New-York tribune., 1902-08-04
THE FINANCIAL MARKETS.
. YOCK VALUES WORK 10 hER,
coin EXPORTS AND MoNEY-RAILRoAD
EARNINGS.
THE WEEK IN WALL STREET

,.fo ,o,,,7;tior,e Wa -arranr4d a reaction. while
outside developments encouraged the pear eIe-
n1ent tn work for decline. As a result OF
the selling early in the week, the market be-
came extremely dull at the close. with no
,,rornisine indication of renewed activity in
the immediate future While the conditions
named prevailed in Wall Street. there was no
sign of reaction in the general position Of trade
throughout the country. Indeed. evidence of
solid industrial expansion multiplied daily
Fortunately. the stock market is protected by
the strong business situation. by the bright
prospects for the crops and by a sound financial
condition. and as long these factors prevail
+here is little chance for important down
ward movement
The Western speculative element doubtless
was heavy seller on the advance of a week
ego. but it hardly seems possible that these
operators viii remain inactive for any eX-
tended period. And it is not thought probable
that they will work on the short side Of the
market except in order to regain stocks at
cbeaper prices The so-calIed Western element is
made Ut Of powerful association of capitalists
whose resources place them in position TO act
independently Of the big bankers of the East
They are operating on the theory that indus
1r:al development in the United States fas Nnly
begun and that current prosperity Will run on
for years come. Their boldness has aston
1SheG the OIGtlnleTS IN Nai street, DuI lHeli
success has forced certain amount of aP-
plause from their most violent critics The in
dependence and wealth OF these men are re
fecte6 in their proposed readjustment of the
Rock Islands capitalize tion. Contrary TO Gus
tom. no Wall Street house is asked TO finance
the plan. as il is stated that no assistance is
needed or desired. The basis upon which the
Westerners are operating is sound Investors
are holding and adding 10 their securities on
the same basis, and stocks Will doubtless sell
higher. because of the strength Of conditions
underlying their actual value.
The attitude of the public is encouraging
factor in the present situation. The public IS
not rushing blindly into every proposition pre-
sented. and il shows no disposition accept
an ownership in schemes that wanting in
worth. Moreover the public is becoming critical
and suspicious. Such attitude will work for
stability in values and prove a safeguard
against the collapse that would surely follow
F rush the part of the public to subscribe
10 any proposition that promoters might offer.
The public is willing and anxious TO buy good
stocks at fair prices because it appreciates the
intrinsic value Of American securities although
at the moment il apparently is keeping out Of
the market in the nope of cheaper prices Many
people are waiting TO buy stocks at a lower
level. and should good sized decline develop,
a bull movement OF large proportions would
doubtless follow. The low priced railway shares
and the attractive industrial issues will doubt
less ne strong features before the year is over.
Shares Of this class are. a rule, selling under
their intrinsic value, especially some Of the
industrial issues of sound dividend paying
Germs.
In order TO appreciate the difficulties that
beset a hear campaign this time. 1t is only
necessary to refer to the promising condition of
-i,o &c
the country and the strong position Of the iron
and steel industry There is urgent demand
for iron that current production cannot easily
satisfy. For the last six months pig iron pro-
duction was heavier than in any corresponding
period on record reaching a total Of S.S0S,374
tons as against 7.674 .613 tons in the same time
a year ago G.2S9 167 in 1899. 1863, 7o3 in 1895
and 4.403,f76 in 1897. Had II not been for the
anthracite coal strike. which reduced production
at some furnaces the output would have
reached even better figures than those recorded.
According to estimates made by the American
Iron and Steel Association tho total production
Of pig iron for the year win aggregate 1900,
600 tons. as against production last year of
15.S7S.3I4 tons. The enormous home demand
for consumption was largely responsible for the
falling off in exports Of iron in the twelve
months ended June 80 as compared with the
preceding year. shipments this year amounting
20 only -, 4,104 tons Of pig iron. against 255,253
in the corresponding month of the preceding
fiscal year Crop reports received from trust
worthy sources indicate one Of the largest Yields
Of corn on record. while normal crop of wheat
Is promised. Railroad earnings OF ffty-two
rosds for the second week Of June amounted TO
Ss 3a3. .T66. against SIS. $50 for the corre-
spending period last year an increase of S19l,-
SIC or 2.34 per cent. The gross earnings Of
thlrty-seven roads for the third week of June
amounted 10 S6G92.oS:,. against s. sos 79S in
the corresponding period last year. increase
Of $3.50. 1S4 OF 4.oS per cent The gross earnings
Of thirty-se.en roads from July ! to July 21
amounted to $50 923 CAS- against S39. .179, ,325 in
the corresponding period last year. increase
Of S744.31S. or !. Sc per cent For the fiscal year
ended June 30 the gross earnings Of eighty-nine
roads amounted to S1014.S20027. against 1919,
331 222 in the corresponding period last year,
an increase Of S954SS S05 or 90 per cent.
For the month Of June the gross earnings Of
elghty-nine roads amounted 10 S94,013,I5s,
against SSG. .3s6. .65S in the corresponding period
last year. an increase Of 1923, 100, or S.S3 per
cent.
The gold export movement which in the last
two weeks has taken over ST000000 from New
York Will probably not reach extensive pro-
portions as indications at the end Of the week
were not in favor OF further large ship
raents The period will soon he at hand when
the supply Of commercial bills will he large
enough TO meet foreign debts due this fall and
there even may be imports Of gold at this centre
later or in the season. The local money market
IS not in a dangerous position because Of the
weeks reduction in reserve but il is believed
ahat rates for loans will work higher between
now and the fall The demand for money for
crop movement purposes will doubtless be heavy
this year II there is an actual need OF addi-
tienal funds in New-York later in the season