New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-04-01
THE WEEK IN WALL STREET.

tendency
being due 20 covering operations and some IN
,-ostr,er- b,,ving outside of investment pur-
cbases practically there were dealings for
the public on the long side Of the market, While
there were no indications that the outsiders
were contemplating the accumulation OF bun
accounts o.. margins in the immediate future
Notwithstanding the more cheerful tone or COM
mission house advices and the low level al
which the greater number OF securities were
selling Stock market speculation of the last
few months has possessed no attraction Tor the
ordinary person and despite the big fall that
has taken place in values. the so-called public
is timid even at these figures. fearing that the
LIQUIDATION has not yet run its course and that
prices still may be subjected to the influence o.
aggressive bear pounding The bear clemen;
is not vet so flushed with victory and profits
tina; it may not make further attacks on the
market ard inasmuch as there is not a strong
bull party in evidence. while many of the re-
Gently powerful interests have been somewhat
crippled by the extensive declines of the last
few weeks il is not safe to assume that the
tide has turned and that from now on the move
ment Of quotations will be in the direction OF q
higher level. There is reason for the belief
however. that there viii he further panicky
days al present There has been an enormous
liquidation in the Last six months. weak spots
and a large amount Of stock has gone into per
manent retirement through investment buying
The short interest SIN outstanding is heavy.
but a bull market must be based on something
more than an oyerextended short account New
ertheIess. al things considered. the position OF
the stock market is far stronger and more
promising for the advocates Of higher prices
Than il was at the beginning OF TIE year. and it
therefore is not unlikely that In the event Of
period Of case in money there will be in
creasing demand for securities on all declines
and disposition the part OF the professional
element 10 work for advance.
Monetary conditions have undergone vast i'm
pioverent in the last fortnight. owing 20 the
Liquidation in the stock market and 10 the as
sistance given by the Secretary of the Treasury
in Gepositing large amount OF customs
ceipts with the banks. and his offer to redeem
the short term 4 per cent government bonds Of
1907 to the extent of S25.O0O0O0. Advantage is
being taken of this offer by holders and the
Secretary's action last week in agreeing to ac-
copt approved collateral other than government
bonds against government deposits viii make it
possible for the banks 10 turn in round amounts
Of the Is now held as security for Treasury
money IN depository institutions. The improve
ment in local bank conditions has helped the
foreign situation by strengthening confidence
abroad. in the belief that the necessity Of large
gold shipments from Europe TO the United
States has been removed week ago there
was great uneasiness in London. Paris and Ber-
lir over the possibility OF gold exports to the
United States in large volume but by the simple
expedient adopted by our Secretary Of the
Treasury the foreign markets have become re-
assured, and the danger of serious times in the
London and Continental centres has passed
iDr has q
large credits abroad recently. believed that the
troubles which developed in the speculative
community at New York would be followed by
a demand for gold for American account. and
the fact that New York was able To finance it's
troubles without Withdrawing its foreign bal
ances naturally eXerted most favorable i'm
preston in the British capital and on the Cons
tinent There have been a few small failures in
London and one unimportant one here as the re-
suit Of recent financial conditions. This is
strong testimony Of the underlying strength in
the home and foreign situation and it ought to
bring a feeling Of supreme contentment to all
investors.
Investment values have not been damaged
and the hue and cry that has gone forth that
investors have lost confidence in American rail-
road securities. that the business affairs of the
United States will suffer extensively on ac-
count OF the misdeods of a few railroad men
and on account Of the losses sustained in Wall
Streets slump will not carry conviction TO the
minds of the sober. intelligent people who have
their savings In the form of stocks and bonds
Nor will the parTotke call Of certain inter-
ests. intimating that industrial prosperity is in
danger Of collapse because Of the known atti-
tude OF the Washington administration toward
corporations. which for years have been law
unto themselves and which have had too much
OF a Stock Exchange speculative string 20 their
bow. be followed by the results predicted The
country knows just what the administration be-
lieves regarding legislation affecting corpora
t.Ons and II knows that President Roosevelt's
ideas are not against corporations. but for cor
pOrations and for the people He believes in
corporations and he believes that they should
be managed and controlled as TO fulfil faith.
fully the purposes for which they are created.
Radical legislation proposed or enacted by ex-
cited state legislatures IL interfering with the
progress and prosperity Of the United States,
will not remain on the statute books. There is
still some good law in this land and 81 will pro-
tect industries from despoilers. People
whose ideas confined within the limits of the
stock ticker. and who have seen a shrinkage in
paper values in the last six months OF more
than S400,0O0,000, may believe that the country
is lettering upon the verge OF bankruptcy, but
creating things and making legitimate profits
rather than watching the turn of the gamblers
wheel, sing out IAN goes well'
Investments of the savings banks, of the char
liable institutions Of the colleges of the widows
and orphans and. in fact. the savings OF every
one in the land. either directly or indirectly
invested in the securities OF railroad and in
/ dustrial companies. and IT is with the people
rather than with Wall Street that ownership of
| the corporations rests. And the fact that this
ownership is vested in the people warrants gov