New-York tribune., 1904-08-08
THE WEEK IN WALL STREET.

TIE week Just ended has been IN unegsnttu
Bnc IN sho local securities market. each day ;
record having been that OF email total dealings
sns. generally speaking. unimportant price
changes. There kEs been cessation OF the ef-
Fort 70 get the public in," hut very large pro-
portion os the trading n stocks continues to be
ef the professional sort. originating on the floor
Of ;hs stock Exchange. Tho period is one OF
-.Ysisess uncertainty. and although signs OF
promise muy be discsrned. the improved condi-
ions which they indicate are not so near to
realization as 20 be used as a basis for further
Stoo& market advance IA which outside investors
and speculators can be- expected 10 play an ac-
live AID important part
The closest attention is being paid to the
crop news By the business men OF the coun-
try Sc well an by the stock market operators;
for q IS realized that bounriful harvests this
sau VIII greatly hasten the progress Of the
nation toward general prosperity, stimulating
au branches OF trade and industry. With an
average condition n excess OF 81 and with
a record acreage under cultivation. the cot
ton crop bids fair 20 be the largest ever raised
a the South. even allowing for 4 considerable
decrease IN ths percentage condition through IN
favorable circumstances which may develop be-
tween now and the picking season The corn
crop also. according 20 all indications. Will be
OF record size. Winter wheat viii ad-
Hzittedly be a short crop. but the total
wheat harvest Will without much ques-
f!ou he a fairly ample one; for each day
brings additional confirmation OF the suspicion
that the alarming reports OF damage 10 spring
wheat have been overdrawn. There has been
loss from rust. but according 10 the most trust
worthy Edvices from the Northwest the grain in
only a limited section OF the vast spring wheat
territory has been affected. An unpromising de-
vs.opniant Of the week has been the wild specu-
.etion. incited by the crop damage rumors, which
has pert the price Of wheat up 10 81 o. bushel.
p price Trohi5:tive OF export business although
A. the reports OF European crop shortages be
well founded there should 90 normally large
expert demand this fan.
little later on. 1t Is probable, politics win
ngure prominently n the stock market s!tua-
sion. but although the Presidential campaign
sas not yet entered the storm and stress period.
snd St cannot be predicted what Will be the
leading policies upon which issue Will be Joined
and the conflict most bitterly fought. the out
look ST present IS for a campaign much less un-
settling TO business conAdence-without which
there can be no national prosperity-than have
been the last two struggles for control Of the
federal administration The fear of complica-
tlcns abroad. due TO Russian aggressiveness in
overhauling and searching merchant vessels Of
neutral nations, caused sharp. If brief
settlement Of the securities market weeR or
more ago. That trouble. however, settled
by Russia's prompt recession from her position.
and during the last week the war in the Far
East has had no influence on stock prices here,
and the conviction has become settled that no
further disturbance Of the sort wiz occur while
the war continues. Disturbances there are
nearer at home. however, which may have de-
pressing influence upon stock values-the labor
troubles The strike OF packing house employees
Il the West seems TO be near It's end and 10 be
ending On failure. The strike oe the Fall River
cotton MN operatives may be expected 10 last
for Sc eral weeks hut 1t, TOO. appears destined
10 end in disappointment OF the strikers hopes
and expectations. These strikes however, mean
heavy aggregate loss OF wages TO the en-
ployes as well as loss OF profits 70 the en-
ployers, and serious curtaiIment Of traffic for
3 various railways. The big lockout which is
" about 10 begin IN the local building trades too,
VIII be felt by many other interests than the
TWO parties 10 the impending test Of strength
and its effects upon various industries will prob
ably be reflected in the Stock Exchange list. In
many parts Of the country. however. and IA
many industries the reductions Of wages made
necessary by shrinkage of consumptlve demand
nave been accepted by the Workmen. who have
been willing 10 do their share toward bringing
about better condition Of affairs
An unfaiIing indication Of the state OF trade is
supplied by the bank clearings Those clear
ings representing the operations Of an the clear
Ing houses Of the United States. were for the
week ended last Saturday 11.2 per cent less than
Tor the corresponding week Of 1903 although
slightly larger Than for the week ended Iulv 20
As already noted. though. signs Of Improvement
are not wanting One OF them is that the busi-
ness failures for July were fewer in number
than for June. and that the total liabilities wore
40 per cent less than IN June and 26 Der
cert less Than in July OF last year. An
other significant fact is that for the
nTst time since March the level Of commodity
prices shown by Dun's index number is
noYSsighuy rising, the improvement not being
Conh1ed 70 a single class Of commodities
but being we'll distributed throughout the list
Railroad gross earnings as a rule natura lIy
snow falling OF from last year but il is small.
the aggregate earnings Of all roads reportine
Tor the Arst three weeks OF July having beer
only "a Per cent less than for the correspondira
period in 1903 An excellent showing was thai
Of the Southern Railway Company, which re-
ported for the fiscal year ended June 30 a hal
snee over fixed charges amounting TO 81. $50. .39G
from which sum 100000 was deducted fo,
dividends on the preferred stock leaving sur
plus OF Slls93s9. Out OF the latter amoun-
S''SeO6 was appropriated for improvements
and better1nents, the company being enabled t,
carry 10 the credit Of profit and loss accoun
Sa0GJ93
The situation in the iron and steel industr7
continues 10 improve although slowly The pi.
Iron market has become active with greatly en-
larged sales Of the product, although at a Ger
tam price concession The export steel trade /
a4so enlarging. nearly twice as many tons n
billets having been sent abroad I'm July as II