New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-19
THE WEEKS OPERATIONS IN SToChS'

THE WEEKS OPERATIONS IN SloON''
The weeks developments in the money mar
Vet furnish assurance that monetary cohui''o"e
will not become troublesome to business anu
Investment interests Payments 10 the iie"0
Try on bond account are nearing an enc "''u
imports are increasing in volume. ana Govern
ment deposits with National banks snow an
increase Of SGOoOOO0 in the last week lheie
still remains 20 be paid on bond account az
cording 10 Secretary Cages statement Hiaue III
the week. only SlJ00OW0, and as soon AZ ''i'S
amount is turned over to the Government 81"
heavy pressure Of funds In the treasury VIII
decrease under the influence OF way eApe"u'
tures At no time has the OUTLOOK l"'o'eu
strirgencv or very high rates for money anu
II is not at all improbable that for the rest Vi
the year quotations fer money VIII RUE uiiue'
the figures prevailing in the last Few days Inc
statement; of foreign commerce in August sho"
ing another large balance in this couh''! >
favor should dispel all uneasiness over '"e
money market. while the latest developments !"
the International exchange and local bank sit
uation should make apparent TO everybody 'i'0
Croundlessness of recent fears
The higher rates Cor money nave served "
strengthen the securities market by forcing out
hands The process Of reimbursement of hold
,pgs anneared 10 be at an end in the middle OF
the week. prices rapidly recovering from 'he
low nonts reached on Monday and TUESDAY
and substantial buying appearing in consider
eble volume II is likely that higher prices Tor
wheat accompanied by more active dehnahu
from Europe encouraged better buying OF
stocks and II is more than probable that coh-
tinued absorption of securities for forelgh dc-
count exerted pronounced influence upon ioodi
sentiment. Conditions underlying the actual
worth of securities have not changed eNcep'
for the better and the real value or STOCKS ana
bonds has not deprecated. because market
priccs are well under the best Of the year. All
of the factors in the industrial and financial
situation have not been fully reflected in the
movement of market values. The bull move
ment in securities has not vet reached its limit
the best evidence of which is found in the de-
sire of prominent interests to secure stocks on
all reactions and the failure of bear traders
N accomplish noteworthy results in legitimate
securities There may be hesitancy in the mar
ket until after the fall elections. but the best
observers in the Street are confident that hlgh-
err prices will be seen before the end of the
year. Large railway earnings. railway COM
binations trade expansion heavy foreign cred
its confidence and peace are arguments upon
which stock values will reach higher level.
Small marginal traders will doubtless continue
TO overspeculate and lose their money In re-
actions and bear drives but the legitimate in
weston and substantial operator, who are not
concerned with temporary fluctuations. VIII
have no cause for disappointment.
Efficiency and honesty in modern railway
management have as much to do with the in
creased confidence In American railway securi-
ties as business expansion and industrial &C
tivity Persons acquainted with the old style
Of railroad management know that lack of abii-
ity-and in some cases dshonesty-was in great
part responsible for the railway bankruptcies
of 1893 1t is therefore encouraging to note
that intelligence. ability and honesty now con-
troll the management of the great American
railroads: that dividends not paid when not
earned. that bookkeeping SURPRISES actually
exist, and that the maintenance of the property
is kept up to the highest standard of perma-
nent Improvement. St Paul enjoyed a pros
porous year. but did not pay out its entire sur
plus earnings TO stockholders. the directors hav-
Ing an eye 10 the future. when returns might
not be encouraging. And the same idea APP
plies to the greater number OF roads in the
country Railroad managers are beginning to
think Of the morrow. This is good railroading.
and OF the greatest Importance to investors.
Current reports coming to hand reflect marked
progress in the efficiency Of railway manage
ment. and are we'll worth the careful study of
all holders Of American railroad securities. The
Atchison report. published In the week. fur
nishes an example of sound railroad hnancier-
ing, an instance of which Is seen in the fol-
lowing paragraph taken from the address TO
the stockholders: THE large increase In gross
earnings Of the AtchisOn system is chiefly due
to hountiful crops In Texas Kansas and Cali
eprna. TO the development of mining interests
and to the general improvement in business
conditions throughout the West The wheat
crop of Kansas. the cotton crop Of Texas
and the fruit crop OF California were all larger
than for several years past. and the last was
larger than ever before. 1t has seemed wise
20 your directors to take advantage Of this year
o. large gross income TO prepare for the posi-
hflity OF less favorable conditions in the future
by continuing the work Of putting the property
into condition 20 be operated with the maximum
Of economy" The Erie. the New-York Cen
trail and Illinois Central reports received in
the week also reflected splendid management