New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-24
THE WEEK IN WALL STREET.

Of important interests TO withdraw their sup
port from prices. Two weeks ago the latter ele-
Iuent came 10 the rescue cf q rapidly growing
panicky situation and in the advance following
the elimination Of the decline on Monday,
August 10 they naturally disposed Of many of
the securities that had been bought TO protect
the market. Transactions Of this character al
ways take place after a big bear market. In
The present case. the stocks purchased on the
decline were sold Al advances running from
II points and the wisdom OF the people who
sold cannot he questioned. as their profits were
enormous. Stocks. however. remain, as rule,
}n strong hands, and il IS difficult 10 figure out
. reason for renewal Of the bear campaign,
except on the theory that there are still accounts
that must be iiquidatcd and concerns that are
moving toward insolvency The decline in the
Tinted States Realty shares in Fridays market
nsturally created uneasiness in the Street, but,
Of course, reports that the dividend on the pre-
5erred stock would he passed at the next divi-
send period were denied. This period is not
near hand. hut il viii he awaited with con
siderable interest
Investment buying for home and foreign &C
count continued in last weeks market but not
iu sufficient volume 10 affect prices. While
stocks may go lower. investors appreciate the
cheap figures at which valuable securities may
he bought and accordingly. they are willing TO
buy at the current level, especially as they can
secure good issues that are selling on more than
5 per cent basis. Buying Of this kind is
ported in Union Pacific. which is now on a basis
shat yields over > per cent while earnings Of
the company are at rate that is equivalent TO
more than 10 per cent on the common stock.
The same kind Of buying is going on in Balti-
srore and Ohio. New-Yorlz Central. Pennsylvania
and Manhattan. In the industrial list there has
a,een q demand for Corn Products, American Car
and Foundry and AnalEamated Copper The
last named has been active. buying coming from
good sources. including purchases from people
Who are actively identified with the trade. Cop
per trade conditions are improving, and prices
are near "A cents a pound with that figure pre-
,licted at the close Of the week Amalgamated
copper at its present quotation is . far different
proposition than il when its price was sell
3rg above par. and people who At that time ad-
vised the sale Of the stock are now willing to
80 on record as bulls on the issue. While the
copper shares were bought the steel stocks were
heavy under a selling pressure that reached
large proportions. further cut Of 81 80 a ton
IN the price Of Southern pig iron making the
fourth cut Of 81 20 ton in six months was re
sponsible for the sales Of the steel and iron
shares but the decline IN prices however, ap-
peared 70 cause no alarm IN trade circles. Opr-
son among the iron men favored the theory that
lower quotation for pig iron would increase
business rather than depress IL. Wall Street is
and the estimation in which It is held Is
Elected in its current price Of less than %,
1narkable figure for + per cent stock if the
dividend is to be maintained.
Money market conditions at this centre showed
in the week ease in call funds, moderate firm
ness in time loans, and a recovery in sterling
exchange from the decline of the preceding
week. The advance in sterling carried the rate
well above the gold importing point while
frIner discounts abroad and a higher price for
gold in London made gold imports at present
etiu more improbable. New-York needs no
foreign gold at the moment and shipments TO
this side direct from Europe viii not be made
until international money market conditions
change considerably. It should be noted, how
ever, that large amounts OF gold have been re-
ceVed at Pacific Coast points from Australia.
while the market has also been helped by the
production of own mines and those in the
IlIordike. Nevy-York received by Geographic
transfer through the Sub-Treasury last week
over S200o000 gold from san Francisco, and it
viii doubtless receive more in the coming week.
The demand on this centre for money for the
West and South will soon begin 70 be heavy.
and It is estimated that upward Of S300o0o00
T-lll be shipped to the interior. The higher
prices Of cotton corn and wheat viii be factors
in the demand on the local banks. but despite
she outward movement bankers expect no seri-
oUs disturbance in the money market.
Il is pointed out that the present Secretary Of
the Treasury has always shown a disposition TO
help the local banks when the situation has
needed assistance and it is believed that he
viii continue to do everything in his power to
Tuaintain stability in the local money market.
There is no menace in the stock market to be
considered as there was q year ago. but, OF
course. the banks may find it necessary TO do
some heavy calling Of loans when reserves be
gin 20 feel the effect OF the interior drain. The
possibility OF no currency reform legislation this
year as result OF the different views regarding
The character Of currency legislation among Sen
stors worried the Street 10 an undue extent last
week. causing a most pessinisttc temperament
and encouraging professional traders TO renew
their attacks on the stock market Doubtless
? comprehensive scheme for the reform of our
currency system viii not be effected at once.
but, ~ the opinion OF well informed men. il is
thought that the views Of political fnancers
may be harmonized sufficiently to make possible
the passage Of measure that viii give greater
elasticity 10 the currency and do away with
the present restrictions that prevent the Score
tary Of the Treasury from depositing customs
receipts in national banks.
Trade conditions as reported by the CONNER
cial agencies and as reflected in railroad earn
ings and bank clearings show no sign of weak
ness in the country's industrial position. Labor
troubles have caused heavy losses in many lines
hut they have not upset industrial activity The
crops are making good progress and only heavy
early frosts viii prevent the gathering Of a
bountiful harvest Railroad earnings for the
second week IN august show gain Of II per
cent over the same time year ago, the i'm
@zovement being confined 10 no one section OF
RE country. The demand for cars to handle