New-York tribune., 1901-09-09
.ug. sOlCh'gsI sales.
THE WEEK IN WALL STREET.


General conditions affecting the Wall Street
markets are sounder than ever before in the his
tory OF the country. and a consequence per-
rnsnent serious disturbance should not develop
as q result Of the work Of a frenzied anarchist
IN Buffalo last Friday. Leading financiers stand
ready 10 prevent a panic in Wall Street IN
vestorg will be protected, and the business stu
alton will not develop bankruptcy. The wheels
OF Industry must continue TO revolve.
In the early dealings of the Stock Exchange
on Saturday a large amount Of speculative STOCK
was thrown on the market, but under the COM
mon sense advice of sober minded bankers, IN
vestors. as a rule. held their securities. and in
MANY cases added TO their lines on the decline
At the close the situation did not appear dan
gerous After the first shock Of the Buffalo
shooting has passed away. there ought TO be
marked recovery in values as all forces are
making for stability in the world Of money ana
business, and for greater intrinsic worth IN in
vestments.
Until Saturday daily dealings in stocks and
bonds were light, while the movement OF values
was irregular and without decided tendency In
either direction. General conditions governing
the actual value Of securities were in favor OF
higher prices, but speculation was held in cheek
by money market uncertainties The money
market IS in a perfectly sound and normal con-
dition. There is. OF course, a possioillty OK
higher rates with passing 'squeezes" but there
is no prospect Of serious trouble or investment
liquidation Of stocks as result Of money mar
ket factors. The South and West need money
and they are Withdrawing their balances from
this city. II requires large amount OF cur
rency TO move the great crops Of this country
and il is useless TO expect that conditions VIII
ever be such as to do away with the usual fan
demand for money in New-York. 1t is true
that the West and South are richer than ever
before In their history but il should be borne In
mind that good part of the money belonging
10 the South and West is kept on balance in
NeV-York. only TO be withdrawn when busi-
ness needs require the presence Of the actual
coin az home After the crops have been moved
money will return to NewYork, just as it al
ways does Meanwhile. if the local situation is
in need Of bigger supplies Of money our balance
abroad viii be drawn on.
Sterling exchange rates are the gold i'm
porting point, and unless there is a radical
change IN the international money markets,
shipments OF the precious metal will doubtless
be made either from London or Paris this week.
The centres named can place certain obstacles
in the way OF a movement Of gold to NeW-York,
but II the last named city actually requires gold
foreign efforts to hold their metal will not avail.
London may raise it's selling price for American
eagles and gold bars. but at "a shillings pence
law, must give up British sovereigns in eX-
change for banknotes. If the so-called premium
on gold bars and American eagles goes too high
the gold exporter will merely apply for sover-
eigns which the Bank cannot refuse. Back IN
1898. when there was premium on currency IL
New York. the Bank OF England marked up us
price for American eagles to 10 shillings IL
pence an ounce and bars to "a shillings Tx
pence and the demand for gold from New-fork
was satisfied with British sovereigns. While the
statement OF the Banks Of England and France
last week showed a substantial reduction in
holdings, st is not thought likely that any seri-
Gus objection win be raised in London or Paris
10 moderate shipments of gold to New-York.
Gold is now coming TO the country from Aus
iiaIia Alaska and the Klondke fast ships
can carry IT.
Railroad earnings coming 10 hand exhi-
bitions OF great trade prosperity. In view OF
The fact that comparisons are made with a
period a year ago when earnings were enor-
NOUS the results simply astonishing, espe-
cially on the Southern and Southwestern roads.
All the companies in the South and Southwest
are enjoying period of prosperity that means
higher prices for the various securities at no
remote period. Louisville and Nashville is max
ing wonderful progress. and its stock should
appeal 20 investors at going prices. Southern
Pacific VIII one day rank with the Atchison
issues while Southern Railway common should
gradually move 20 higher level. Even Mis-
souri, Kansas and Texas stocks, which have
been perhaps the most disappointing issues on
the list for many years, will doubtless sell higher
before the year is II IS Of course. ad-
n.itted that some stocks are now selling a
level commensurate with actual worth. but IN
the greater number Of cases present stock quo
tations DO not. IL is held. measure past improve
lnent in real values and prospects for the fall
and winter season.
In the industrial list excellent buying
ported last week in International Paper pre-
ferred and International Pump common. Offers
10 buy calls on the last named stock at 4Sk
have stimulated trading in this issue. and the
chances are that the stock will soon sell on a
level more IN keeping with its actual worth a
per cent Issue. International Paper preferred
is OF course. cheap at its present price. It is
rather surprising that its market quotation is so
low. but il may readily be seen that proper
appreciation OF its actual merits viii carry the
price materially higher There are many first
class safe investment industrials now selling
many points under their true values AS a rule,
the industrials are cheaper than the railroad
shares, while their income yield is much greater.