New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-17

THE WEEKS OPERATIONS IN STOCKS.


THE WEEKS OPERATIONS IN STOCKS.
Substantial conditions underlying the value Of
securities show Improvement OF an encouraging
character Market values however. fail TO
rect the actual worth Of stocks other influences
a present dominating speculation. and consider
ations outside OF the ordinary circles OF trade
distracting attention from stock market opera
tons The manipulation in the industrial issues
hurt the stock market hut prices will recover
from the shock An adverse decision in the
Joint Traffic case will doubtless hurt the market,
too hut prices Will again recover. just as they
did after the Trans Missouri traffic decision
And the market will recover from the hesitancy.
dulness and depression caused by election I'M
oeranties, foreign political troubles and the cpl
denic Of pessimism in the Stock Exchange
community. II is most natural for investors and
SPECTATORS TO pause at time when Congress
campaign is being waged And especially so this
year. when the forces Of the unsound money
party are making such vigorous efforts 10 In
crease their power in both branches Of the Ma
tional Legislature.
The propositions which the unsound money
men make are disastrous TO the stability Of val
ues The recent influence Of such ideas upon
values is too fresh in the memory Of spectators
70 permit the present opportunity 10 go by with
out using the coming elections club to lower
prices but fortunately fer values. the real hold
ers Of stocks are confident that the people will
uphold sound money principles this year as ef-
fectually as they did in the memorable election
~ 1896. The public naturally refuses 10 operate
IN stocks when professional traders are working
for lower prices. Public spectators are timid.
and the least whisper Of political uncertainty is
enough 10 drive them from the Street. OF course.
the public will return to Wall Street. Just as II
has always done In the past buying stocks when
the big men are ready TO sell. and believing in a
bull movement when the bull movement has
about reached its zenith. The uneasiness abroad
over the foreign political situation is reflected in
lower prices on the London Exchange and CONT
mental bourses and as might be expected It has
served 10 restrict speculation in the local mar
ket. although having little apparent influence
upon investment sentiment. In specializing upon
the current unrest abroad II should be borne IN
mind that the strength of this countrys financial
position allows our markets 20 move independ-
entity Of foreign financial or political comphca-
tons This may not be reflected in purely pro-
fessional market but its existence a fact In
the actual financial markets is we'll established.
Perhaps the most important feature or the
weeks markets was the advance in the price OF
wheat and an increased foreign demand Tor
American breadstuffs. The ultimate effect Of
rise in wheat based upon legitimate trade condi-
tions rather than speculative fancy. must be re-
fected in higher prices for securities. The COM
mercial outlook has changed very much In favor
of the United States in the last week. owing TO
the discovery O. the fact that the Russian wheat
crop has been severely damaged and that the
European supplies are altogether smaller than
expected The crops of other competing coun-
he nd India are
harvested until January. so that with de-
creased Yield in Russia the requirements from
the United States should be heavy. The ad-
vance In the price OF wheat has already In
creased the movement Of grain from the farms
but farmers are still holding back heavy sup
plies in expectation Of higher prices. AS
factor bearing upon railroad traffic the change
in the wheat stir alton is of great significance
and at no late time its influence must be felt in
the market price Of the Granger shares. The
railroads are assured of heavy grain traffic
and in addition they have the promise Of q con-
s,antly improving volume of general merchan-
disc tonnage The future OF railroad securities
seems bright. and the greater number Of in
yestors in American railroad stocks and bonds
are too confident over the future to be fright
cned into selling by temporary speculative in
quences
Indications OF industrial Improvement are
-ourd In every report Of industrial companies
COW coming 10 hand. Concerns like the Ameri-
ran Sugar Refining Company and the Standard
oil Company do not take the public into Their
confidence regarding their financial position;
out the average industrial corporation presents
sufficient data to permit the public to form a
fair opinion on the condition OF the company,
end incidentally the progress OF the countrys
Industries OF the local companies recently re-
porting ono in particular made noteworthy
showing It's large gain IN earnings over the
preceding year furnishes q striking evidence OF
the vas, change for the better in business and
.rade development Reference is made to the
Standard Rope ana Twine Company. the success
,or to the United States Cordage Company the
.ast named Deirc the reOrganized National
Cor5age Company. whose shares one time
were leading speculative favorites IN Wall
street. Fortunately. the present company is not
ike the old National Corlage COmpany-a stock
free from speculative influences II is interest
ing from a news point Of view as we'll as from
the point OF view Of the investor 10 note that
The STANDARD Rope and Irvine Company earned
I'm its fiscal year recently closed its fixed charges.
including interest on It's income bonds ana a
surplus FOR the shares. The report says that
in addition 20 1923 900 passed 20 the credit Of
urohi and loss account, $4,000 has been spent
IN new, construction and $4,000 charged to de-
preciation 0. property. From careful study Of
the report it will be found that the company &C
,ualiv earned 500 900 over fixed charges.