New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-18
THE WEEK IN WALL STREET.

fleets confidence among Spectators and invest
ors IN the belief that the Industrial activities
Of the nation are slowly but surely preparing
for important revival. in which all lines of
trade will be heavily benefited. Trading in
stocks also reflects the opinion IN Wall Street
circles that the market is pointed for higher
prices There has been IN the last few weeks
advance Ia values that has carried the quota
ton level from to 20 points above the low
records Of the year. the average for the lead
Ing active issues showing a gain OF about 10
points. In quarters 1t is asserted that
this rise fully discounts trade revival and the
election Of the Republican candidate next No
venber, but the greater number Of careful OBJ
servers appear to believe that prices viii sell
many points above the present range before the
fan election. There is. however good ground for
the argument that speculative reaction is due.
II would not hurt the market II prices should
sell down few points; indeed. such move
ment would serve attract more buyers and
add tone ana strength to the bull side OF specu-
iation
Dealings were In active volume last week,
pecially Wednesday and Friday when the
total transactions amounted TO large figures
a movement Of values that showed many sharp
advances The so-called Western element Is &C
lively engaged on the bull side OF the market
especially in the Hartman stocks. Atchison. St
Paul and Amalgamated Copper. Union Pacific
was feature throughout the week. and at the
close II sold at level over % points above its
low price OF the current year. In addition
the excellent earnings Of the Union Pacific, the
stock was helped last week by the decision ia
yorable 10 Union Pacific interests, making per-
manent the Injunction restraining the Northern
Securities Company from distributing the
Northern Securities assets on pro rata basis.
The case VIII now be carried TO a higher court,
with the prospect Of protracted litigation. AS IT
is thought, however. that harmony exists be-
tween the Hartman and Hill interests IN the
Northern Securities Company, the legal fight
which is TO determine what IS best for the stock
holders ought not 20 be e disturbing factor in
the general situation
Politics has ceased TO worry the Street in
asmuch It IS taken for granted that the
voters OF the country viii decide at the fall
election 10 make no change In the national ad-
rninistration- The continuance IN power of
President Roosevelt VIII insure further stability
IN the country's business affairs while it will
also guarantee that the policies which have done
much TO further the interest Of the American
business man viii undergo no change. The fact
that Judge Parker announces himself a gold
man creates little enthusiasm IN the Street for
the Democratic ticket, owing 20 the fact that
the Democratic managers have refused 10 insert
a gold plank in their platform. which is e prac-
tical Endorsement OF the Chicago Democratic
platform Of 1896 and the Kansas City platform
Of 1900. Then the fact that Judge Parker has
voted twice for Mr. Bryan and had refused TO
announce himself regarding the money question
until the twelfth hour. when he saw that fur
ther silence might lose him the votes of many
of his party. does not encourage the belief in
financial circles that he would be as good a man
orfan praS T2rOe
sentiment regarding the political outlook is re-
aected in the course Of betting on the curb.
in which the odds are largely in favor OF Presi-
dent Roosevelt.
The feeling is growing in Wall Street and IN
business circles that the Presidential campaign
viii not be accompanied with developments ad-
Versely affecting the general markets. For this
reason men in the mercantile world are looking
forward TO active Ian trade. while men in
the Street are operating In stocks on the basis
Of the expected industrial revival. The demand
for money for mercantile purposes is becoming
more active, and the prospects favor hardening
tendency in the loan market in the course OF
the next few months. Already the shipments
of money from the interior to New-Yoris are
beginning TO fall of. and doubtless it viii loon
come to pass that large amounts OF currency
will be sent from New-York to the Southern and
Western cities. As the crop outlook Is favora-
bic. the chances are that the demands on New
York for currency 10 move this years harvest
viii lie extremely heavy much heavier than a
year ago, when the local banks suffered q net
loss in currency from August TO January of
more than S36,0o0.0o0. Based on present condi-
tions in the cotton, wheat and corn fields the
prediction Of an increase. as compared with
last year. OF Sl00000000 IN the farm value
OF cotton and cereals is justified. An increase
OF this amount VIII. OF course. increase pro-
portionately the demand on this centre for
funds Fortunately, the New-York City banks
ere I'm a splendid condition TO meet the annual
crop demand, and there is no reason to expect
disturbance in the money market. Higher rates
for funds would be welcomed by the money
lenders. as AT the prevailing quotations profits
On loans are extremely small.
Reports from trade centres IN the week were
generally favorable, while early dispatches an
nouncing great crop damage were found TO be
highly exaggerated. A certain amount Of dam
age has been done in some OF the wheat fields
and it is TO be expected that the yield will fau
short OF the optimistic estimates made by
the Department Of Agriculture as of Julv
j, but. according to trustworthy reports
from well Informed people IN the farm section
OF the country, all cereals are growing in ?
manner which suggests a bountiful harvest
The couIltry's foreign trade for the month Of
June showed a heavy shrinlage in the shin
rnents OF breadstuffs, although exports of ger,
eral merchandise made an excellent exhibit as
compared with the same month in other wears
The excess Of exports over imports amounted
IN value 10 S12,ls2.1 6l. making for the fiscal
year an excess of exports TO the value OF $40
20. 237. compared with 1894. 30 163 In the nra
ceding year and s4Ts39 453 in the year he
fore. Total exports for the year of nerchar-