New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-09
THE WEEK IN WALL STREET.

tons OF the professional element. commission
houses having few orders for outside account
while the larger speculative interests were not
actively identified with the course OF trading
In the movement OF values there little
indication OF a coming material upward or
downward wave. prices ruling within fractional
limits IN the greater part OF the week. with
closing quotations at uninportaut changes as
compared with week ago. AT various times
the bear element endeavored 20 bring about
lower quotation level. but their efforts were
not successful beyond insignificant reactions.
while on the other hand efforts. IL any were
made 10 advance prices failed 20 secure public
support. Holders OF stocks showed no dispo-
sitiOn 10 part with their possessions There were
few developments OF an unfavorable character
although the factors OF uncertainty which have
been the features OF the situation for so many
weeks were stil effective influences IN restrict
ing speculative activity. Crop conditions were
more satisfactory. but II too early 10
estimate on the probable outcome OF this years
harvest. spectators. both in grain and stocks
We're unwilling TO make large ventures the
expectation that the current more seasona BILE
weather would be followed by further favorable
conditions throughout the crop growing period.
The disruption OF the BesseTner Lake ore pool
ct Cleveland created bad impression for a
time. on the theory that the trade would be
velopment however greatly exaggerated
and IN iron and steel trade circles no uneasness
was expressed because OF the action OF the
members Of the pool, which was expected in
Wen INFORMED circles as long a month ego.
AS matter OF fact its collapse was due en-
trely TO the unwilingness OF the United States
Steel Corporation 10 maintain il. United States
Steel preferred sold off temporarily but its final
change for the week showed little difference
from its price Of ten days ago. There has been
considerable manipulation in United States
Steel issues IN the last few weeks; also IN Union
Pacific and the dealings in these shares espe-
cially IN the last week. have supplied a large
proportion Of the total transactions in all secu-
rites. There is no particularly good bull argu-
ment on Steel or Union Pacific at the moment
but neither is there any good reason for selling
these stocks at prevailing prices under current
conditions affecting the two properties. At the
moment the iron and steel industry is not of
course. enjoying booming business. There IS
nothing intrinscally weak however, in the
trade. while there is every reason to believe
that after the period Of summer dulness has
passed and the Presidential election has been
held, activity will again develop in this impor-
tant branch Of the country's industries
IN the majority OF lines OF trade conditions
are somewhat similar TO those that are reported
in iron and steel. and. according TO the view
OF the best informed business men, there Is
little possibility OF favorable change for sew
eral months TO come The light VOLUME OF
trade is shown in the decline In railroad earn
ings, in light bank clearings and IN the ac-
emulation Of money at the leading financial
centres. The falling OFF in earnings in the last
week in April. compared with the same
week year ago amounted on roads reporting
TO over per cent. losses being general in all
parts Of the country. The roads IN the South
and Southwest beginning TO show the effect
Of diminishing business, Missouri Pacific for in
stance presenting decrease for the last week
in April OF S1S4 600 while Southern Railway
showed a decline OF over $4,000. Missouri.
Kansas and Texas decline OF Sl52075 ST.
Louis Southwestern a decline OF over $1,000
and Texas and Pacific decline of over S45.-
900. These earnings compare however. with a
period year ago, when traffic receipts were
unusually heavy, and If comparison IS made
with the preceding years IL win be seen that
the railway business Is still moderately large
IN volume. Returns received for the month of
March, showing both gross and net earnings
are, as q rule, unfavorable. Pennsylvania, on
Its lines east Of Pittsburg showed falling of
in gross earnings. compared with the same
month in 1903. OF S5i4 900 and a falling off IN
net earnings Of S67SG0O operating expenses
increasing Sl5S400, Including the lines west
OF Pittsburg. gross earnings for the month
showed decrease Of S673,G GOO and net earnings
decrease OF 81. 1O4. 500, making for the three
months OF the year loss of So 903 500 In net
income. OF course. if the present percentage OF
loss is maintained on his great railway sys-
TEN throughout the year the road might have
difficulty in paying its fun dividend out OF
earnings. The company has made such a ire
mendous increase IN its capitalization IA the
last 20 years that its attitude on the dividend
question In years OF business depression Will be
watched with great interest
Further engagements Of gold were made for
export, and in foreign exchange circles II was
believed that the movement would continue for
several weeks 10 come. and that the total ex-
ports for the year would be larger than people
generally expected. II is impossible TO tell how
much of the gold that has already been shipped
has been on Panama Canal payment account
but the chances are that the larger part OF the
shipments have represented the transshipment
OF gold received on the Pacific Coast from
japan The most important developments I'm the
money markets Of the world were the negotia-
lions in Paris and London for loans for Russia
and Japan. Russia is TO issue loan Of $l00-
100000. while Japan has arranged with bank
ing houses in London 10 float a loan Of $4,000
600. one-bsls Of which will be taken IN New
York. This money viii not according 10 the
present understanding, be withdrawn by Japan.
but IL VIII be left here and in London TO nav for
japanese war supplies. This viii tend to end
for time, at least the export movement of
gold from Japan to San Francisco. So far the
gold receipts az that port have been offset by
shipments from New-York
The result Of the city bond issue Offering
OF SS7.OO0.O0O was a feature OF the financial
week. and in some quarters il was considered
rnf fea