New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-25
THE FINANCIAL MARKETS.
4 WEEK OF STOCK MARKET. 4CTTVITT.
Further Gold Imports rangedMoneys Relae EoseRairo@d
Earnings
4 WEEK OF STOCK MARKET
THE WEEK IN WALL STREET,


Stock market values continue TO move III
manner most gratifying to the advocates Of
higher prices. and at the moment there appar-
entity is little chance of an important setback IN
quotations. There may be sudden squalls. how
over. and il may be we'll To bear IN mind that
despite bright business prospects. stock market
wishes of the people who, having bought after
wishes of the people who. having bought after
long advance. And themselves loaded with Sc
7,Irries on small margins when the big men. So
called are working to bring about a cheaper
buying level Just now caution doubtless VIII
prove a good motto for the Wall Street operator
4 drop in values would not necessarily hurt the
speculative structure; indeed IL would prooao4y
strengthen it. but. according 10 the opinion OF
the best posted men in the Street. there ID no
immediate chance OF the development OF a sus-
tanned decline in values. There is no good reason
Why there should be 4 bear campaign OF sue
cessful proportions. There is reason for QUICK
fluctuations in favor Of the bears. and 1t Is the
sharp reactions that generally come at unex-
pected times in ali bull markets that do the
damage to small accounts, especially after
long period of an almost uninterrupted advance,
such as has been witnessed on the Stock Ex-
change in the current year. Opinion faVors Inc
idea that the larger interests are still WORKING
for higher prices because there has been no
great distribution of the holdings of the larger
pools and individuals. and because the money
market, through the medium of loan reduction
In the Clearing House banks, has ruled at
relatively low level One thing is quite certain
and ii is that were not the chief interests in
the financial community actively concerned with
the bull side of stocks much higher money would
have developed before this
In the last three weeks the local associated
banks have reduced their loans nearly S6O.OOO,-
OOO while in the same time their cash holdings
have decreased So. 211 500. the latter item rep
resenting in great part the shipment Of currency
to the interior for the handling of the crops
Money market conditions do not indicate any
immediate change in the quotations for rates
for loans. that is, change of suh1cleht I'M
portance to advance call money TO a prohloltlVe
level Tt is believed, however, that there VIII
be a higher level before the end Of the year, but
It is not thought likely that this advance VIII
be large enough-unless the big men should
happen to want lower prices for securities-1o
cause any disturbance in the stock market
Reports made to the Controller of the Currency
by the national banks under the call for state
rnents of condition as of August % show loans
Of So 99S SOC, O00 individual deposits, $3.50
6S2OOO and the total cash, S665553 900 The
corresponding figures at the last preceding call
NTay % 1900 were: Loans. S3,S99,l1O,32o;
individual deposits, So 783 65S 494 and the cash.
S649 264 049. The loans May % were the largest
on record, and the August figures indicate only
q small increase. A year ago. september o.
1904 the loans were only So 726 1871 419; individ-
ua1 deposits, So 458 216 $685. and cash, 1861, 49,,
52a The conspicuous feature disclosed by the
comparison with these figures of a year ago
in
addition to cash Further gold import engage
rnents were made in the week, and, although
there was an advance in the open market rate
of discount in London and an advance in the
price of bar gold. the Bank Of England did not
raise its minimum rate of discount, while cable
DISPATCHES stated the probability Of this coun-
+rz oeing able to draw. all the gold it may need
from Europe.
Views differ somewhat in the financial connlu-
nifty as to the probable size of gold imports IN
the next few weeks, number Of people contend
ing that there is no reason to expect heavy ship
lnents from the other side of the Atlantic while
others assert that the movement will reach
large amount Of the metal One thing, however,
ought to be patent to all who study the situa-
ton and it is that if gold imports are not large
it will be because this country does not need the
metal. Knowing that relief, if needed, may be
secured abroad, it is not unnatural for the cur
rent enthusiasm that pervades all circles OF wan
Street and for that matter, all circles OF busi-
ness in general and it is not surprising that
the tendency to speculate III securities is so
strongly in evidence. In the last week turther
material strength was shown by most of the
high grade issues notably St. Paul. Northwest,
Great Northern. Northern Pacific and Canadian
Pacific. while there was also much strength in
most parts of the general list, including some Of
in int
coming more active and pronounced. AS in other
times of speculative activity, reports and ru-
mors about various properties were heard
throughout the six days os business it being
said for instance, that the St. Paul and the
Great Northern company were about to issue
new stock; that St. Paul would build TO the Pa
cifc Coast; that the Erie would put out an issue
of S4OGO0OOO convertible debeutuTe bonds, and
that there would be q melon cutting by num-
her of railroad companies. The most important
and significant development in the week in the
railway world was the announcement that the
Erie had secured control through stock pur-
chase Of the Cincinnati, Hamilton and Dayton
system By this deal the Fries mileage is prac-
ticalv increased more than three thousand miles,
and it secures valuable entrances to points long
desired by the company while it insures a large
increase IN its traffic. There are many people
who are buying the Erie shares 10 put away for
long pull.
Reports from the commercial agencies in the
week were IA vorable the railroads reporting
earnings showed most gratifying improvement
as compared with the same time IN preceding
years, oank clearings were large, heavy orders
We're reported in the iron ard steel trade, and.
in short all lines OF business presented condi-
lions indicating great prosperity in the industrial
activities of the nation. = number Of annual
railway statements came to hand. and ii almost
every instance results for the Is fiscal wear