New-York tribune., 1905-04-17
THE WEEK IN WALL STREET.

ReaCtlOnary prices IN SATURDAY %OA
securities were not considered indications OF
speedy winding up OF the bull movement thsr
has been in progress for so many months The
decline probably represented nothing more than
legitimate realizing sales by operators who We're
attracted by the weeks advance, and 1t was the
opinion Of the best informed men in the Street
that there would be a resumption OF the up
ward trend OF values early in the current week,
especially in the shares connected with the
Northern Securities situation. Canadian Pacinc'
the iron and steel securities and the copper
stocks The Northern Securities case is gradu-
ally reaching a point where final settlement
will be made, involving 1t is believed, perma-
nent peace among the large financial interests
identified with the roads in the Northwest while
it is more than likely that at no remote period
announcement viii be made regarding an inn
portant deal affecting the companies controlled
by the Vanderbilts. the Rockefellers and Mr..
Hartman ana his associates The probability
OF developments of the utmost Importance to
the railway situation in general in the United
States naturally serves to strengthen bull conf
dence IN Wall Street, and it is hardly probable
that the powerful interests who are in control
OF the banking facilities. and who through tnls
control exercise an enormous influence on the
course Of values on the Stock Exchange VIII
permit any extended downward movement in
successful must be backed by bull market In
securities
The country's prosperity, however. supplies
sufficient argument for strength in stocks. Gen
eral conditions affecting the intrinsic value OF
American stocks and bonds are growing stronger
every day. and people who inclined to doubt
this statement are advised to study the present
position OF the iron and steel trade, the state
ment OF foreign commerce for the month OF
March, the big gains in railroad earnings ana
the prospects Of the winter wheat crop. Re-
Earding the last named factor it is encouraging
to note that according TO the governments re-
port Of conditions as OF April 1. there Is reason
10 expect that the greatest crop ever raised IN
the United States win be harvested. II this event.
If an average crop OF spring wheat is secured
there win be a large exportable surplus OF wheat
that will serve to exert most favorable influence
on the foreign trade statement In March the
country's foreign commerce showed expansion,
both in imports and exports. as compared with
/ the preceding month and with the correspond
ing month in the preceding year, imports
amounting in value to larger figures than in
any preceding month in the history Of the coun-
try and exports 20 a larger total than in any
corresponding March record. The gain in
exports as compared with the same time In 1904
amounted In value to S17l654.540. made UP OF
such as cotton and food of $S,247. .S94.
and an increase in shipments OF manufactures
OF 50. .406 .334. The excess Of exports for the
month over imports amounted in value to $27,-
079,27S. compared with an excess in the corre-
spending period last year Of S2S, $40. $40. The
Improvement in the volume OF exports in March
doubtless will continue. as the foreign demand
for breadstuffs. cotton and manufactures
is growing more urgent The situation OF for
eign trade has important bearing on the
money market and the prosperity OF the country.
and the promising outlook for foreign commerce
in the balance OF the year ought to become
factor Of Importance in securities trading.
Monetary conditions as a rule are satisfac-
tory. and the leading money lenders ara not
looking forward to disturbance in rates. par
ticularly the market is protected from un-
duly advancing by the availability OF European
capital as represented by foreign exchange.
With money ruling at a comparatively low
level. with general conditions favorable to fur
ther industrial expansion and with a growing
public appetite for speculative and investment
securities there is little reason for confidence
among bear traders in their ability to bring
about at the present at least. a sustained de-
cline on the Stock Exchange. OF course. the
time viii come when the bears VIII have an
inning. but before that time it is thought in
that prices will sell to materially better level
despite the big gains already recorded. The
present market cannot be judged by standards
OF the past and it is quite likely that the
operator who bases his transactions on past
performances the theory that a decline OF
large proportions IS now due will lose his money
The demand from commission houses In the
last week probably heavier than in any
week Of the current bull market. This demand
is being fostered every day by the confident
operations Of the so-called insiders, by the IA
vorable position Of money and business, by the
expectation Of the development Of important
factors affecting the railroads and by the belief
that large profits are to be made in speculation
at present prices. The small trader, however
ought to keep his weather eye open, for SQUALLS
are apt to develop. as in Saturdays market. for
instance when many margins were so reduced
as TO make necessary further calls from the
brokers.
On the decline in Saturdays trading there
was an excellent class Of buying in St. Paul
New-York Central. Union Pacific, Pennsylvania,
United States Steel preferred the copper shares
and Canadian Pacific. It is understood that the
dividend the last named issue will be raised
TO a per cent basis in the current year, owing
to the company's large earnings and to the pros
poets for continued expansion in trafac receipts
The movement in this stock has attracted great
| interest in the Street owing to the character
Of the men who buying it and to the re-
! markable expansion in the value Of the COM
/ pany's assets, and opinion favors the theory
that its price viii soon sell more in proportion
to the quotations OF the high grade issues that
are quoted well above Canadian Pacific but
which are not a bit more valuable as invest
ments 1t is expected that the shares Of the
tHl