New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-30
THE WEEK IN WALL STREET

!
weeks securities market. The strong po'.,-
of the foreign exchange market. Will 'io
bfIity of gold exports in the near ruluie '-
easiness abroad over the Russian si'''
active demand for money IN hutope
| falling off in the earnings of the Gouiu -
| ties were among the influences that serVeu -
obaol1 bulI activity on the local Stock Excha"e0'
o.,aoia,,, =, the trading of the final days, wheh
a large amount of liquidation was reported AZ
cording to the opinion OF the pest iiiioi
serves there will be further nquloa'ioii
great activity again develops on the Jun ~
of speculation Nevertheless, the speculative ~
terests who have been buillnS slochS i
many months continue to make optiliiis'io
aiotions raoardine the future course Oh Fdioo0'
asserting that the time has not yet coiiio Ao1
a period of weakness or dulness' i'"Seu
the splendid trade conditions throus5lio
Tinted States there is, of course no re''oii
the idea that stocks ought TO seek d io"Ni 49,
but on the other hand. there is nothins III .Ae
general position of money and buslne'S '1i'.
r,arraots further appreciation in investment
issues at this time. The high grade Shares nov
more than measured the Improvement th''' ~
+epap n1ace in their actual worth, but the Bfo"-
mo ccarcftx of such securities aVanaple ioA
snec,11ati1,e purposes makes 1t no dlrilcul' ni'
fer to advance their market quotations. LII 81"
of the lower grade issues there Is room. ioA
+her Improvement, because, as a RUE Ihey io
NOT vet enjoyed gain in proportion 10 'iie -
crease that has taken place IN theli i'i ii-Nio
yaIne through the expansion in their earnings
and the nearer approach of many OF taeii "
dividend basis, but at the present even IL INC
low nriced shares there is no warrant 1or as-
qressive speculation for better quotauohS-
II &c true that the local money market Is III d
more favorable position than II was d Ae" VIZ"
ago. but it is matter OF conslaeraoio 49,
tho easier tendency will endure for any lei's'A VI
time IT will depend to great extent upoii 'i'0
amount of money that returns TO thiS ceiilio
-, tho interior and the size of gold exports
r,rade EXPANSION in all parts OF the uhl'eo 'e'o
NAV work against large return now. Oh cur
-. 20 >1eurYorl1 while exports OF goid may
- ao,xy enough to cause scarcity OF teHuaplo
end. for stock Exchange requirements. NolleS
is in demand the world over. discount idte@ IL
the foreign capitals are strong, WIFI no i
date chance of easing off to any mat iiIi ~
gree Exchange has been moving as"iiiS' 49,
citv for several weeks until now IL Is at aoo
the point at which shipments of the yeiloW ho'ai
may be undertaken at profit ana II 10 'neio-
MT unlikely that exports will be maze IN tne
current week Cotton is not moving 10 iiieii-
l,a+ fast enough to furnish the exchange mar
lot with large supply of bills. and as there Is
or, ac+ive demand for remittance STERLING, hatur-
a1Iv is advancing. At the moment there appears
no desire on the part of the Foreigners 70 ~
our securities except in the case Oh soiie ooi0'
indeed sales of stocks at present ior lo'eish az
count largely exceed purchases, over Ioo,ooo
having been sold by foreign houses IN 'he iS's'
week Rates for domestic exchange on New
,yor1, indicate that the greater part OF the ue-
noand for currency in connection with Iiflaiicins
+ha orons has been satisfied, and even the IN
1irxy from New-OrIeans, which was a prominent
factor a week ago, is no longer urgent LIS
turhance in money at this centre IS not looheu
for except in the case of wild speculdIloh III
ecrrties Wall Streets most conservative
bankers are not encouraging activity ia slochs
at the moment, but they do not ADVISE hoio7iH
of good securities to part with their possessions.
The country's export and import trade 'he
large crops big railroad earnings ana hea'S
borl, clearngs are bull factors on American IN
.+ ,oo,ts So far as the investment posltlon Is
concerned There are few factors in the senera
situation that are not encoura8lhs' anu II 10
ouite probable that, after the elimination Vi inc
oo+ conditions in the money markets OF the
would sneculators will enjoy another season VI
advancing values in the speculative MARKET d.
80, the rise may start from lower level
than now prevailing. Railroad earnings receive"
loot week were uniformly favorable except III
49,, so of some of the roads in the southwest
a +ra wabash but the declines when mace re-
eac+ed local conditions rather than factors al
eo+,pe, the countrys traffic outlook IN mos
,arts of the country there is more tra11c oeihs
fferad than the roads can handle anu DIS
consequence there is conslderapie ooe0
at the chief railway centres ana ac'lFilS o ~
rart of the car building companies 10 meet aiio
,,;re,oents of the transportation lines Inc
i,crease in orders for new equipment mas laa
he
conotive building concerns, ana LIE iiiif'i
= Gaining strength that if an active pun iisi>e'
s.ta,ov,s those issues will be strong features
Talk of a dividend on the common stoch VI INC
,a,1xfoo,, Locomotive Company is heard in the
street hut according to the views Oh peopie
closely identified with the corporation. no pay
IN Ia made before 1906. This company
to erlandid record in the matter of conserVa-
st. o,a cement 1t has been the policy Oh the
d;roc4ors not to declare a dividend on the com
,or ,,nti, they would be able to MAINTAIN It,
In this respect the directors have acted lif more
,riealv than the directors of SO many Industrial
oo,,,,ar,e which have declared dividends only 10
suspend them -,
while railroad finances generally are souhd
there is one point of weakness, winch at SUM
future neriod may not help to strengthen 'iie
railroad situation 1t is the change that mas
taken place in the method of railroad hiiahcihs'
h;ob baa involved a large increase IN the
bonded dent a mile. In the advance sheets Oh
.Poor's Manual for the current year II Is SHOWN
| tbo+ in the last fourteen years there mas neeh
~ ;,,oroos 90 in the bonded debt mile or from
| So- 4f6 IN s3541S while in the same time the
! gaio in the stocks a mile has amounted TO only
! 81 o9f Up to 1889 the stock debt was as a
! rule well in advance Of the bonded DEBT but the
large expansion in the issuance OF bonds since