New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-11
THE WEEK IN WALL STREET.

quarters that the puplc had Al last Coiii0 i''O
the Street. with bullying pocketbooks and con-
ldent bull enthusiasm. Prices advanced
without serious opposition. yet there were
few people who considered that the situation
affecting the actual and speculative value OF
securities was too unsettled 20 warrant the ex-
pectatlon Of a big bull boom in stocks or
course. this element received about as much at
tention as the element that predicted few
months ago that the intense dulness in the
market at that time would be followed by the
present period OF buoyancy. There are various
good reasons for bulIish sentiment on the stock
market. Improvement in trade has been re-
corded throughout the country. and, despite the
fact that last winter perhaps the most
severe on record, the condition OF business In
Che sections affected by the long cold weather
is reported strong. and ready 20 make new
record IN point Of activity. There is little con-
ISOLATION for the bears in the country's business
situation. and even IL industrial progress should
be checked this year by the course Of the polit-
scal caynpatrr the foundations Of the country's
activities are strong enough 20 prevent serious
disturbance in the business field Business men
,rll soon realize # they do not already, that no
man win be elected President Of this country
II he is q disciple Of the discredited Bryan
Technical conditions have been in favor Of
higher prices for a long time. and II is foolish
70 DISREGARD this feature Of the Wall Street
eituation. The outcome Of the Northern Sc
curities rnuddle is not a factor at the moment
in sneculation. ana Il is believed that several
months will pass before any settlement VIII be
reached: for this reason operators IN securi-
ties in the last week have not been alarmed over
the suit Of the Hartman interests against the
ATorgan-FIfl plan for the distribution Of the
securities held by the illegal Northern Securi-
ties Company, and the Street is not worrying
about this years crops or other uncertainties
in the general situation It is concerned, Tor the
time. with operations on the bull side Of the
market and & believes that in the course Of
the next few weeks there will be good oppor-
tunities TO sell stocks az higher prices. I'm
rortant interests are mixed UP in the current
SPECULATION. They have been carrying securities
for many months, and they anxious TO
tighten their loads. They believe that the pres
ent time is favorable for bull movement, and
AZ Is their confident belief that their arguments
IN favor OF a bull market are based on solid
grounds They are not concerned with what
may develop two or three months from now.
This view OF the market may not appeal 70 the
DeSSlDlSiSs WHO DelleNe Oh era Va DuSAA4SoS
prostration is about 10 develop. or VIII arrive
several months or a year from now, but II is
the popular impression. and one that win be an
important factor IN the speculation OF the next
few weeks at least The weak public is not IN
the market. The strong capitalists and the
bargain hunters are. however. active buyers OF
securities The bull campaign. so far. has been
managed by shrewd operators. and the chances
are that they win remain In control for several
weeks &c come.
There has been a good investment demand for
bonds. and the fact that banking interests ap-
pear more willing to finance railroad bond is
sues has increased confidence in investment
circles. It is understood that several bond IS
sues win be announced before long, but it is to
he hoped that the railroads viii be moderate in
their demands. for otherwise there may be
repetition Of the troubles that caused much
disturbance last year. Fortunately. railroad
earnings show Improvement over the returns
received earlier In the year. and. according 20
the reports OF the various traffic managers, the
outlook for p large volume Of business in the
rest OF the wear is excellent. The so-called
Hartman roads and the companies in the South
and Southwest are making especially good re-
turns. Conditions in the South and South
west present no indication Of change in
the factors underlying the prosperity in
that part OF the country. while. a matter
Of fact business IN all parts Of the United
States is moving in a manner that foreshadows
no immediate adverse development The iron
and steel business. which is considered the
country's trade barometer, is expanding under
the influence Of a revival in the demand, evil
dence Of which is presented IN the United States
steel Corporations quarterly report, which
shows a much smaller deficit than expected,
while It reflects wonderful Improvement in
III
January. II earnings continue TO increase at
the rate recorded in March, the preferred divi-
dend viii be more than earned in the current
quarter II was probably on this basis that the
directors Of the concern decided to pay the
regular rate on the preferred. even though it
was not earned in the last three months.
Cold exports began last week, and this fac
tor. with a heavy loss in bank reserves above
legal requirements, suggests the possibility OF
higher money rates at no remote period. The
chances OF disturbance in the money market.
however. are not to be considered at this time
for the simple reason that conditions now az
fecting rates and known influences that viii
become more prominent later in the season are
not Of a character that warrants the expectation
OF trouble There is much difference OF opinion
in foreign exchange circles as 10 the probable
extent Of the current gold movement, but the
local banks could spare many millions without
,be,r reserves being seriously depleted, especial
,v as the country is receiving considerable addi-
lions TO fits gold supply from imports Of the
,,o+.l AZ san Francisco from Japan. Most Of
-. ,oonev finds its way to the New-Yorl1
- more than S3OO0o00 having been
,,o,,,ed IN this account in the week just closed.
According 10 last weeks bank statement loans
% ,he citz hanks are larger than ever before;
.,so deposits. and the fact that loans are so