New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-26
TIE WEEK IN WALL STREET.

The ease with which alues reoo,-e~,s So.
periods 81 weakness. the better sa,,a,a 3,
bonds and TIE general Improvement IN, Val
stree sei'liileht We're the encouraging lures
q the week in the stock marker a,-r,,-,..
me-t q the failure OF two trust co-,ns,iss -
Baltimore led 10 a selling r,o,-sr,.,,. -.
carried prices Gown from 1 10 = ,,oints h,,,
ERE losses were quickly re erred on the s,,h-
secuent day professional traders anssn1 =,
evidence q genuine liquidation and no sieoosi.
non on me part az the public 20 rush into a
panic When the Pf-tsburg and Arerba,v
banks went under. the local market rnada n
response 20 the bad news. and as q c,,,sac,,o-o,
opinion favored the theory thai q new era Vas
davuinE In Wall Street. Depression IN sniri,s
which Is Sc often a controlling factor IN tho
securities market. is gradually disanr,a,-i,,.-
Tie fact that the long decline IN values ard
The bursting 81 several Industrial bubbles have
not foreshadowed financial and business 5,e-
t-ess in this country is beginning 10 be realised
Depreciation in the market values Of securities
has. u IS true been an influential factor II,
h1nE1ng shout the failures os certain trust
companies and banks. but il has not and win
not induce general business collapse I,abo-
Disturbances have had much TO DO with the err
rer- reaction IN certain lines OF trade but irrA-
spective 81 labor troubles and market losses q
normal setback from the record breaking in
dusr-ial activity q the last few years is due
Reports frorn the commercial agencies sbov-
increasing conservatism in business circles.
Buyers a-e taking smaller quantities. consider
irg actual needs rather than the rossihilft les
of The future The iron market is somewhat
Unsettled and many furnaces and mills have
closed on 1he other hand there is no actual
weakness IN the situation and no indication
70 reduction in the general volume Of trade
20 an extent thst viii 5sopardize dividends.
Railroad earnings continue heavy the years
CROPS are large and are bringing profitable
prices money is in good supply and confidence
prevails among business men that the couutry's
industries Wiz not g back TO the level Of the
disastrous tine Of 1893 and the few succeeding
wears. Conditions are wholly different al 5res-
e-t rom what they were ten years ago. and the
prophets who now predict a season Of Industrial
agony are counting on the theory % seven
wears ~ plenty and seven years Of famine. dis
regarding facts and conditions.
one 81 the most encouraging features of the
current market is the growing demand for rail
way mortgage issues A month ago il was al
most impossible for brokers 20 interest investors
N the bond market but now the inquiry is ex-
ceiient, both or the stock Exchange and over
the counter The bond market. like the stock
market, presents many opportunities for the
purchase q attractive issues at relatively cheap
world than the mortgage issues Of first class
American railroads. evidence Of which Is found
q rhe large holdings Of these securities by for
eign capitalists and foreign financial institu-
lions Activity IN the bond market not iufre-
quently prece6es activity il stocks. and the buy
ing OF bonds last week naturally encouraged the
t6ea of coming Improvement in railway and in
dUst-iaI shares because OF adverse develop
rr-en-s affecting some Industrial concerns. the
shares ~ all Industrial companies have been
bear targets f0- many weeks but the issues Of
sound concerns have been readily absorbed and
the Investment holdings OF the preferred stocks
have Been largely increased. Even Amalga-
mated Copper has been vel bought, despite the
cro1ble the c0rrpan, is having 70 maintain its
existence in Montana The Amalgamated com
ra-v has been sorely harassed- but il hardly
appears possible thai IL viii be forced 10 aban-
con ITS productive mines in Montana because OF
he Feinze success with the courts.
Baltimore was helped out Of its financial
troubles last week 10y New-York and this fact
more rhan any othef accounted for the loss sus-
1atned by the local banks f. their cash holdings
o. out Of town operations. Shipments OF cur
-eucv % New-Orieans were moderately heavy
but The demand from The West was light
Bankers are counting or an outward movement
70 TIE West before the end Of the year. although
they believe Il viii be much lighter than IN for
rne- years. owing 10 the fact that general trade
demands for funds are smaller. while interior
bank supplies have been increased through the
action Il Secretary Shaw in depcsiting more
gove----ert money with national banks. Ster-
Ing exchange exhibited an advancing tendency
In -he last week under the influence q better
demand for remittance and lighter supply o.
bills There now appears 20 be 1.-THE chance q
rold imports this fau. especially as the local
banks = re- wei supplied with money; but on the
Other HAND the advance in exchange rates does
rcr fo-eshadow goid exports, although a var III
inc Far East might lead 10 foreign money mar
re- changes that w-oUl- attract go-o from New
York 60 Europe.