New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-22
THE WEEK IN WALL STREET.

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more substantial speculative interests confined
their attention TO a few shares in which they
merely gave support every appearance OF
aggressiveness by the bear element. The bear
party at present is made up Of room traders
who are willing to operate for quick returns in
the absence of speculative activity for public
account. At the moment the market has no
definite trend and evidently the prospects or
an important movement in either direction in the
future extremely unprOmising though
there are some traders who are buying stocks
on all reactions to hold for higher prices. which
they believe will develop in the course Of the
next few months, their theory of a bull market
being based on the strength of underlying con-
ditions, on the Improvement that has taken
place I'm the money makets at all financial cen
tres of the world and on the belief that the
country's industries will not react to an extent
that will compel railroad and industrial COM
panies 10 reduce their dividends Efforts TO
scare the holders of American investment securi-
ties by the silly talk that the policies of the
Washington administration will upset the busi-
ness situation in the United States are falling
fat so also are the Chicago rumors of damage
to the winter wheat crop. Investors realize the
Importance OF good crops, but they are not Will
ing 10 sell their securities just now because
speculators who want lower prices for stocks
and higher prices for grain are predicting
famine in the agricultural community in the
current year
Ths government figures of the condition %
winter wheat as OF April l indicate a larger
crop than was gathered in 1906. and while there
doubtless has been some deterioration in the last
two weeks owing TO unreasonable weather in
certain sections it is absurd TO place any conf
dence I'm the reports that come from the Chicago
rumor factories intimating that the years yield
VIII fall far below the normal Conditions have
been reported in some sections which under no
circumstances could develop, and new bugs which
exist in name only are said 10 be gorging them
selves on whatever bad weather conditions have
left of the crop. II is encouraging TO know that
the campaign recently started by certain inter
ests TO develop the belief among investors and
business men in general that President Roose-
velts ideas affecting corporations spell industrial
ruin is meeting with no response from investors
and is not shaking the confidence Of the business
community in the stability Of affairs in the
country. Trade reports indicate most satisfac-
tory conditions throughout the land despite the
fact that in the last twelve months tremendous
property and stock market losses have been re-
corded. year ago the San Francisco earth
quake wiped out millions OF dollars worth Of
property, fl involved the big insurance com
panies in enormous losses. upset the securities
in the year Wall Street suffered from a declin-
ing movement in stocks that ended in an acute
panic in March. Yet to-day the situation is as
strong as il not stronger than at any time in the
history Of the country. The country has been
prosperous Notwithstanding a number of unex-
pected adverse developments, and as this pros
perity has something stronger than speculation
10 depend upon there IS no danger now OF n
collapse. There is, however. prospect Of a slow
ing down process which will strengthen the
chances of long period of business stability
Business men and bankers are adopting a more
cautious attitude in their operations Railroads
are cutting down expenses and postponinR for
a time new work that IS not absolutely neces-
sary at present, feverish speculation in real es-
tate is giving way 10 more orderly operations
and in all lines the tendency is not TO base
on the surety that nothing can hap
pen 10 our prosperity. Willingness to realize
that something might occur that would tend to
injure business and preparation for such an
eventuality are protective measures that win
serve TO ward off trouble and to place our in
dustries and finances in a strong position TO
meet trouble If II should develop. Both call and
time funds at this centre are easier than they
have been in months, and throughout the coun-
try rates rule show a declining tendency. !
owing in great part to the healthful readjust-
ment Of securities prices 10 a lower level 10 new
gold production, to the large imports of the
metal made in the last twelve months and TO the
passage Of the Aldrich currency measure under
the terms OF which the Secretary OF the Treas
ury has the legal right to return to the channels
OF trade money received on customs account
In addition the market has been helped by re-
funding operations in connection with the gov
As of 1907 and redemption Of a part
Of the issue in cash. Compared with this time
year ago there has been an increase in the
amount Of money in circulation of 1929. 1895, OS0,
while in the same time there has been an excess
of exports of merchandise over imports 70 the
value of $3S5,S45 900.
That the country is in excellent condition IN
its ability to sell its goods and to buy goods OF
other nations is reflected in the statement OF
foreign commerce for the month of March, re-
ceived last week from the Department Of Com
merce and Labor Imports not only were larger
in volume than in any corresponding month in
the history OF the country. but they were the
largest for all months on record. with the ex-
ception OF December, 1906. while exports were
exceeded by the records OF only seven months
and were far in advance OF any preceding March
Of which records have been kept The excess OF
exports OF merchandise over imports amounted
in value to $2936 $685. bringing the excess for
the nine months of the fiscal year to 1885 S45. O6O
compared with excess in the same time in the
year before of 43O.346,993. Total imports and
exports for the nine months amounted in value
to S2.4lI 96O.SSO, an increase over the preceding
year Of $l6O5O3693
Some observers have maintained for the last
twelve months that the United States is heavily
in debt 20 Europe and that our ability 10 bring
IN gold and our refusal recently TO take the
metal from London when we could have done
SO II the need here had been urgent do not in
dictate balance in our favor. but such an opin-