New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-11-03
THE WEEK IN WALL STREET.


cussion, and conflicting opinions are therefore
heard in every quarter of the Street. Inc
market is certainly stagnant at present pat
| favorable election results may effect complete
| change in the character of trading, inducing
public buying and sufficient support from proml-
/ na1t market interests to bring about resump-
: ton of bull activity If Democratic House
of Representatives should be elected values VIII
: doubtless be adversely affected for a time The
prospects. however, appear to favor Republican
success and OF course. such a development Will
! tend to inspire confidence in business circles
! while il will create favorable sentiment in the
! bar king community. An upward movement In
stocks would be justified by the conditions gov
erning their real worth. and if an advance does
not follow the election holders of securities may
rest assured that higher quotations will de-
velop later on in the season. barring, of course.
! so ne radical change in the business situation.
The course of values last week reflected
total absence of public buying. Important mar
| ket interests were not engaged in speculation,
| except in a few stocks that supplied the cher
part OF the weeks business. Prices were ex-
| tremely irregular without important movements
| in either direction In a few issues evidence OF
| buying for pool account was presented in the
! end of the week operations but as rule trad
| ing represented little beyond the transactions
| of professional dealers. Uncertainty over cleo
] k'hOA-S-AON0
trading in the early part of the week, while
toward the close there appeared to be a more
/ decided sentiment regarding the probable out
come of Tuesdays voting. News developments
| affecting stocks were all in favor OF higher
prices but the general lack of life In speculation
I prevented important advances. In addition to
! the check placed on trading by election uncer-
: tainties the possibility Of gold exports served
to restrict speculative enthusiasm. The rate for
[ no shining
point in the greater part of the week. and as
a consequence reports that shipments of the
metal would be made were used by the bear ele-
ment in tho stock market in Its efforts to de-
, press values. These reports had no especial
effect on prices. but they served to create the
belief in many circles that large amounts Of the
! yellow metal would be shipped to Europe
TO liqudate the balance due Foreigners
This country doubtless a large amount
of money abroad. 1t is likely. however that
the actual Indebtedness is smaller than esti-
mates that are now being made and It is prob
/ able that this debit balance will be Offset in
! great part by increased shipments Of grain and
! general merchandise from New-York tins tall
The outward movement of grain is increasing
rapidly. while there is no falling of In the for
| egn demand for American manufactures The
/ fall months always the heaviest In the ex-
port trade, and the record for September indi-
/
| year and the year before will be exceeded. I'm
| ports are increasing but they still a long
way under exports. and the country therefore
! is accommodating a large balance on trade ac-
! count The debit balance abroad is due en-
! tirely TO the enormous loans that have been
made for the account OF American financial
! syndicates. II these debts cannot be llqudated
! by exports Of merchandise it will be wise 10
pay them in gold thus relieving the situation
! of a factor that has long caused considerable
| uneasiness in Wall Street circles
While exchange rates are high in New-York
| gold is being received on the Pacific Coast from
Australia This country is doing enormous
EXPORT business with Australia and other East
| err countries. and the prospects point toward
further heavy receipts of gold at San Francisco
| throughout the fall II matters little. there
| fore, If gold leaves the Atlantic ports. as The
| loss will be made up by imports on the Pacific
| Call money ruled at about per cent at the
close of the week. the advance over the rates
prevailing earlier in the week being due to
| preparations for the November interest and
/ dividend payments and not 10 any unfavorabe
| change in the situation. The most important
| element in the money market the easier
| tendency in time money and commercial paper
| rates loans for from three to six months being
| made at 81 per cent. against a per cent
| rate with a commission a few weeks ago. An
| mission house customers to enter more ex-
| teisiveIy into investment and speculative opera
| tions Money ought to rule easy in the rest Of
| the year with the exception OF the brief period
| in December when the requirements for the
| usual heavy January disbursements must be
met. The surplus reserve of the Clearing House
banks is larger than it has been at this time in
| many years. and as money will soon begin to
return 10 this centre from the interior. there
! should be no uneasiness over the future of the
! money market situation.
| II the stock market develops a genuine bull
| movement the low priced railway stocks and the
attractive Industrial issues ought to become
| prime favorites with spectators and investors
| In the advance in the last year the class of
stocks named failed to share to any important
| extent in the improvement that carried so many
| OF the high priced railway issues to points be
| yond their actual worth. There many me-
| dunn and low priced stocks In the industrial
| and railroad lists that paying dividends. but
selling many points under their intrinsic worth.
Sound Industrial preferred stocks paying from
| 6 to per cent dividends may be bought at a
| level which returns the investment from 4
| to 8 per cent. There are railroad stocks which
| pay from to per cent dividends and return
| about that amount on the investment. There
| are cheap railroad stocks that not paying
| dividends. but which have extremely promising
| prospects for dividends before many months go
| by. These stocks worth buying and holding
| for future higher prices. In the Industrial list
| the United States Steel shares. American Car
| and Foundry issues and Pressed Steel Car
stocks are especially attractive In the railroad
list the new Rock Island Issues. which will soon
be listed on the Stock Exchange. will doubtless
! become popular favorites. owing to their pres
| ent comparatively cheap quotations and TO the
remarkably bright outlook for the Rock Island