The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-11-22
tone MORE
CONF DENT
Dependency Is Gradually Dis
appearing In Wall Street,
After Long Reign.
BIG sHRlNKAGE OF VALUES
BIG sHRINKAGE OF VALUES
Stocks Now Selling at Prices
Which Make Them Very
Profitable Investments.
Especial to The Tlmcs.D !spatoh.)

Especial to The Times Dlspatch)
NEW YORK. Nov 21.-Despondency il
gradually disappearing In Wall Street.
and more confident tone Is taking liz
place. This Is because heavy forced H.
quotation Is over; and unavoidable de-
velopments have, been SO thoroughly dis
counted that bear operations are boz
coming less profitable and increasingly
dangerous as evidences multiply that
values are down as low, II not lower,
than intrinsic conditions warrant.
Some Of the very best securities are
now selling on five TO five and one-half
pcr cent. basis and their market value
has shrunk fully one-third or moro within
q few short months, while their dividend
capacity be 1t noted remainsI unm-
paired Even IL divldendds on the best
stocks were reduced from six to five or
from five to four per cent. which is not
at all likely, the declines would still be
greater than security reductions could
justify, simply because recent prices rep
resent emergency or panic sales. Undoubt-
eddy the strong have been protecting
themselves at the expense OF the weak;
hence the lato decline has beei not only
abnormally rapid, but abnormally steep;
and 1t naturally follows that as soon as
tho crisis Is passed recovery to tho
normal will be In order.
WILL LOOK CHEAP.
One OF the most favorable Influences to-
wards recovery will be the forthcoming
improved financial situation; then good
stocks will look very cheap at present
prices. Before long funds sent to the In
terror will begin to return, and the In
creasing supplies Of grain cotton and se-
curity bills are almost certain to continue
bringing gold from Europe.
What are some of the principal facts
in tho business world? Our October ex-
ports amounted to $4,000, 900 or s16,ooo, COZ
more than in the same month a year
ago. Our Imports were ss2,o00,00O, de-
crease OF about s5,0oo,0o0; while the ex-
cess Of exports for the month was S7S,-
900 900, or over s21, 100000 greater than j
year ago. This Is certainly n satisfactory
showing, and should continue under pres
ent conditions. Gross earnings Of II rail-
roads from January 1st to October 3lst
aggregated $634,0 900. an increase Of
500, 100000. or about eleven per cent. over
last year. In view Of good crops and trade
activity in the West, It Is practically
certain there will be no shrinlsage Of
consequence in earnings during the cur
rent fiscal year. although q reaction in
the Steel building and other trades must
have some adverse Influence upon trans
portation interests. Railroads. however.
are In position to effect such i'm portant
economies. partly as q result of recent
improvements. that no impairment Of d..
vidends IS in prospect.
IRON AND STEEL.
K AS for tho iron and steel trade, lower
prices for products are still predicted:
but this viii result in increased orders.
and It now seems as IL these conditions
had been fully reflected in present prices
of steel securities. Steel stocks, and a
great many other securities also. have
been steadily passing from weak into
stronger hands, where they will find
safe lodging place, at least until better
figures can be had. Tho market, therefore,
possesses stronger undertone. which
bankers are quito likely to encourage in
order to facilitate pending deals and to
assist the floating of new Pennsylva MIA,
Lake Shore and other Issues.