values is the striking improvement now under
way in the net earnings OF American railways.
This VIII be readily appreciated by reference to
the following table showing the results rail-
roads that have reported for March: