New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-20
THE WEEK IL WALL STREET.

without significance as representing conditions
outside the Street. price changes are confined
within narrow limits and investment operations
practically have ceased. The bond market is
dead. This situation, however. is not causing
uneasiness in banking circles, nor does 1t fur
nish argument for lower quotations. though
the greater number of traders are bearish with
out being able to make noteworthy impression
on values, owing TO the refusal of holders Of
securities to sell. Stocks are in strong hands,
and apparently it Will require something more
unfavorable than adverse crop news 10 bring
about important liquidation. In the last thirty
days the leading active shares have fuctuated
over a range of about three points on the aver
age, and Saturdays quotations, compared with
those of April Il, showed only a fractional dif-
ference, while the character Of dealings was on
par with that of month ago, except the VOL
of business lighter. throughout the
last week speculative interest was directed more
to the wheat market than to stocks. and as a
consequence of the advance in grain prices IN
Chicago and on the local Produce Exchange, the
tendency OF stock market quotations was IN tne
direction of cheaper figures, though declines as
a rule were small and were not accompanied by
important selling in any part of the list. the
chief variations being reported in the Hartman
shares, Reading and Canadian Pacific the last
named being among the few strong features Of
the week. The earnings of the Canadian Pa
cif1c in the last few years have been enormous,
and a lighter yield from the crops along its
lines will not worry the management of the
property or lead 10 investment selling of the
stock.
From the Chicago reports conditions IN the
agricultural section of the country one might
imagine year of starvation and famine ahead.
Winter wheat destroyed, spring wheat refuses to
couraged that they won't bother to plant any
corn is not exaggerated summary of the dis
patches the bulls on the grain market are put
ting out from day to day, at the same time pre-
dieting wheat at 81 90 There has been some
damage in the winter wheat territory, and tho
weather has interfered TO some extent with the
planting of other cereals, but conditions are not
so bad represented. and, according to the
railroad officers who know something about the
situation along the wheat and corn belt, the loss
the winter wheat crop will be made up by
supplies left over from last years large crop and
by the repanting Of the lost acreage to other
products. Poor crops this year would not upset
the industrial activities of the country. They
would cause a certain reduction in the buying
power Of the people, check exports and affect
railroad earnings TO a small degree, but the idea
the bears stocks circulating so freely
that an unfavorable crop year will drive the
country into bankruptcy is absurd on its face.
The United States is in exceptionally strong
position to go through period Of poor crops; It
is stronger financially than ever before In its
history, and it will be fully able TO shoulder the
burden of disappointing results the farms.
despite the silly talk to the contrary that is
heard in circles where speculative considerations
outrank everything else. It is to be hoped that
the false reports that come out Of the West
garding crops will not create uneasiness in in
vestment circles. There is no reason for the
sale OF good securities. and spectators who are
endeavoring to Brighten people into liquidation
are no better than the criminal who relieves his
victim of his watch and money
Powerful bull pools are at work in the wheat
market and in cotton. This fact alone ought to
convince the public that both markets are not
the place for the risking Of ones money. but the
desire to make fortunes doubtless will result in
a considerable flow of the publics funds into
brokers' offices in the course of the next few
weeks. a reflection of this tendency being noted
last week. both in Chicago and New York.
where the rapid rise in wheat attracted many
buyers. who readily believed that 81 80 wheat
would be seen in few days. The manipulators
of the wheat market may be strong enough to
carry their campaign considerably further but
II they are endeavoring to establish a corner
they doubtless will have. as usual vast GUAM
titles of grain showed at them in the provoking
manner that unknown holders OF the cereal ex-
hibit when prices pushed up by specula-
tors. The stock market is dull. but there are
safer opportunities for the placement of money
in securities than in grain or cotton though the
buyer may have to exercise patience, as condi-
tons are not favorable to quick profits at pres
ent, except for the practised operator who is
able TO catch the turns from hour to hour
Stocks are cheap at the current quotation level
but many people holding off in the belief
that even better figures will be obtained by
waiting, their idea OF lower prices being based
on the beerish attitude OF the professional ele-
ment, the absence Of widespread demand for
securities and the tied up position OF many sub
stantial interests as a result Of the March panic
These interests are not able work themselves
for higher prices. while their financial diff
culties which are being financed by their friends
prevent the latter from taking an active part in
speculation They anxious. naturally 10
see higher prices, but they no longer have the
buying power necessary TO start a big bull
market. Few people outside of the fiscal in
stitutions and large individual interests who ex-
tended assistance in order to prevent many in
solvencies realize the extent Of the trouble that
developed as result of the March break in
values, and which for long time may be an
important factor in restraining speculative
operations the Exchange.
Money is in fairly good supply throughout the
country and at the foreign capitals the position
of the market is far stronger than it was a few
weeks ago. with no indication that gold ship
ments from the United States will be an actual
necessity. Sterling exchange advanced last
week and gold export talk was INDUCED in but
foreign bankers did not encourage the idea that
any OF the metal would be sent out unless il
should be found that conditions abroad demand
ed the importation of gold from this side of the