New-York tribune., 1901-08-26

The current course Of stock market values in
dicates that securities are in strong hands and
closely held. Attempts to depress prices meet
with little response, while the lightest denard Is
followed by substantial improvement. IL tie
week trading was not marked by sensational
movements either in respect 70 p-lces O. the
volume Of business. Thc &C. -Callee public Tae
not in the market 10 any extent, but there Va
however quiet buying for Ihe account q people
who generally have stocks TO sell when the pub
lic is willing 10 take anything a. top prices
Securities are not dear az ruling values ard
while trading reactions may take place. the next
upward wave ought 10 start from point pretty
near the ruling level The unfavorable features
in the general situation have been more than
measured in stock values. The outlook for fal!
trade is promising money market factors fore
shadow no serious disturbance in the loan mar
ket this fall gold imports are possible corn crop
damage will be in great part offset by the IN
creased wheat yield, the steel strike will ne
fought out lines that win bring victory 70 the
United States Steel Cooperation and general
business prosperity viii from all current indica-
tions. continue Holders of attractive securities
have no occasion for uneasiuess, and the pros
poets are that the only individuals who need to
worry are those who sell stocks short for more
than turn.
Unless conditions affecting the real worth OF
securities change the industrial shares should
be with the market leaders in the next few
months. With great intrinsic value. industrial
shares paying 6 and Z per cent certainly ought
TO sell at better prices than those prevail
ing. Peoples Gas, for instance, is Well under
the market level TO which il is entitled by its
value as an investment And the same may De
said of international Paper preferred, Interna-
tionaI Pump issues and American Car and
he SbO Il @
by the International Paper Company in the
fiscal year ended June 80 warrants higher
prices for the securities. especially the pre-
ferred, which is selling at a price many points
under its true worth. In the year gross income
increased S2.GD4, ,267. and net income increased
$SS5, ,7s1 while surplus after dividends increased
S77G,S16. amounting 10 S1,709,9ss. The COM
panys policy of placing all its plants in the
souudest condition Of efficiency was continued
in the year, more than 81, 100000 being spent
in repairs alone while over 81. 100000 was ex-
pended in permanent improvements. Considera-
bic buying has developed in International Pump
common, a 4 per cent stock selling under A..
The company is a consolidation Of long estab-
Iished concerns. and not experiment Most
Of the new industrial companies represent prof
stable enterprises Of many years standing
IT. the railroad list good buying is reported in
Southern Railway and Southern Pacific. South
ern Pacific is doubtless destined to sell on a
Level with Atchison preferred, although 1T may
take some little time before that point is reached
Tnc Gould group Of stocks moves in a manner
that suggests developments in the Southwestern
y i'road situation. II is understood that the
current plans involve q practical consolidation
of the Missouri Pacific, Missouri Kansas and
Texas. st. Louis Southwestern and Texas and
Pacific, and it was reported last week that an
rlx
in the fall. The whole railroad situation is in
terestng The period Of big deals is not over.
The extension OF the community Of control
scheme has not run its course and until IL does
the stock market ought 20 present many oppor-
tunities for profitable turns in speculation. Much
Of the present huying Of stocks IS for investment
account especially in the attractive railroad
issues that are selling under par. Developments
are constantly arising that add TO the actual
value Of investment issues. Buying Of the cheap
securities is apt TO be heavy this fall, owing 10
the fact that the higher priced issues are locked
up in investors boxes and not available for
speculative purposes.
Money market conditions are sound. The de-
mand from the interior viii take a considerable
amount Of cash from the local banks, but it now
begins to look as IL gold imports would be made
this fall in sufficient volume to Offset the drain
from Lle DOuln ana west. ne IDrclSN demand
for American wheat was enormous last week
and this. with active buying OF securities for for
eign account, created the belief in financial cir
cles that imports OF the precious metal would
soon be made at New-York. The prospect is
that the export movement OF wheat IN the twelve
months ending June 80, 1902. viii be the heav-
lest on record, and that the wheat will steadily
bring a high price. Miscellaneous tonnage is
enormous and Is constantly growing, az a re-
suit Of the phenomenal prosperity and business
activity Of the country. Rates are remarka bly,
well maintained; railroad managers believe that
earnings in the next twelve months will exceed
the records OF the last year. For the first and
second weeks in August roads reporting show
remarkable gains over the same time in 1901
fifty roads. for instance. in the first weel. gain
ing S1.013267, or about u per cent. Compari-
son is made with a period a year ago when
traffic was away ahead Of all preceding years
At the end OF the week the demand for secur-
ites exhibited a broadening tendency and the
market presented an appearance that caused
predictions Of an early fall bull boom
BANK EXCHANGES; SALES RECORDED.