New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-16
THE FINANCIAL MARKETS.
STOCKS GENERALLY LOI
Breaking Gold Exports in the Last HeeRaod Earnings
and Bank Ceaings Decline.
THE WEEK IN WALL STREET.

transactions in last weeks securities market
were confined the greater part Of the time
30 the operations OF the professional element.
Trading, a rule. was extremely dull while
the movement OF values seldom extended beyond
fractional limits. There were a few stocks.
however, I'm which larger price changes were
recorded, notably Consolidated Gas and the
United States Steel issues, in which dealings
were based on factors which had little to DO
with the general list. Active manipulation in
Consolidated Gas carried that issue over a range
of 10 points. while bear pressure the Steel
stocks brought about low record for the
common and maximum loss of points in the
preferred. The operations I'm Consolidated Gas.
OF course. hinged on the fate Of the Remsen Gas
bill, which was finally vetoed by Governor Odell.
This action was generally expected in the Street.
and it failed to bring out any important invest
inent offerings OF the stock. The position OF the
investors Of this security IS Just as strong It
was before the Remsen Gas bin was introduced
in the legislature, ana the fact that the Governor
mas refused TO permit IT 30 become a law should
not create uneasiness among the holders Of the
stock as IL will not reduce the companys earn
ing power change it's income.
Selling OF the United States Steel securities in
the week was not explained by actual news de-
velopments in the iron and steel trade. but II
was easily traced to the increasing pessimistic
ftHlil4leHI among SPECTATORS regarding the
earnings OF the iron and steel industry during
the rest Of the year. While the iron and steel
market is in depressed condition as compared
with year ago. there is no good reason at the
moment 10 make the prediction that the United
States Steel Corporation win be compelled at its
next dividend meeting to reduce the payment on
the preferred stock. An interest closely identi-
ned with the management OF the company was
quoted few days go saying that yet the
dividend question had not been considered by the
directors. and that they were perfectly satisfied
with the present condition OF the company and
the outlook for business for the rest of the
son.
According to the reports received by The Iron
Age" the production Of pig iron in the month OF
April was heavy amounting to $4,000 tons
as compared with 1,447 900 in March, $4,000
tons in January and $4,000 tons IN December
In spite of increased production, there was
decrease in stocks on hand and this fact ought
to indicate Improvement in the trade. as IT shows
increased consumption at more profitable rate
than the iron and steel men recently expected
II is impossible. however. to argue from this i'm
prOvement that similar favorable progress viii
be made in the next few months. Buyers, of
course. are conservative in this industry, well
as in all other departments of trade, and in
nearly alb lines of finished iron and steel the
rent demand is light. Reports received from
various parts OF the country indicate increas-
ing dulness in trade circles with little prospects
of expansion until after the fall elections Rail-
road earnings continue TO show marked declines
compared with the results of this period in
1903, while bank cearngs reflect general con-
traction at all the leading centres
Spectators in stocks who inclined toward
the bear side of the market advance various
guments for their belief IN lower quotation
level, attaching especial importance to the I'M
favorable government report winter wheat,
the reaction in trade, enormous exports of gold.
increased railroad earnings and falling govern
ment receipts and rising expenditures These
factors not sufficiently alarming to induce
liquidation among investors, and, while profess
sional operators may be able TO bring about a
lower quotation level. acute disturbance in the
stock market is not expected The current short
interest in stocks is large, and many careful OBJ
servers OF the market believe that sharp rally
will soon develop.
Prices have shown great resistance 70 I'm vor-
able developments, despite professional pressure,
and the refusal Of holders of securities TO throw
their stocks on the market has been most en-
couraging feature Of the Wall Street situation
Heavy exports of gold in the week amounting
TO nearly S20OOOOOO. caused slightly hrmer
tone In the money market, and in banking circles
IL was thought that better prices for loans
would soon develop. SO far over S44 600 900 in
gold has been exported on the present move-
lnent. ana, according 10 the opinion Of well in
formed foreign exchange bankers, at least 500
OOO0OO more Will go out before the shipments
ever, that the constant withdrawal of gold for
export and the probable further reduction In
government deposits IN national banks will
bring about higher rates for money, which will
be important factors in bringing the gold export
movement TO an end.
rms has been the cheapest money market in
the world Tor many months, and out side Of obli-
cations on Panama Canal account. bankers have
been willing 70 ship money from this side in
order 10 secure the better rates which now pre-
vail IN Europe The government has so far
called for S42OOOOOO OF its deposits from the
banks, and a third call will probably be made
IN the course Of a week for S10OO000O more
Government receipts rapidly falling behind
expenses, and IL is therefore quite likely that
the Treasury Will be compelled to make a ma
teria reduction in its deposits in national banks
in the next few months Receipts for the fiscal
year to date have been under expenditures by
over S4OOO000O, while since the first OF the
calendar year customs receipts have decreased
500 100000.
Higher rates for money are suggested by the
weekly statement OF the banks. which shows a
loss Of over SlOO90O0O in cash and a reduction
in reserve above legal requirements Of 81. S9G-
600 bringing the reserve to SO S27. go a decline
Of nearly SOB 10000 in two weeks.
GOVERNMENT BONDS.
Government bond quotations compare as follows