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

gree Of frgnness. Speculative sentiment gen
orally favored the bull side Of the market, but
despite the Efforts OF certain powerful interests
10 create e public following. there were few i'm
portant operations Cor outside account, commits
sion houses reporting unwiningness on The part
Of customers TO engage actively IN security
dealings. The weeks movements IN stocks
were. therefore. not indications OF a renewal OF
public interest in speculation Perhaps II the
professional element is able TO push prices few
points higher the outsiders viii be ready 20
venture their money. but the chances are that II
VIII be a long time before an active public de-
rnand develops. In the mean time prices may
reach higher level through the operations Of
professional Wall Street. There is nothing at
the moment that encourages bear activity, and
as there are many operators who are anxious to
sell securities that they have been carrying for
q long period. & appears probable that they VIII
continue 20 put forth every effort 10 bring about
q better range Of quotations. Their efforts In
rhts line were reflected last week IN the move
neut OF Union Pacific and ST. Paul both OF
which were advanced on heavy trading TO the
accompaniment OF various stories regarding the
FIGURE OF the two properties. II is not unlikely
that some OF the interests identified with the St
Paul company have bought Union Pacific stock
and Il Is probable that interests Identified with
thu Union Pacific company have taken some OF
the St Paul shares. but the idea that control OF
thu ST Paul company has passed 20 the Union
Pacific, or that St Paul interests have secured
the stock ownership OF Union Pacific, is merely
q Wall Street fantasy.
So Ear the St Paul property has remained
sree OF entanging alliances, while, until the last
week there has been question Of a change
sn its control the possibility Of its seeking
q large stock ownership in other roads. These
facts have increased investment confidence in
the St Paul securities. and have encouraged
careful buyers OF stocks to take this issue on
al reactions ST Paul IS considered a good pur-
chase Its merits. and, according 10 the beiief
OF the best market Judges. it's price Will sell
materially above the current level The Street
also appears confident that the movement IN
Union Pacific viii be carried further. No in
formation was obtained in the week Of the
nature OF the probable settlement Of the points
az issue between the Union Pacific party and
their associates IN the Northern Securities COM
DAIRY but from the course OF the so-caled
merger stocks the Street believed that a salts
factory adjustment was under way. There are
two powerful groups in the Northern Securities
Company. They were brought together by the
formation OF the Northern Securities Company,
which involved peace between the warning ele-
nlents, and il is to be sincerely hoped that IN
winding up the affairs OF the Illegal merger the
various interests in the companies viii find
trouble. The possibility that the old war for
control may he resumed worries many people,
but it hardly appears probable that anything Of
the kind VIII occur The Northern Securities
interests remember the results OF the fight that
led TO the organization Of the big merger COM
pany, and they are not likely TO DO anything that
viii lead to repetition OF that disturbance.
Conditions governing the actual value OF Sc
curities are. IS rule. satisfactory. considering
,-4y,- So
few months. Weather conditions are improv-
ms, save in certain parts OF the country, where
serious foods running. and the crop out
look in the West is far better than Il was a
month ago In the winter wheat belt there
has been q much needed increase Of moisture.
and the growing grain is making good progress
despite the fact that it is We'll behind the
growth at this time a year ago. Ploughing
has begun fl the Western corn and spring
wheat States. and farmers report that the sub
soil is in excellent condition. owing TO the copi-
Gus rains OF the fall West Of the Mississippi
River the outlook for prosperous season is
extremely bright, while the same prospect char
acter1zes the situation in the South and South
west IN the East much irregularity is re-
ported. and labor troubles tend 20 check bust
activity, but Il is well TO note that earnings
OF the Eastern railroads are improving. as
compared with few weeks ago, while traffic
men are looking forward to an active spring
and sumner business. Reports OF gross and
net returns for February make much better re-
suits than recorded in the preceding month al
though the effects OF the bad weather in the
North and Northwest are still in evidence. The
Pennsylvania system. which in January showed
on its lines east of Pittsburg "A loss in gross
earnings 81 over S1.o00OoG and a SIN heavier
ioss II net comparison being made with the cor
resp, -eDs--a Ia 1913. presented in February
6 SEE g. ..a.- -s.-iugs Of $4,000 and a loss
81 -lt 5,-h
c ... ... -.- e.tions remain favorable to
act.s So 81. s-r-. market and AZ the moment
the out'ooE g.. 6ing change is not promis-
ing. aotWlt saIug the probability Of gold
exports IN .s4e near future. Sterling exchange
has been strong and az The Eold shipping point
for several DAYS, and the chances are that the
metal VIII go out in fair sized amounts IN the
course OF the next Few weeks. Shipments viii
be due more TO the fact that bankers can secure
better rates for their funds abroad than they
can n the local market than TO trade conditions.
ToreiCn bankers do not expect a long period Of
gold exports. while they look for frmer money
rates and lower exchange quotations before
many weeks 20 by An interesting feature of
the local noneg market last week was The pay
-,ent without the least disturbance Of the Penn
,.lvania S5OOoOOGO loan. for which the COM
rsnv gives its AZ per cent notes for eighteen
months The entire issue was sold TO financial
f-,s+itufions ard individuals IN this country and
IL, Chrome The ease with which large financial
er.ersttous are financed by the local money insti-
4l,-fons reflects the wonderful strength OF the
a,snoial situation IN this country and the good
,,-avarernent and uneQualled ability OF the New
York bankers.
GOVERNMENT BONDS