New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-30
~EF WEEK IN WALL STREET.


marked by severe declines IL the indus0riai
s~s,,es hro,,r-bt about by pressure from the bear
claimant and selling 10y frightened holders
There were no news developments Affecting ao-
c-selv The actual value OF the Industrial securi-
,,as the movement in the shares representing
-,sll MANNED speculative attack, based on the
.,.,,- thai current indications Of trade reaction
"a ,be disclosures regarding the formation and
,,onduct Of certain companies would encourage
investment and speculative selling at the first
annearance Of professional pressure against the
Industrial securities. This theory proved 10 be
well founded. as large amounts Of these stocks
were thrown over on the development Of aggres-
si,-e bear attacks. The fact that there have been
had features connected with some industrial
concerns ought not to impress people with an
tdea that all companies are going TO pieces. and
The fact that normal setback fl trade has de-
,-eloped should not create the opinion that the
industrial activities Of the country will decline
20 a point that viii prevent the payment Of
dividends. Some concerns will undoubtedly be
compelled to make a change in their dividend
schedules. but it is not at all likely that the
son7uanies that have been organized and man
aged on conservative lines will be forced TO
make Disappointing announcements 10 their
stockholders. The weak spots in the speculative
rosition Of the Industrial stocks arc being eiTi-
mated by the liquidation OF weak accounts while
she weak spots in the trade situation are being
strengthened by the reaGjustment that is now
under way. The time viii doubtless come when
securities Of the sound industrial issues viii sell
many points above the current remarkably low
level
New low record quotations were made by a
number Of industrial stocks last week On the
decline however. there was a good class Of buy
sng and il was reported that many of the first
class issues such as the preferred shares OF the
railroad equipment companies had been taken
for investment account Efforts are being made
10 make the public believe that the car building
business in this country is going TO pieces, but
reople who know more about the trade than
Wall Street spectators know are well satisfied
With current conditions in this line Of industry
weakness in the Industrial shares did not have
much Of an effect on the railroad securities. The
market for this line Of stocks was inactive and
,ri-bout special feature. the greater part Of the
dealings being supplied by the local traction
.tares Atchison Baltimore and Ohio, st. Paul.
-rissouri Pacific. Pennsylvania, Reading, South
ern Pacific and Union Pacific. Activity in
southern Pacific was encouraged by the com
,,srv.s bright outlook for increased net earnings
in the course Of the next year. owing to the
rroba bil,ty Of a big falling on in extraordinary
expenditures On the property. Southern Pacihc
has practically been rebuilt in the last few years
holders viii receive q return on their money.
Ps1~oas earnings throughout the country cor
SHINE in most cases TO show Improvement over
this time q year ago when the movement OF
traffic was unusually heavy. That there VIII
eventually be falling of from the current vol
anne OF abroad business no one doubts who
studies the present tendency OF trade, but there
are not many people who believe that the de-
cline in earnings due TO lighter volume OF gen
eral business in this country win upset the divi-
dend situation The railroads are to-day in a
stronger physical and financial condition than
ever before in the history Of the American trans
,,orrsriop business and they can stand a large
falling Of in earnings from the present returns
before they viii be compelled TO consider a
change in their dividend policy.
In many quarters the current position Of
the stock market encourages the expectation
that prices VIII soon begin to enjoy gradual
Improvement, although il is not believed that
an active bull speculation can be engineered
Tor a long time to come, owing 10 the fact
that the money market is not in condition
10 finance a booming movement Of values;
also the fact that the public is not al all
inclined to enter The market. There are, how
ever many good reasons Tor appreciation IN
market values, and people who are willing TO
hold their issues for a long pull ought to Sc
cure handsome prohts. Il conditions affecting
NAV be found for the purchase Of securities at
present prices The bear party nevertheless,
may be able 10 convince the greater number OF
,.eorle that stocks are dear at prevailing quo
ratiops and that lower values must therefore
he recorded before Improvement may be eX-
l,ected. A powerful bear element is at work
in WaU Street, and its ability TO accomplish
results cannot be questioned. At times q bear
Marty ia the stock market serves the useful
r1rpoee OF checking foolish speculation Oh the
,,art Of bull operators. but at present this eIe-
1nert is a distinct menace 10 the general sit
uation. Il is engaged ia destroying value, in
uusetting confidence among investors and bust
ness men in general. D.. Dix made some re-
marks in his Thanksgiving Day sermon re-
gsraiug men who beat down values and de-
strov properties in which innocent investors
have their savings. Wall Street ought 10 read
these remarks carefully.
Money market conditions are being watched
with particular interest at present owing 10
Thu strength in call loans, the low position OF
the Clearing House reserves and the POSSIBLE
fly o. disturbance when the Panama Canal
payment is made. Regarding the last named,
however il is not thought in well informed
circles that the financing Of this operation VIII
cause any trouble in this market Naturally
the government VIII do everything IN It's power
20 prevent the payments from interfering ~
an acyerse manner with the local sltUatol'
and in order TO accomplish this they VIII
doubtless bc spread over long period 1t Is
POSSIBLE that the operation VIII help the New
o1A market Il may be conducted through
eAohsllge market IA manner mat VIII
>'uaAy increase the bank holdings. Money
l'sO'n'g to the interior in reduced volume. as