New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-02
ruE WEEK IN WALL STREET.


ings. as compared with recent preceding weeks
q disposition on the part of the PROFESSIONAL
element to work for lower quotations ana
tendency among commission house traders 10
liouidate their accounts marked the course Oh
business on the Stock Exchange last week
Higher rates for money naturally served to
check bull activity, but the operations for de-
cline were not particularly successful as losses
as a rule were confined to small figures, the fall
ure of the bear elemant to make greater I'M
preston on values being due to the strong power
NJ absorption exhibited on all reactionary move
nents Stocks that are now being sold ma
their way into strong boxes. Any important oe-
cline in prices will bring army Of bargain
hunters to the market, for the good reason 'liaI
conditions in the financial and general business
world warrant the belief that after the currehC
neriod OF money market uncertainty there VIII
be & further material appreciation IN securities
values The actual worth of investment issues
;s increasing. the wealth of the nation is grow
ing and the employment of funds III STOCK ma
ket operations in the course of the next Twelve
months doubtless will be far greater than 1t
is lust now The purely speculative outlook Tor
the immediate future does not suggest rapidly
rising vaIues indeed it is not unlikely tnat
quotations will work lower, but unless lhere
should be some radical adverse chahge III the
conditions governing money and business 'he
bull side of the market ought to be the hore
profitable for the long pull. At TINS time
period of declining values would be Welco1neo
by many people who have sold their stocks ana
nv the short interest which is OF small pro-
portions
Current returns of railroad earnings show
marked gains as compared with the correspond
ing time year ago, and, in fact. make about
the best exhibits for this period Of the year In
the history of the American transportation IN
dustry Net earnings as well as gross earnings
are growing notwithstanding the large eXpendl-
lures that are being made from income account
on improvements and betterments. to say MOTH
ing of the increased cost Of supplies and LABOR
Of course the large gain in gross receipts mas
been taken advantage of by the companies 10
increase their outlay on the physical condition
Of their properties. but despite what may De
called extraordinary expenditures the greater
number Of roads are able to show large amount
of funds available for dividend purposes. That
there will be number of increased dividends In
the course of the next twelve months is a Iore-
gone conclusion. And it is also probable II not
certain that a number Of stocks which at pres
ent are not in the dividend column will be placed
there before this period a year hence Condi-
lions in the general business world encourage
the belief that there will be no important set
back in the country's industries for many
months to come. and the present hesitating ten
dency in the stock market should not be taken
as an indication Of adverse change in the ma
tons trade Trade conditions could hardly be
better The fact that we have bountiful crops
this year the fact that the iron and steel indus
try is in a most healthfuI position, and the fact
that our export business, both in manufactures
and domestic products such as breadstuHs and
cotton, is heavy, naturally create a bull enthu-
siasm IN financial circles and suggest to the
speculator in stocks that. outside of speculative
reactions there will be no great bear movement
on the Stock Exchange at present. There un-
doubtedIy will be sharp declines and periods Of
irregulartty accompanied by losses among the
overenthusiastio but financially unsound trad
ers in securities and at this particular time
with rising money rates. the small operator
the Stock Exchange ought to exercise great eau
ton in buying for advance.
Money reached the highest point Of the sea-
son last week. and it IS not unlikely that
further strength will develop before the end of
the year Nevertheless. it is not considered
likely that there will be acute disturbance in
funds this fall. The larger financial and bust
interests naturally not In favor of
trouble in the money market and it, therefore
may be put down as a certainty that there will
in any way interfere with large financial and
general business transactions. Although the
Bank Of England has advanced it's minimum
rate Of discount to + per cent, the local
market will not be barred from obtaining
money abroad If the necessities of the situation
demand help from the other side of the Atlantic
The Bank of England is seeking to protect its
own reserve, but no action of that institution
or of the Bank of France can prevent SHIPMENTS
Of gold to New-York if the metal is urgently
needed here The local money market will rule
above the markets abroad this fall and needless
to state money Will move to the centre where
it can be employed most proftably. The ouieter
tendency in stocks last week was due almost
entirely to higher rates for money the advance
IN call funds being due to heavy syndicate nav
nents and preparations for the October interest
ana dividend disbursements. There were large
payments on account of the Atchson and Penn
sylVana bond issues, amounting In the agera.
gate to $37,000.00O, while the October disb,,rsa-
ments called for about S75oO00o0 # IS not nm
likely that in the current week the money mar
ket Will reflect in lower rates the payments by
the city to the banks of tax collections esti-
mated at over S20OOOO00 these funds to be de-
posted until needed by the city for current ex-
penses.
There are certain reasons for the belief that
part OF the gold receipts in this couptr, the
balance Of the year. If it is found necessary n
bring In gold from abroad, will be reported a+
san francisco from Australia. Gold received
at the Pacific Coast city will come to New-York
through the Sub-Treasury transfers so it there
fore matters little whether the metal is received
at New-York direct from Europe or at San
Francisco from Australia. The country's ability
to draw gold from abroad is being helped by the
rapidly expanding export trade in general mer-
| chandise and domestic products and in this con-
nection it Isl interesting to note the figures of