New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-03
THE WEEK IN WALL STREET.

The course OF values in Last weeks securities
market presented many encouraging features
FOR the advocates Of higher prices. Trading re-
Elected cessation OF the urgent liquidation that
marked speculative movements OF the preceding
week Buying was better IN character than II
had been in many weeks, while sentiment ex-
hibited a distinct change toward cheerfulness
and optimism. furnishing strong contrast to
the gloom and dependency that dominated the
Street ten days ago. This change was brought
about by the general belief, based on well oe-
fned Indications that the crisis In Wall Street S
troubles had been reached and safely passed,
and that. while II would require time for com
pIete recovery. there would not be repetition
Of the acute Decentralization in prices that caused
paniclzy conditions in the week ending July 70.
OF course, the best judges in the Street may be
mistaken IN their conclusions regarding the
market, but conditions certainly warrant the
belief that the low figures Of the year were made
Friday July "a
Many dangerous speculative accounts have
been wiped out. Independent spectators have
been chastened, and the entire financial COM
raunity has had taught lesson that 1t win not
readily forget The issuance Of what has been
sptlv called indigestible securities has been
checked, while the promotion Of unsound con-
Germs has received blow the influence of which
ought to last for years to come. Speculative
Pacific and Mexican Central by houses that
should have confined their business to a purely
commission business have been eliminated from
the situation for the time ct least, and the
failures incident to these operations ought to
prove profitable warning 20 commission houses
that depart from the strictly commission bust
ness to transactions that involve them in specu-
lation. No legitimate commission house was in
jured by the recent crash in values, save in a
fTr 70 vol
good depleted margins. One Of the largest com
mission houses If not the largest. in the Street
lost Just $3.50 as a result OF the inability of
customers to meet obligations. Commission
houses are as q rule in excellent financial
health Calls for margins have been well met,
but. Of course losses among people who have
not had the financial resources to stand the
strain Of the enormous drop in values have been
heavy. especially among many men who a
year ago were literally rolling in the profits
made in the bull campaigns Of 1900, 1901 and
1902 New buyers are coming into the market.
One large house opened seventy new accounts
last week and sixty in the week before.
Bank loans are still heavy, but the tendency
among the banks will doubtless soon be to re-
duce their loan item, and it is thought likely
that within the next few months a material
contraction in this direction will be accom-
plished In Saturdays bank statement, how
ever, there was an increase in loans Of $964,SOO,
while cash holdings increased over 100000
and reserve above legal requirements rose to
50. O60O75, compared with S13 72S135 in the
corresponding time last year. From present in
dications the banks will be in a better position
20 handle this years call for funds from the
interior than recorded in many years. and while
money will doubtless rule higher in the fall
there ought 10 be no serious disturbance
Bankers are looking forward to currency re-
form legislation ct the special session Of Con-
gress in November. and il is believed that even
II Wall Streets ideas are not carried out in
fun modification Of the Sub-Treasury system,
by which money is locked in government vaults
when it might be proftably used in the chan
nels Of trade. will be adopted. According to the
IDEAS Of many careful thinkers a reform of our
present cumbersome Sub-Treasury system is
the most pressing need at the present time.
Money has been coming TO New-York from the
interior in unusual volume in recent weeks, and
in addition TO regular interior receipts large
amounts have been transferred from the Pacific
Coast on Klondike account. all Of which has
been an effective influence in lowering time
money rates. Foreign exchange market cond-
tons DO not encourage the expectation of further
geld exports this year, while it is possible that
imports Of the metal may be made this fall.
This viii depend, however, TO great extent on
the ability Of this country 70 ship grain and
lotion If large quantities to the other side.
Current conditions in the croo territory indicate
better karvests than recently expected, but, Of
course. it is 100 early 10 make intelligent pre-
dictions regarding the outcome OF tbs spring
wheat and corn crops.
It is encouraging TO note thar despite the re-
cent troubles in Wall Street the general bust
ress situation throughout the country exhibits
indication Of weakness and indication Of
coming adverse change in any department Of
trade. Wall Street has developed many re-
rnsrka bic theories regarding the position Of the
oountry's industries, and efforts have been made
. create impression that the course of bust
ness affairs in this country points in the di-ec-
rion OF business Generalization. There have
been various factors which have suggested a
helpful reaction in certain lines, but the situa-
tion as whole presents a larger volume Of
trade than ever before recorded in any summer
season. Railroad earnings continue 10 exhibit
noteworthy gains over a year ago both in gross
and net receipts. losses. when made, represent
ing special conditions affecting certain proper
ties In the case of the Atchison, which showed
heavy decrease in net earnings for June. there
s. ample reason for the loss, as the road was
forced 20 suffer heavily from the results Of the
great Western floods. Atchison stock was I'M
der pressure throughout the week and large
blocks OF the issue were sold for the account
Of people who were compelled TO Lquidate secu-
rites OF this class in order to procure money to
protect speculative accounts elsewhere in the
market. Liquidation in Atchison was accom-
panied by 4 revival OF the Old runor that the
company would put out a large issue of bonds.
but. as usual, the report was officially denied
interests connected with the company making it
q point 10 state emphatically that the Atchison
system not in need o. money and that no
bond issue was contemplated at the present time
or in the immediate future. While il is quite
.-.issrt -E.at the Afchisnn s.ste.r has M i,ten-