New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-25
THE WEEK IN WALL STREET.

week OF advancing prices CLOSING AIu!, SeSP4AS
the pressure of profit taking and short selling.
The heaithfui and encouraging conditions OF.
which the rise has been based are still existent
but It Is he opinion IN some conservative quar-
tiers that the recent Improvement in the indus
trial and business outlook has already been
adequately measured in terms OF stock values
appreciation and that the next market de-
veiopnert should normally be a moderate re-
action. OF at least d halt for time. For the
fact should not he lost sight Of that not all
The current news b bulsh. although restora-
ton OF confidence is clearly in progress. 1t was
reasonable to~suppose that the hard times"
would zot De so severely felt and as long in dura-
ton as have been similar periods of depression
ia the past, for the country entered upon this
period with no such burden OF overproduction,
"a the popular meaning Of the term, as that
which Il has 81 former periods Of dull trade
had 10 bear and 10 dispose Of There was much
oyerproduction certainly, but the slackening of
demand met prompt response in the lessening
stoppage OF new production in many lines
Of industry, and general revival OF business
activity should find stocks Of manufactured ar
ticles pretty well depleted and the way cleared
for revival in volume OF industrial production
Despite the clanor about Wall Streets hostil-
iy TO Roosevelt, It IS the fact that the most i'm
portaEt men Of the Street believe that the Presi
dent will be reelected. and have reached that
conclusion not without satisfaction. recognizing
as they 90 that the concoraitant of Democratic
administrations has been national business ad
versit. With the danger OF undue political unset
Element removed, with no foreign entanglements
In sight, and with comparatively small total
Indebtedness TO capitalists and investors abroad,
the country looks TO bounteous harvests this fall
as the agency through which the revival of
prosperity shall be actively brought about. And
Winter wheat will be a short crop. but spring
wheat. although late in maturing, gives excellent
promise; and the indications for splendid
yields OF corn and Of cotton the two other great
staples Of agricultural America, Cotton will go
abroad in vast volume, and with the lessen
tcg OF the European scare the price of corn
should decline 10 point making possible its
expo-tation also TO the extent usual before 1902.
Much may happen TO the growing crops between
the middle OF July and the harvest days but
their condition is f1ourishing that the
railroads beginning TO feel assured Of a
heavy fall traffic in moving them. This feeling
Of confidence is reflected in the orders and the
inquiries which the railroads are turning in as
10 steel rails. bridge material and rolling stock
The roads. taking the country through, have
been doing large business. for the slackening
OF industry has been progressive, not being
shown all the United States at once and
the depression has not been acute. but have for
a good many months been making only sucn
betterments seemed unavoidably necessary
With the prospect Of substantial profits from
carrying the big crops looked for this year It
is not surprising that the railways should be
planning TO purchase new rails to build bridges
projected while the times were still good and
TO give generous orders TO the equipment COM
panies for new cars and locomotives. The exc
cution Of those orders would revive the great
iron and steel industry and lend quickening
/ impulse TO the whole chain OF industries And
n accordingly there are coming in reports of re-
VlFing activity in the steel trade with long idle
plants reopening and about TO run on full or
double, time; and of many orders for prompt
delivery being received and confident expecta-
ton Of many more orders being placed when the
safety Of the crops shall have been assured be-
yond question.
Great interest is taken by Wall Street in the
quarterly meeting OF the directors Of the United
States Steel Corporation TO be held on Tuesday.
Tor not only VIII the net earnings for April Nav
ana June then be made public, but q point of
more Importance, announcement will be made of
me amount OF untitled orders on hand at the end
OF the quarter. The untitled orders on March 81
aggregated 4136961 tons, comparing with
S,2l9.l23 tons on December 81 1853. ana 541O-
tlS tons on March 81, 1903. The net earnings.
"o0Oiuii1s 10 various concurrng reports VIII he
shown 10 be about SIS. 100000. sum ap1pJv as
surfing the continuance of dividends on the rra-
1errea stock at the per cent rate The net
earnings for the first quarter Of the vear March
estimate0 were S13. Dos $50 Appropriations for
interest and sinking funds on bonds and for do
probation and reserve funds and the special de-
preclatloll' improvements and construction fund
aggregated 81 260 5S7. leaving 81 947 7g9 avail
'-S 1oF paying the quarters dividend of Sc Boa
Sl9 on the outstanding preferred stock the
oiIIerence Of about S4JG0000, of course. having
10 ne taken from surplus. Figuring the net earn
ihgs Tor the April-May-June quarter at S19
OoV'VV'' ana deducting the same charges as were
stated three months ago. there would remain
applicable 10 the 100000 dividends on The ,,re-
1erFeo STOCK a sum in excess of IS 2O0OO0 which
would mean surplus of about 100000 for
THIS quarter OF admittedly poor business
VI the occurrences of the last week one of the
most interesting was the meeting Of the direc-
tors OF the Northern Securities COMPANY. al
which President Hin was authorized and ,7i
nected TO appeal from the decision Of the federal
court continuing the injunction obtained nv 7.
n Hartman and his associates restraining the
-Noflhern securities Company from carrying out.
penang decision on the claim of the Hartman
interests for the return of the Northern Faciec
stock deposited by them with the Northern
securities Company. its plan for pro rata distri
bctlon q its Great Northern and Northern pa
enc stock holdings This resolution meant that
M hiA and his associates IN the control of the
board Were determined TO carry on to the end
through eli the courts. the contest with Tho
O'iion Pacific party: and accordingly il caused
no surprise that tie peace resolution offered bv
Jaeoo ID. schifi the only Union Pacific repre-
Se''SuNe al ire meeting. received no considera-
non Moreover. supposing it possible that a set
lle.nant could be anectea ort nf -. - -