New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-18
THE WEEK IN WALL STREET.


compared with the preceding week. with an ir-
regular movement OF values that generally tend
90 IN the direction OF lower quotations. Com
mission houses were not factors Of Importance
IN the market while the more important specu-
lative interests showed little disposition to op-
crate extensively either side OF the account
with the exception. perhaps. Of the so-called
western element which made various efforts to
bring about a lower level Of values The de-
crease IN activity was not due to developments
Of an adverse nature. but 20 the refusal Of the
rublic 10 engage in speculative transactions.
The general course OF events affecting the actual
worth Of securities presented few features upon
which operations for the decline could be based.
but the trading element nevertheless. WAS. as a
rule bearlsh while at the end Of the week It
freely predicted further declines IN quotations IN
the present week. especially IN the so-called
merger securities. The developments IN the
Northern Securities situation naturally do not
encourage conservative traders to deal
,ensively IN Union Pacific shares for the ad-
vance while on the other hand. there is
willingness among cautious traders to be heavily
short OF these issues. There are many posi-
bnities In the Northern Securities situation that
rpeculators ought 10 observe great caution IN
dealing IN the shares OF the companies affected
nv the recent Supreme Court decision declaring
poration. According TO the reported remarks OF
James J. Hin. the so-caled Morgan-Hill inter
ests believe that Mr.. Hartman and HIS Rsso-
RATES arc making vigorous efforts TO secure alb
solute control OF the railroad business in the
Northwest. and AIr. Hill apparently believes that
his Own road. the Great Northern, viii pass 70
the hands Of the Hartman party in case the Cir
cu.t Court IN ST. Paul permits the return 70 the
Union Pacific of its Northern Pacific stock which
was exchanged at the time OF the formation OF
the Northern Securities Company for Northern
Securities shares.
peonle who are inclined toward the short side
Of the stock market point to the government re-
mort on the winter wheat crop, the reduction In
this country's volume OF exports. the decline IN
railroad earnings and the uncertainties OF the
coming political campaign as sufficient argu-
ruent FOR their position Unless great improve
-,ert skes place In the condition OF winter
wheat in the course Of the next two months the
Yield viii be smaIl-probably smaller than IN
many years; that is, II the governments esu-
mates Of conditions on April accurately reflect
the situation in the winter wheat belt Accord
ing 70 the governments Official report, the posi-
ton Of the growing crop on April l was below
the average for the last ten years, the percent
ege showing T65, against 97.3 on April l. 1908.
and Sal the mean OF the April averages Of the
l6EL QeCale ClIlcb <AAL4A Noli-4NASA-7 --elNS I'LL
proved in the agricultural section OF the coun-
Try. and the general crop outlook is therefore
more encouraging. although the ploughing and
planting season in the spring wheat and corn
belts IS from two TO three weeks late. The
oountry's exports for March showed a large
decline as compared with the same month a
year ago. the falling of being due to the de-
crease in the shipments OF cotton and grain
There was a decline In these items TO the value
Of over sI7OO0Oo0 The Official statement OF
the foreign trade for the month showed ex-
cess OF exports over imports OF over S2S.0O00O0.
compared with an excess Of over SS5,OO0000 IN
the corresponding month in the preceding year.
There is one encouraging feature Of the state
ment namely. the Increase in exports OF manu-
features, which amounted in value TO more than
100000. comparison being made with the
same tine n 1903. II Il had not been for the
great loss IN the exports o. cotton and bread
stuffs. the exhibit Of our foreign trade in the
last month would have been most satisfactory.
- Compared with March a year ago. imports IN
. creased in value nearly 100000 The decline
IN our export trade naturally serves TO increase
the possibility Of further large shipments Of
gold this year, and there are some people in the
Street who are quite convinced that far larger
amount Of gold viii leave this country this year
than is generally believed al present There are
that VIII figure f. the exchange market IN the
next few months. notably the payments on
Panama Canal account and the liquidation OF
maturing loans made IN foreign countries for
American account
RI There was no material change in the money
market IN the last week. rates for call loans
ruling at 15k per cent. while time funds were
quoted at from 2is 10 ~ per cent. although
Slightly higher quotations were asked in cases
where the collateral was not OF the gilt edge
variety. The fact that there IS 90 much money
IN the New-York banks. cash holdings being
S74.0O0OOO larger than at this time a year ago.
IS encouraging corporation borrowing TO an ex-
tent that promises 10 eat Up a large amount Of
the floating capital 81 New-York- In the last
week further note issues were put out by rail-
road and other companies and. Including the
S20o00O00 issue OF notes by the American Tel
ephone and Telegraph Company, over S4O'OOo-
900 was borrowed on this account. A large
part OF the telephone notes were taken ABROAD
The Rock Island. the Norfolk and Western and
the Baltimore and Ohio all increased their loan
obligations in the week. and this fact served TO
create considerable bear sentiment In the stock
market II is reported that the demand Tor
mercantile paper Is improving, both for the ac-
count OF local and out OF town banks. me
supply. however. Is not large. Ihe reouction by
the Bank Of England in its minimum discount
rate "a the week caused a firm market for long
Sterling at this centre ana reflected improved
financial conditions IN England. The financial
position IN London has improved considerably
within the last few weeks. and at the moment
there IS no necessity, either in London or Paris
as far as financial conditions at these centres
are concerned. for shipments OF gold from this
country. Gold, however. Is going out not be-
- asA met