New-York tribune., 1905-02-20
FAIL TO 1AFFEC
SENTIMENT.
BE4R FACTORS
THE WEEK IN WALL STREET.

fuence on the stock market, but as the current
securities market apparently has divorced itself
from affairs of a bearish tone it is not surPris-
ing that prices fan to go down on such de-
velopments as wild speculation in the wheat
market the possibility of big railroad strike
= decision by Congress and the administration
10 investigate the Standard Oil Company, pros
poets for higher rates for money, an unfaVor-
able report of foreign commerce, and a threat
ened fight among the interests in one on the
largest life insurance companies in the world.
Wall Street discussed these subjects, but that Is
as far as the matter went. the market showing
complete indifference to the possibilities IN
volved in the various factors named There
were other topics of a more favorable character
that also received marked attention in the
Street and perhaps they were influential enough
to offset the factors out of which a few traders
endeavored to make bear capital The strength
IN the foreign markets, indications in LONDON
and Paris Of a belief the part of the leading
nnanciers that the war In the Far East VIII
soon be brought 20 a close, and easier money
rates in foreign centres we're considered of great
signihcanoe by careful followers Of the general
financial situation. while far as the ordinary
stock market trader was concerned the fact that
substantial Interests showed disposition to
work for lower prices encouraged the beiief
that Irrespective of unfavorable developments
securities values would continue to advance for
many weeks 10 come Reasoning along such
lines is sometimes risky.
That the money market will soon move toward
a higher level is reflected in the hrmer ten
dency In current rates and in the increase III
shipments OF money from this centre to the in
serior Money is moving TO New-York in smaller
volume. while the inquiry fer out of town ac-
commodation is growing heavier, a situation
that is TO be expected at this period OF the year
and one that ought not to cause alarm in Wall
Street II may come to pass that rates for
loans will advance TO a level that will make 1t
less difficult for stock market spectators to
carry on bah campaign, but there appears
little probability that the advance in quotations
for loans viii hold for any extended length Of
time, or that in the period Of SITTER rates the
bear element on the Stock Exchange viii be able
TO bring about an important decline in values.
There is nothing in the financial or business con-
dition Of the country that warrants lower prices
for the ma jority Of securities. although there
may be in current speculative conditions reason
for a decline. The market has enjoyed a long
advance, and a setback would not weaken the
underlying strength OF the Stock Exchange sit
uation Many stocks doubtless will sell at
materially higher level in the current year, par
iicularly the so-called cheap priced railway is
sues, while it is not unlikely that many Of the
sound industrials will also move to a better
JereI There are a number of attractive in
dustrial issues that are selling at figures that
return to the buyer much more than the divi-
denu rate of the stock, and the chances are
that this difference viii be very much lessened
in the speculation of the present year, especially
in the iron and steel shares and the copper is
sues
In view Of the excellent position Of the cop
per trade throughout the world and the excel
lent prospects for the next year, the current
quotations for the copper shares, on the Stock
Exchange and in the curb market showthat they
are selling at relatively cheap prices, and there
IS good reason for thinking that market values
of these issues will, at no remote period, begin
TO reflect to a greater extent the improvement
that has taken place in the trade. The iron
and steel industry continues to expand. Earn
fngs Of the United States Steel Corporation for
the first month of the present quarter were at
g. rate that indicates net earnings largely in
excess Of the favorable showing made in the
last three months of the last year and it there
fore is not surprising that holders OF the Steel
shares maintaining a firm position on the
long side Of the market in the confident expec-
1ation Of better prices. IN all departments OF
trade there has been a general awakening. d
reflection Of which is seen in the expanding
Joan account Of banks throughout the United
States. in heavy railroad earnings and in bank
ciearngs. Earnings on the greater number of
roads showed marked improvement, and cases
where recent returns have fallen below the rec
ords Of this time last year explained by tenn
porary factors Of widespread influence
The position Of the eountry's foreign trade is
not as encouraging as il was few months ago
but this factor doubtless VIII not be q perma-
nent feature OF the general situation The fall
ing off In exports has been due almost entirely
70 the decline in the shipments of domestic prod
ucts, such as breadstuTs and cotton. the foreign
trade in manufactures being excellent, the in
crease in the exports Of manufactures for the
seven months ended January 81 amounting IN
value 10 50, ,251. 1872. For the last month ex
ports Of general merchandise from this country
amounted in value 10 S123 44J 404 the lgh+est
FOR any corresponding month since 1900 and =
decrease from January year ago Of SIS 500
766 of which S1S s9S vtjS represented the falling
of In shipments of domestic products leaving a
decline in exports OF manufactures to the value
Of Slol,G9s. While exports contracted imports
increased, amounting IN value to SOS 3JS 756
an increase Of Sl5T6s. 500. as compared with
the same month last year. There has not been
month IN tie last seven years when imports
have exceeded the total for the last month. The
excess of exports over imports amounted in
value 70 SZ30eGd4S. against an excess in Jan
nary, 1894. Of SIS. 40 :}04 The small excess an
trade account wiped out by the pavn,ent
of interest due foreign holders OF American So
curities. by the differentiation Of imports and
by other known factors which enter the interna-
fional financial situation Fortunately the fall
ing of in exports from the United States and the
outward movement of gold coue at time when
the country is well supplied with funds q re-
Election OF which is presented in the Io,r laval