New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-04
FINANCIAL MARKET
Stocks Sold at Lowest Prices of
the Year Last Week.

road issues stood at 1885 and the
average for the chief industrials at s645.
These averages. which are based on the
closing quotations on that date Of twenty
prominent rails and twelve industriais
compare with the low records for the
same securities in the week just closed
Of 1890 and 20, respectively. TAX
inc larger list Of both railroads and
industrials including some Of the less
prominent shares. the high point Of the
year was 9235 for the railroads and
1852 for the industrials while the low
average OF the last week was S121 and
GS.39. These figures tell the story of re
cent liquidation on the Stock Exchange
and suggest that the market is rapidly
reaching a level at which investment
capital viii begin 10 move into high
grade securities which even now may be
bought 10 return a satisfactory income
Yield Traders are still bearish. but in
the last ten days they have not been
able 10 bring about extensive losses, and
according to the point of view Of many
observers the market has reached
point which does not warrant commit
ments on the short side for more than
quick turns.
II is cOntended in some quarters that
the discountine Of unfavora Die factors
has been overdone and that While the
-IH co.
ilned bull movement the market is en-
titled % smart rally. The labor situa-
yion tends 10 restrict forward contracts
in general business while it likewise
discourases bun enthusiasm in the
street. Furthermore. uncertainty over
the final outcome of the crops. expected
long drawn ont tariff agitation at the
next session Of Congress. the Moroccan
situation a resumption in the near tut
ure Of Congress Investigation commit
tees prylng into the affairs OF corpora
tions and the more distant factor of
hot Presidential campaign next year
present possibilities OF a disturbing char
acrer The question is therefore whether
or not tile tremendous depreciation in
stock market values has gone far enough
To- discount actual conditions and posi-
bile future unfavorable developments.
The uncertainties involved suggest eX-
IRENE caution in marginal transactions. ,
The average public trader is not safe IN
the present market. but from a wholly
Investment view OF the situation sound
dividend paying stocks are attractive,
even assuming that prices may seek a
lower level before starting on an up
ward movement
While many Of the railroad companies
reporting July earnings have shown in
creases both in gross and net returns.
the statements Of the Union Pacific ana
southern Pacinc make decidedly unfa-
vorable comparisons with the same time
last wear and irdorse the stand Of the
officers Of the Hartman roads regarding
the need OF retrenchmeut and the un-
fustness If demands from employees for
higher wages In the month named tnr
Union Pacific reported a loss in gross Of
sos. 800 and a loss in net Of S3-2.lS5.
while the Southern Pacific showed loss
in gross Of 1913 $50 and loss in net Of
S412q2q Atclison also showed a biz
decline in net. likewise Rock Island. bur
against these poor exhibits there was an
Offset as far as the general railroad sit
uator is concerned Of substantial i'm
provemenr by the Baltimore & Ohio.
LehiFh Valley Canadian Pacific and
Erie. the last named presenting an in
crease in gross OF S224 pa and an in
crease in net Of $40 arc The Erie Rail
road has made remarkable progress IN
the last three years in strengthening its
uhvsical and financial condition a refec-
ton of which rs found in the enormous
amount ~ money expended upon the
r~operrv from earnings which since
l40S have increased almost S7,O0oo0 In
gross and IS S76 621 in net. while in The
same time surplus has increased NOR.
than $4,000 600 after gain I'm charges
of 81 662 49, MANY of our railroads
and Industrial corpora lions are passing
through period Of readjustment, and n
is unfortunate that they are being ham
pered by unreasonable demands of labo-
and mosauitolike activity of unseasonej
politicians who are overdOwinc with
ignorance regarding the best interests
of the business community
While the banks and other lending in
stIrutfons ar this centre are well sup
Piled with funds they are outstanding
their resources with the advent Of the
autumn season. when the money marke-
as d rule is called upon TO handle heavy
financial operations. At the moment
there is nothing in sight that suggests
any great activity in the loan market
IN the immediate future. but the fall is
q period Of possibilities and uncertain
Ties for which the prudent banker d.
ways prepares at the close of the sum
mer and il is due 20 This fact that col
lateral loans are now beginning 10 eE-
rfbit hrmer tendency although there
ie no expansion iu the demand for &C
r9mmodation There are few time loans
maturing lust now the call money mar
xat is inactive and Wall Street commits
sion houses have more than enough
funds on hand 10 meet current require
rnerrs. This country has a strong hold
gr the foreign exchange market and Its
strength wiIr increase. as cotton soon F.
,riH begin ~ move abroad M volume. an
or which VIII insure gold imports If the .
metal should be needed here m the .
months to come Win the banks .
throughout the country. except perhaps .
those iu some Of the smaller towns rich T.