New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-27
TILE WEEKS OPERATIONS IN STOCKS.

les a~ ~
Total eol7VVo
THE WEEKS OPERATIONS IN STOCKS. /
Conditions governing the actual value OF secu-
-,tiAs encourage the belief that market values
will move 10 a higher level before the end OF
January. The monetary situation is improving
and the technical position OF the stock market
q. strong Business conditions have never been
batter Money market factors have held stock
-,a-tet speculation IN check throughout the |
,sn and the interests OF the market will be we'll
ss-ved II money market considerations continue |
Or A time to restrain bull enthusiasm SO far
tbs public has shown praiseworthy disposition
10 stay out Of the market. Public traders who
own stocks are confident that by holding they
will be able 10 sell at good profits later in
the season, and in consequence professional op-
orators are unable TO induce liquidation Of we'll
held stocks Substantial market interests are !
willing 70 bug stocks on all reactions. and they |
TOO are not willing TO part with their holdings |
at the current level For the purposes Of spec |
ulatlon big holders play out stock in small |
amounts but they do not sell in order 10 get
out Of the market The slightest demand for
stocks causes sharp advances
Wall Street was worried last week over an |
alleged coal war, by the gas war. the sugar war;
the so-called Addyston Pipe and several
other factors which had bearing the
greater number Of stocks. At least a part Of
Wall Street was worried or assumed uneasiness
because OF the factors named. Despite the
weeks exhibition Of pessmsm the stock mar
ket closed at net advances as compared with the
preceding week. Although the gas war appar-
entity was not settled last week there is reason
to believe that negotiations for a settlement
we're not abandoned AS to Sugar trustworthy
he
all denials the trade differences will be settled
by January l. The time appears TO be APP
preaching when the gas war. the sugar war,
the coal war the Philippine and the Trans
vail war will cease 10 be market factors. There |
is no good reason for selling the coal stocks be-
cause Of the coal war. so called which the An |
thracite Coal Operators Association has begun |
against the big coal producing and carrying !
companies by lending its support 20 the pro-
posed independent road to tidewater from the |
Pennsylvania fields. This war" is not likely TO |
reach significant proportions, according TO the |
belief Of the officers Of existing roads. In the first
place the independent coal operators control |
only small percentage Of the total output, and |
Il the proposed road should be built the loss in /
traffic 10 the roads already in operation would |
not reach important proportions. An officer Of
the Ontario and Western said in the week that |
cut of S25 600 in the Ontario and Westerns re- |
ceipts IN the year The Independent road. IL !
built will be chiefly in the interest Of the Penn
sylvanla Coal Company. whose product is now |
carried by other anthracite roads The demand !
for coal is so heavy that the companies are un- |
able 10 secure enough cars to handle the amount |
Of anthracite required by the market. Produc- !
ton is limited only by the ability OF the COM
panies 70 get the product 10 consuming and dis |
tributng points. An Independent road would |
doubtless make money for it's stockholders, but |
II would not lessen the actual value Of the Sc |
curities OF existing lines
Stocks were sold on Monday. owing TO misin- |
formation regarding the called Addyston |
case. which is now before the Supreme Court al
washington. AS many holders Of Industrial |
stocks are under the impression that the case In
question will, II decided adversely, affect all In
oustriaI concerns the following explanation |
printed in The Tribune in the week is reprinted:
The much talked about Addyston case which |
Is now before the Supreme Court, does not apply |
10 the ordinary industrial combination, mas
much as it involves a combination Of companies
IN the same trade TO fix prices rather than one |
corporation absorbing the plants Of others In
other words the companies composing the Asso-
GATED Pipe Works, the combination is called |
retain their corporate existence combining in or
ger 70 fix prices, while concerns such as the req
sial Steel Company. the American Steel ana WIRE |
company and the Sugar Trust are combinations |
o. eompanies whose separate corporate existence
ceased upon consolidation. The suit was brought |
against a number Of companies on the GROUND
maj they are operating under an alleged lilegaI
omoinatOl as the Associated Pipe WorKs
Hsce OF the Addyston Pipe and Steel Company
u Cncnnau Dennis Long & Co. or LOUISVILLE
howard Harrison Iron Company OF Bessemer
Ala: Admission Pipe and Foundry Company OF
Snniston, Ala; South Pittsburg Pipe WORKS or
with Pittsburg. Tenn and Chattanooga Foun-
w and Pipe Works. Of Chattanooga, Tenn. The
" corporations were engaged in the manuIact-
We Of castiron pipe used by municipal and other
eNporations. The bill charged them with car
r!lng a combination in restraint OF trade or
sOnmerce among the several States for the
purpose Of suppressing competition among them
serves and for arbitrarily fixing and maintaining
tne prices of castiron pipe"
=, money is not flowing back 10 New oTK III
t.~ige amounts, but the interior movement is now
~ tayor Of this city, the compilation made by
me Financial Chronicle" showing net gain
~, ,gi The week OF 81, 10000 The chances are that
we full amount OF the $25OO0OO0 bond pur-
ttlase offer will be taken up. over Sl2OCVo
rreVlng already been disbursed on this account
ans bank statement last week showed gain In
ss sn o. SIZ44.J0O and in surplus reserve or
vyeVt'ZZo. There are many people In stocks
VIC would Ike 10 get out Of stocks, but they
,'1ehuy DO not intend TO do so at a loss. Many
tSsope bought stocks because conditions govern
Ms lhe actual value Of securities suggested
eher market quotations These conditions are
stronger to-day than ever. The real worth OF
securities is improving. and IT Is therefore rea-
1naole 10 believe that holders who wish 10 sell
-, er stocks al a profit Will be able 10 do so at
"a Instant period. II should be borne In mind
te money market frmness is not accompanied
- weak speculative conditions in the stock mar
D. weak accounts were eliminated long ago.
Iees nave fallen below the high prices OF the
IL, ana stocks either owned outright or on
se margins. Present marginal holders are In
n.posluon TO supply additional margin II the
'essiues OF the situation should require It.