New-York tribune., 1904-10-31
THE WEEK IN WALL STREET.

day. fur1heF progress was ulaue ia inc ulLcSN'oA
Of higher quotations. net changes for the week
sLbUing improvement throughout the list OF
active securities. Naturally. values weakened
on the development OF the threatening aspect
OF the Anglo-Russian situation. which for a
time appeared - indicate between Great
Britain and RI ssia, but. in view of the heavy
sdvances and extensive bull speculation that
have marked the course Of stock market trading
IN the last three months. the declines were ex-
osedineiy small, and represented in great part
forced liquidation by small operators, who were
carrying more stock than their financial re-
So.-ces warranted. On the decline offerings
~eTe absorbed by strong buyers. and as con-
sequence the technical position Of the market
wes improved. and the way was paved for a
resumption Of the upward movement Various
s5pirions are held in Wall Street regarding the
olable duration OF the current bull market
but the theory which is current in the greater
number OF brokerage houses favors the idea that
sn the of the next twelve months the
movement OF values will be I'm the direction or
higher prices OF course. ii is not contended
shar there will be uninterrupted advance. as
chat would he a absolutely impossible. ana II may
therefore be wise for enthusiastic operators
who believe that fortunes can be made by buy
tnE stocks OH small margins. TO temper their
speculative enthusiasm in a manner that VIII
bring them 70 the realization OF the fact that
big bull markets always accompanied by
reactions large enough 10 wire out the accounts
OF the ordinary public speculator.
Conditions underlying the present bull market
are growing stronger. and there is every reason
10 believe that no adverse change will develop
fn the business position OF the country and that
the intrinsic value OF investments wifi increase
60 an extent that will warrant better market
values The industrial affairs Of the nation are
moving in manner which ought TO prove ex-
ceecingly gratifying 10 every American. while
the political outlook also ought to be extremely
gratifying to every person who has an Interest
in the country's welfare. The certainty OF the
election Of the Republican national ticket is one
Of the most influential factors in the present
bull market inasmuch as Republican success
means continuation of the policies which have
brought great prosperity 10 the United States.
Business men do not desire A change In the
administration as they are satisfied with the
present situation of Affairs under Republican
rule and, while they have personal respect for
ex-Judge Parker they do not believe that II VIII
be wise at this time TO turn over the government
OF the country party which promises to
make experiments which might have most disas-
frous effects on the Industrial conditions
throughout the Union Wall Street has become
be retained in power. ard il IS therefore conf
dent that nothing wiI happen 10 upset money
and business
As to the money market. there appears to be
no possibility Of disturbance in rates. although
Il higher range Of quotations may develop before
the end Of the year In the last week call money
was slightly firmer at this centre. while in the
foreign markets discounts were higher, and the
demand for gold at Paris and Berlin was so
urgent that shipments Of the precious metal
we're made from EeN-York to the extent OF
S3.25O.0O0. The beginning Of an outward move
ment of gold took the Street by surprise.
change rates were below the normal gold ship
pins level but it failed 10 uneasiness over
the future Of the money market. 1t is evident
from the course OF exchange that Paris and
Berlin working to increase their gold hold
ings in expectation OF being called upon to float
q large Russian loan and il is therefore not
surprising that inducements being offered
IN this market for the metal. practically amount
ing to the payment Of premium FOR the ac-
oommodatioa. Fortunately. there is a vast
amount Of gold and currency in the United
States. and the strength OF the interior financial
situation is reflected I'm the excess receipts OF
currency al Eew-Yorl1 last week money moving
go this centre despite the fac, that the require
rnents for crop movement purposes are still
heavy. An outward flow Of gold from New
York al this period is abnormal movement
hut n the present case the ability OF foreign
countries 10 draw on this centre is assisted by
f.e light exports OF grain from the United
States and the ease OF money in this CITY which
Fiscourages bankers from renewing maturing
lrng bills. With gold exports, the sinking Of the
f.ngiish fishing smacks and pessimistic state
rnents from James j. HiIl. heavy liquidation in
FtocSs for all accounts might have been looked
Il cd
temporary influence on prices and speculative
continent This was particularly true Of Mr.
F.u'f remarks. the Street apparently not being
e.FP"sed 20 treat his statements and predictions
seriously.
Exports from the commercial agencies are op-
tirn,stic over the business outlook and show
actual expansion in all lines OF trade reflection
OF which iR presented in bank clearings, which
for The last week increased 43 per cent over the
same week year ago. and in railroad earnings.
which continue In enjoy improvement Efforts
were made TO create uneasness over the busi-
2ess situation through the medium OF the report
Il the United States Steel Corporation for the
'<st quarter, which was much poorer than GEN
orally expected but the fact that the report rep
rssen'"d past conditions rather than the present
volume Of trade in iron and steel impressed tho
Street more fOrcIbly than the pessirnistic predfc
lions OF poorly informed people who base their
'ue9" ~ 1he Iuture on the Steel Company's earn
ings 81 the last three months a decided change
for the better has developed IN iron and steel
testimony TO which is given by the chairman Of
the board OF directors Of the United States Steel
Corporation who states that the concern is now
booking new orders 1T the rate Of 26 OOO tons a
Gay, an increase over the same month last vear
ol ." per cent Further active accumulation OF
Steel preferred was reported in the week for The
account of substantial interests, while other
stocks In which there WAS noteworthy buying
were AtchLson LE..nl.l..., Ea-naa a-------..