New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-12-17
THE WEEK IN WALL STREET.

TIE WEEK N WALL STREET.
re,elopmepts Of the greatest significance Il
investors and investment values took place last
week stock market values reflected these de-
yelopments N a sharp upward movement on a
large volume Of business, while Wall Street SEN
timent showed in It's cheerfulness the Importance
of rumors that became established facts. Out
Of the seemingly involved and confused anthra-
cite coal situation. in which the profits OF the
great coal carrying roads We're endangered by
threatened competition from a proposed new IN
dependent coal line 10 tidewater, order has been
effected. and the complexion Of the anthracite
coal affairs has been completely changed. BY
the wisdom and policy Of the banking house of
z p Morgan & Co. the interests of the coal
companies have been promoted and protected.
The purchase Of the Pennsylvania Coal Com
many insures absolute control Of the anthracite
GOAL trade by the community OF ownership which
is mace up OF the big coal carrying and pro
eucirg companies; il adds value to the securi-
fss of the anthracite stocks, and It protects the
vested rights Of thousands Of people whose in
terests IN the coal properties have been serious
" threatened by the contemplated war between
the so-caIled coal combine" and the fndepen-
Dent operators. The Pennsylvania Coal Com
pany has been secured at big price. but the
operation viii prove paying one In the end
AZ yet the methods 20 be employed in financing
ths deal have not been made public, but the
mere fact that the leading financial interests In
the country are moving in the matter insures
success and profits.
While Efforts to guard the-interests Of investors
fn anthracite stocks We're made in the week,
steps IN the came direction swezs taken by the
pressdeuts Of Western railroads to bring 20 an
enc the serious evil OF rate cutting. An ad-
vsaory committee made p OF financial interests
So
the members being representatives OF the strong
est railway and financial concerns In the eoun-
Try. Too many profits have been lost through
the unauthorized cutting OF railroad rates. In
the East the concentration Of control policy
among the railroads is gradually eliminating
rate cutting factor in the railroad business
but the Western roads are stu troubled with
the plague, which recently has become so griev-
Gus that the various officers have called upon
the financial powers 20 help them stamp out the
\ trouble. The Eastern methods Win be adopted
II in the West The community Of ownership ten
dency Will be extended 10 every important road
west OF the Mississippi River. a reelection OF
which may be seen In the current buying OF this
Etocizs OF Western railroad companies. The
movement has already taken IN the roads in the
Northwest. 1t VIII cover the Middle Western
roads and the Southwestern roads, and the day
will undoubtedly come some people think, wheI
al the roads OF the country viii be members o.
the ACKNOWLEDGEMENTS Hill Could etc, comb.
nation. The Supreme Court has declared rate
making organizations Illegal, under the pro-
visions OF the Antitrust law. and the current
movement among the railroads is the outcome
OF the Supreme Court decision which knocked
out the Trans-Anssouri Association and the
Joint Traffic Association.
In addition 10 the factors just discussed Wal
Street had other bull ammunition in the state.
ment OF foreign commerce for November, in the
improvement IN the iron trade. in railroad earn.
ings and in the comparative ease OF money II
the face OF low bank reserves above legal re-
ourements. Exports OF general merchandise fl
November amounted IN value 70 Sl36 CTS. 594
the excess over imports being S71. 49,. JIG. Tota
merchandise exports IN the eleven months OF tn,
calendar year have been in value s.. 33I 81 S97
gs-gsinst Sl.275,4S664l In the entire twelv,
months in 1893 with an excess Of exports fo
eleven months Of S572.62 7.O12, as compared witt
S41ooo2O2l in the whole Of the preceding cal
endar year. With all Offsets II our big mer
9chandise exports. there have not been enough Il
liQuidate the balance In this o,untryss favor
With the current large trade balance supplying
"a solid foundation Tor our money markets. Their
need be no fear over current condi tons that an
pear 10 toreshadOw higher rates fos money. Tn
United States is lending vast amouats OF none
.rsoroed. and II sETingoncy should develop her
foreign credits VIII be called home. There ma,
be few days OF big fluctuations in the cal
money market before the turn Of the year. b,,
the chances DO not favor real disturbance
For the first time since last June the iron trad
begins 20 show check 10 the decline in produc
zion thai marked the market throughout IN
summer and early fall. On June ] there wer
laS furnaces IA blast. with a gross capacitv q
2s0Sf6 tons a week On NoveEabe- l Dos f,r
naces were at work. with a production Of 2l5 90
tons a week but on December the number .
furnaces in operation increased TO 2ll with
weekly output OF 22SS46 tons. II is believe
that the coming year VIII he a banner year .
me iron and steel trade. both as regards .o-
mage and profits. II Is not thought likely cha
heading Interest," "a the business viii uernt
price Generalization, while II IS generally H.
heveo fhat prices viii be maintained on a seal
mat WIN Yield fair proits and steady Quinn
oussia~ or the purely speculative buyinr Ia.
week stocks were taken for the account :
prominent banking and railroad Interests -,
py INVESTORS whose operations gave the mari
an appearance OF excitement and t,,ovancx, -,
marked the course OF trading IN the two ~,
noAowlng the recent election. Buying Of hon.
was heavy, total sales FOR the week reacbtn. ;,
par value OF S24sSS0O0 against s2a. l0ao No
the preceding week The bank statement shour,
ng reduction In liabilities ana 8 small tncres,