New-York tribune., 1907-07-22
THE WEEK IN WALL STREET.

tal Wall Street interests were responsible FOR
stronger prices for securities in the last week.
but transactions Of this character failed TO at
tract a public demand for stocks and bonds
The greater part of the business supplied
by the Hartman and Hill stocks, st. Paul.
Reading and AmalgaInated Copper. buying OF
The last named issue being based in great part
on the decision of the directors of the company
to place the shares a straight 8 per cent
OASIS and on the reported heavy purchases of
copper as a result of lower prices for the metal
Manipulation more than anything else carried
Union Pacific to better level. Interests who
are tied up with the Union Pacific con-
Neruple bonds naturally are anxious TO advance
the quotation for the stock to the level at which
The new bonds may be converted. as In the event
or the stock reaching that price the under
stock and sell the latter in the open market
There is a market for Union Pacific stock but
no demand for the bonds. The underwriting
syndicate has on It's hands S71 100000 OF the
new bonds, and according to the present inten-
tons Of the members of the syndicate the stock
VIII be pushed to a figure at which they will be
able TO retire from their obligations to the COM
pany at a profit. Powerful financial interests
are actively engaged in campaign for higher
prices in the general securities market and II IS
not unlikely they will be able to establish quota
tons on a better plane through ordinary specu-
iatiVe manipulation. but current indications do
not suggest the probability OF an active outside
demand for stocks and bonds at the higher level
wall Street may be able to wash prices up but
1t still may find itself loaded with the wares
which 1t is so anxious to distribute among the
public
1t is admitted in all circles that current o,o
'auons Tor railway and Industrial issues do not
measure the actual worth of the investments
represented, but this does not warrant the ex-
pectatlon or an active buying movement for the
account or public interests. The public has its
money so well employed in the channels of trade
tNat II mas no surplus available for stock mar
Aec operations and the chances therefore are
"edilsl d great expansion in dealings on the
STOCK Exchange until there has been an increase
IN the amount of capital in the country NoDev
Is scarce the world over. and though at the
moment the local market as far as call loans
u'e concerned, shows improvement as compared
win the conditions prevailing a few weeks ago
there is no probability Of the deveIonnent IN
ule near future OF q long period of ease in money
rates. Of course, II there should be a material
feacpoh IN the country's industries the supply
OF FUNDS in the banks would increase but the
present outlook does not encourage +ha idea
that period OF trade depression is Imminent
Indeed, all indications point toward a large VOL
uhle OF business throughout the next twelve
months
Conditions in the money market abroad do
not promise great activity on the part Of for
elgners in our securities while according 70
the views Of some well informed people the sit
uation in Europe will call for further salas ~
american securities held by foreign interests
ana additional engagements OF gold in this conn
ny Ior Shipment 20 Europe. At the moment
S'eFIhg eXchange at this centre and the quo
tation for Paris exchange on London are against
exports or the metal from the United States
put 1t Is believed the Egyptian demand for gold
at no remote period will be effective in creating
d new foreign inquiry for the yellow metal here
forelgn commerce Of the United States in the
month OF June showed an excess of rnerchardtee
exports over imports 10 the value Of s25 24o eeA
put TINS favorable balance was offset by foreign
Sel4IHB OF american securities, by the underyal-
ua'loh OF imports. by American travellers
hIr
Both imports and exports were heavier than IN
any corresponding month in the history OF the
country, and the total made the fiscal wear y
record breaker. exports and imports for the
Twelve months amounting in value 10 SO 315252
10. an increase over the preceding year OF
$334S2517O.
In the last six years the growth Of exports
mas ainouPted In value to $40 131 ,623 while in
the same time there has been an expansion in
imports TO the extent of S531. .0s0144 The enor-
nous gain in imports furnishes striking test,
Inony OF the prosperity of our people and ex-
plains why this government under its Dresent
tarif laws, has such a large balance in it's
treasury. In connection with our large treas
ury surplus 1t may be worth noting thar the
leadlhg business men in the country believe as
the treasury's prosperity is directly due 10 tho
buying power of the people, the excess funds in
the government vaults ought to be returned IN
the channels of trade. The Aldrich bill nernnits
the Secretary Of the Treasury to help the money
market in times Of stress but the measure ,s
little more than q makeshift and falls far short
OF remedying the evils OF our present inadA-
quate currency system. In spite of the coun-
tTys antiquated currency laws the nation Is
great and prosperous, but It would be infinitely
better off If its monetary system were changed
In proportion TO the changes that have taken
place in general business and financial condi-
tions in the United States In the last decade
considerable interest recently has developed
regarding the Egyptian situation and It's prob
able influence upon the money markets of Eli
rope and this country. and II is believed the
financial troubles in Alexandria ultimately will
have some effect upon monetary conditions in
the various European capitals and in New York !
Many Egyptian institutions have been expand ,
capital, and, expressed by one Egyptian
hnancier. I'VE have been working far above
our means by using capital which was not ours"
Egypt. from present Indications Will raise a
large cotton crop this year, but, owing TO the
recent financial crisis in that country and the
unfavorabe monetary conditions in Europe
difficulty may be experienced in securing funds
to handle the harvest.
In the eleven months ended May, 1907. the
value oe cotton brought into the United States |
from Egypt S15 157, 400, the largest amount |
imported by this country. and as the /
Egyptian crop doubtless will be heavy this !
year the chances favor imports In 1907 equally |
big as those in the preceding year, but such |
imports will not in themselves be an important |
influence in foreign exchange market Our |
money market may be affected by the Egyptian |
crop through the financing Of that crop IN Eu- |
rope Egyptian planters require payment in |
gold and this may make necessary further de- |
mands by European banks on this centre for the |
precious metal In Egypt gold is being boarded |
estimates Of the amount Of the metal actually |
fal OF channels trade n OF