New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-02
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
Stock market trading dull throughout tho
week on IN irregular movement OF values.
There appeared 10 be disposition the part
% the leading speculative interests to encour-
age operations either SIDE Of the account.
while the so-called public again conspicu-
Gus by its absence. Speculative leaders appar-
emily have abandoned all idea of being able 10
induce The outsiders TO come into the market
at present. Such situation u.s. OF course. hard
tor the commission houses. which depend on
public trading for their profits. but II IS not a
situation. however, that represents anything in
tE4nsically weak IN the general industrial posi-
ton OF this country. nor does IL foreshadow
permanent absence of public speculation in
curities. There are certain factors In the out
look which naturally encourage caution on the
part OF spectators who in ordinary times might
he expected TO buy securities as, for instance,
the forthcoming Presidential campaign the pos
sible effect on the money market OF the
pected further exports OF gold. the possibility
OF light crops this year, owing 10 the poor
oition OF the winter wheat crop and the Iateness
of the season in the spring wheat and corn
tons Of the country and the continued reduo-
ton IN railroad earnings. These factors con-
tain nothing alarming for the holders Of invest
Inent issues. but they may serve at times 10
bring about lower prices on the Stock Ex-
change
Gold shipments in the week amounted to the
enormous total OF SO, 100000 and II is quite
likely that the movement will continue until
the whole amount OF the Panama Canal pay
ment has been RENTED in the form Of gold.
II S400ooo0O gold should leave this centre
money rates would doubtless harden. but In
banking circles disturbance is looked for.
Fortunately. the local banks are better sup
piled with funds than this time in many
years, cash holdings showing a gain OF over
S700o0o000 compared with this period last
year, while banks throughout the country are
in better shape than in many months There
IS plenty of money in the country but higher
rates for loans would be welcomed by the bank
ing community, that is. the lending part of the
financial district. Bank profits are extremely
light at present, far as ordinary loans are
concerned. although the short time notes being
placed by the railroads yield money lenders a
good profit, as the rate rules from Al 10
per cent. It was reported last week that thirty
day money had been put out at IL per cent,
and while there confirmation OF the
rumor the mere possibility Of such rate en-
phasized the extreme ease prevailing in time
loans. Call money lent as low as j per cent.
Outside Of railroad borrowing the loan market
is dull. and the way money comes TO this oen-
ire ana the great quietness Of the speculative
markets suggest little Improvement in the de-
nRnd for some time to come. Commercial pa
per is in good demand. but the supply is lin
tied. Money continues easy IN London, with the
inquiry Light. Paris IS still bidding for gold.
and in view of the probable placing in that
market OF large Russian loan the chances
that the gold movement viii be In that direc-
tion for number OF weeks.
1t is generally understood that the payments
on Panama account will extend over a period of
two months, but at the current rate Of increase
In the country's gold supply from domestic and
Klondike mines the shipment Of the entire
amount could be made In one month without
causing great disturbance in the money market
With money at its present level higher prices for
securities are warranted. The price of stocks
is out of proportion to the price OF money but
at the moment there appears to be little chance
of readjustment. Further losses were recorded
in railroad earnings in the week with note
worthy contraction on the roads in the South
west. as, for instance, Missouri Kansas and
Texas. which lost over SCI 900 from the same
week last year; Southern Railway which lost
over $4,000 and Louisville and Nashville which
showed a decline of over $4,000 Atchison re-
ported for the month Of March an increase OF
considerable size, both in gross and net but the
greater number of roads reporting for that
month exhibited a falling off in net and where
gains were made in gross the Improvement was
small wabash made gain i'm gross of $4,000
but a loss in net Of $4,000 For the third
week Of April roads reporting show a decline as
compared with the same time a year ago of
nearly per cent. The exhibits Of thirty-three
roads for March show a decline in net earnings
of over 13 per cent
General conditions in the Industrial world are
sound enough. hut trade is lighter in volume
than II was az this time last year while business
men apparently believe that there will be no
noteworthy revival until after the fall elections
II should be borne in mind that underlying con-
ditions rest on sound foundations. There is no
indication Of a repetition of the hard times that
prevailed in the 1893 period, and no reason TO
believe that the pessmstic croakings of people
who have little faith I'm the United States win
he followed by disaster. People who own Amer
ican securities ought to maintain a tight grip
on their possessions, no matter what the market
does this summer The dissolution of the Erie
voting trust in the current week and the placing
OF the S37, 100000 municipal bond issue doubtless
win be factors that VIII be watched with con-
siderable interest in the financial community.
The Erie Railroad under the voting trust has
been ably handled, and If the stockholders are
able 10 secure results equally good they will
be fortunate. II the city bonds taken
good price the effect sentiment ought 10 be
decidedly favorable. especially among investors.
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