New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-15
THE WEEK N WALL STREET

cent On Friday there was certain amount Of
liquidation throughout the list. and as a conse-
Quence the shorts" were able 10 make quick
turns and comfortable profits. The decline,
however. was not large. Indeed. in view OF the
money market situation. the loss in values on
Friday was extremely small while fer the week
the price changes presented no evidence Of the
high rates for money. With call funds at o9l0
per cent early in the week. the bull market was
hardly expected TO continue, but II was not
until Thursday that the advancing tendency
Was checked. Good market judges are conf
dent that there viii be no serious decline in Sc
c,rities while they predict a further advance
soon as the money market grows easier
The Secretary Of the Treasury has decided TO
rtlease the interest due on government bonds
tr October at once and TO increase government
d posts in national banks Gold VIII soon be
coming To Nep-York from abroad. and active
efforts VIII be made 10 increase surplus reserves
through the reduction Of liabilities. There viii
be plenty Of money at this centre. but stiff rates
may be expected for several weeks to come The
situation is sound and not abnormal -Condi-
lions affecting the local money supply spring
from prosperity, and temporary scarcity OF
funds for stock market purposes VIII not upset
fhe Investment world. OF be followed by business
troubles. Money is goirg out in connection with
she years big harvests, but later on n the sea
son the same money viii drift back to New
York The only unfavorable feature Of the
money market situation is the compulsory lock
ing up Of so much money in the federal treas
my OF the loss IN city bank holdings last week
over S5.000.He went to the Sub-ITeasuIE on
customs payments an amount which would do
much good service in The loan market II the Law
old not compel il to 90 into hiding in the Treas
ury vaults The large customs payments re
feet the growing wealth OF this country. but II
IS unfortunate that the present Sub-Treasury
system prevents the Fovernnk~it from helping
TO a greater extent than Is now possible the
oountTv's money markets
The decline in sterling rates last week viii
Doubtless result in large shipments Of gold from
Europe to the United States Money goes to
the centre where the demand is active, and as
foreign countries can make better profits by
lending their funds here than at home. further
heavy loans for American account +Hill be made
Our debt TO Europe is already enormous. but
credit is of the best. The fact that the United
States has been able 10 borrow abroad is one
Of the many indications Of the k+osperity pre-
Sailing in all parts OF the country. Small oper-
ators in stocks naturally are sona,what alarmed
over the high rates for loans, hut the substqn-
fial market interests are not uneasy over the
situation. 1t is not a favorable time for highly
nargined traders There are few weak
counts in the present market. the greater num-
her Of stocks being heId by strong financial in
ferests who believe that the position Of business
affairs in she United States warrants further up
ward moves in values The increase in the St.
Paul dividend last week to : per cent. and the
decision by the Baltimore and Ohio 10 increase
its common stock owing to lis gain in business,
were striking Incidents Of the current remark
able prosperity movement Regarding the new
Baltimore and Ohio stock it is worth noting
that The preferred stock VIII be entitled
share in the new issue to the same extent the
common. The preferred stocks position is
strengthened by the issue of new common stock
and at ruling prices the preferred is more at
1ractise purchase than the common. St Paul
preferred also looks more attractive than St
Paul common. the advance in the dividend
10 per cent entities the preferred 10 share in
any further increase of dividend.
The monthly government crop report issued
last week showing conditions as of September l.
Indicated al enormous corn crop. and wheat
crop that has been exceeded in only two other
years Big crops mean enormous railroad earn
ings in The next twelve months Earnings in
The last year have been heavier than ever be
fore on record, DESPITE the failure Of the corn
crop in 1901. In view OF the ability of the rail
roads 70 make wonderful progress without the
heip CT "a Dig gram iraflc last year, it may read
lily be assumed that with an equally large move
ment of general merchandise this year and a
large grain traffic the railroads OF the West
and Southwest and the grain carriers to the
East will record earnings Of tremendous proper
tions For the fourth week of August the gross
earnings of forty-five railroads amounted 10
S14.215.46a, against S13. 49, l02 IN the c.rra-
spending period last year, an increase Of $3.50
fSt.. 3.t50 per cent tor the month of August
the gross earnings Of forty-fve railroads
amounted to S49,094.439. against sac, S57S4S in
the corresponding period last year. an Increase
Of S2.-,s6.591. or Az per cent. For the first
week Of September the gross earnings Of TWEEN
1y-one railroads amounted 10 S3@9L417. against
s4'34lSoS IN the ccrrSsponQlng period last year F.
an increase Of S.y6 tSS. or J II per cent. From
July ! to eptemher Is the gross earnings Of
rwentv-one railroads amounted to @3S Ga pei +.
against S3s.4103S9 in the corresponding period
last wear. a decrease Of $3.50. p OF SO per
cent. Comparisons made with period a (!
year ago, when all preceding records were ex- /
ceeded
Buying Of the Gould stocks was the leading T.
feature Of last weeks market New high record /
prices were made by Missouri Pacific and the /
Wabash issues q heavy buying movement /
Wabash dehcnture bonds made record for
heavy dealings trading in these issues on Tues
dav amounting in par value to S3479000 and
for The week to So so. 0fsh. Wabash preferred
has great possibilities. and the character Of the
current buying in the issue suggests that II is
one Of the cheapest and best OF the low priced
railway shares 10 accumulate for higher figure
Colorado and Southern, another inactive cheap
etoch feature IN last weeks market
Louisville and Nashville and Southern Railway
advanced en- the same class OF buying. Brook
fxn Rapid Transit was taken by Flower brokers
Southern Pacific and Union Pacific were both in
demand: also Missouri. Kansas and Texas.
Detroit Southern and Baltimore and Ohio. In
the industrial list there was further buying of
Pressed Steel Car, American Car and Foundry.
United States Steel common and Sloss Sheffield.
Total dealings amounted 20 over o.oto,cUo
shares with the heaviest operations in Atchi-
son Baltimore and Ohio st. Paul. Chicago Ter
rriral preferred, Louisville and Nashville. Mis-
rourj Kansas and Texas Missouri Pacific.
Southern Pacific. Southern Railway. Texas and
Pacific Union Pacific, Wabash preferred. West
ern Union and Amalgamated Copper. Missouri
Pacific Wabash preferred. Southern Railway.
Baltimore ana Ohio. southern Pacific and West
err Union were the leaders.
GOVERNMENT BONDS.