New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-03
TEE WEEK IN WALL STREET.

lent class Of buyers in the last week and the
general character Of trading suggested fur
Their Improvement in values. The fact that
prices for the greater number OF securities have
enjoyed material gains in the last six months
soes not make impossible still better quota
ton level. especially as the expansion 50 Tar
nas been the result Of an expansion in the actual
worth OF stocks and bonds rather than re-
suit OF speculative manipulation The public
Is buying securities on their merits. The public
ls well supplied with money and. apparently
IS extremely anxious 90 employ Its fonds IN
he Wall Street markets. OF course the Dun
movement win not continue indefinitely. but
there appears TO be good reason Tor the belsef
that the present tendency. which is unnistal-
ably "a the direction OF higher quotations has
not yet approached the position where speeu-
tatRvs conditions force an exhaustion OF the
onward movement. There are a number OK
attractive securities which have not advanced
beyond the level warranted by their intrinsic
worth. while there are many issues that are'seI-
Ing az nEures that more than measure their
real value. but e tbs bull market continues as
r probably VIII. the mere fact that the latter
glass IS seTHng at an advanced range OF quo
tssiOns viii not preclude the possibility OF fur-
Their Improvement. Great Northern prererFeo'
Eacbawanna. Northwest and number OK otner
high Grade Investments are selling at hguTes
nat say.s 20 current buyers an insignificant re-
Rzsrn on ehelr money yet these shares stano an
rrssuent chance OF going 20 a dearer market
position. "a
4, last vVeelz,g market there was evidence OF
A1vinr for the account Of substantial interests
ln the shares that are still under their actual
investment value. while there were also signs OK
Interest IN the so-called low-priced stocks as
gor instance Colorado Southern. Chicago Great
Western. Missouri. Kansas and Texas, St Louis
Southwestern preferred and some OF the indus
trials In regard 20 the buying OF St Louis
Southwestern preferred It is Interesting to note
tba fact that the purchases OF the issue are
based on the improvements IN the company
earnings ana on the excellent position OF the
nroperty both financially and physically. The
,oa6s IN the Southwest suffered losses in earn
,npz for a few weeks IN the recent past. owing
70 the abnormal weather IN the territory COW
cred bv the various lines but the falling on IN
tramc and the increase IN operating expenses
I'D not reflect permanent adverse conditions,
nor cid they indicate any decrease in the earn
ing power Of the companies. As matter OF
fact the South and Southwest have never been
40 firmly established on a safe business basis as
at present There has been big expansion in
general industries in that part Of the country.
and il NAV safely be said that the people and
business interests I'm the Southern and South
western States are in a position to stand with
ont serious inconvenience a year OF failure In
the cotton crop. At the moment there is large
amount Of cotton in planters hands that is being
held for higher prices and the marketing OF the
rest OF the crop of the recent cotton year
viii be an important item in the earnings Of the
Southern and Southwestern railways. The re-
turns OF railroad earnings in all sections Of the
United States for the last two weeks almost
without exception have shown large gains over
the corresponding period year ago, and 1t is
uuite likely that the losses suffered in February
VIII be fully offset as far annual reports are
concerned, by large gains in the balance OF the
fiscal year
Money market rates were trifle sitter IN the
last week owing 70 the shifting Of loans. Incl
dent 70 preparations for the April disburse-
rnents but there was sign Of disturbance.
and no indication OF a prolonged period Of high
money at this centre. There is no reason why
money should rule at prohibitive figures. There
Is a large supply OF funds in the country. while
international money market conditions such
rs to insure the placing OF foreign money in
New York whenever the requirements OF the
market demand II. Any scarcity OF money here
would be followed by gold imports. Money
moves 70 the point where It may be most prof
itably employed. and just long rates in
Nsw-YorlZ are above those at the European
capitals there need be no fear OF a money
famine IN the local loan market. Passing higher
quotations for call loans encourage bear activity
IN the stock market, but they do not warrant
the belief that IN the balance OF the year there
wiz be difficulty in securing accommodation for
speculative operations in securities. That there
Is q large amount OF money in the country seek
sng employment IS reflected in the enormous
subscriptions for the new japanese bonds and
in the inquiry I'm bond houses for railroad and
other corporation securities. This demand is
based on the confident expectations OF investors
that the current remarkably sound condition OF
affairs affecting the intrinsic worth Of the coun-
fry's investment properties is something more
than epheneral.
The passage OF the proposed Stock Transfer
Tax bin by the State Legislature. the investiga-
tiOn OF the Consolidated Gas Company, the
tendency among our lawmakers 10 become ac-
Quainted with the secrets Of the big corpora
tions and other factors that Wall Street bears
sre advancing arguments for lower prices
will not upset the plans Of the big" men IN the
Street, nor Win they depreciate the value Of
American investment securities There are pos
eInAi4A09 Az Aiie71 A"~NoiN' Af'"SFSis lHaN ought
10 suggest caution 10 The trader who insists on
buying stocks on small margin The market
for securities has reached position where il
has more than one side. and as a consequence
the bears win have opportunities 10 make quick
tur1ls. and these turns may cause trouble among
Tie small bulls.
GOVERNMENT BONDS.
Government bond quotations compare as follows