New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-26
High. Low. Nov24 Nov17l Chss.i Sales.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
The general course of stock market specua-
ton presents no features that suggest an i'm
mediate end of bull activity. Investment buy
ing Of high grade stocks at advancing values
reflects she confidence OF capital in underlying
conditions while the character of speculative
purchases warrants the belief that values will
go much higher before a prolonged decline de
veops With the exception of the operations
OF the notorious Chicago crowd Of SPECTATORS.
there has been cause for complaint over cur
rent market dealings. The Chicago band, as
usual. INDUCED in manipulation. its work being
particularly noticeable in American Steel and
Wire in which 60 much money lost by out
Eiders six months ago, when John W. Gates
made his spectacular bid for the position OF
market leader There various kinds OF mar
ket leaders The late Ex-Governor Flower was
one of the greatest market leaders in the history
OF the Stool. Exchange. He worked to improve
properties ana values by legitimate means He
was a believer in the United States and its in
dustries ard he not committed to the
theory that mani ouIat ION is necessary to make
profits IN stock market trading. His methods
were honest ana above board. There is no
great individual leader in the market now. Rnl
the methods % the Chicago aggregation will
Fever produce a market leader III whom public
conf ance will be reposed. The public needs no
bull leader just 1t is its own leader. fol-
lowing the star Of Industrial expansion in the
United States TO better advantage than the
operations of Mr.. Gates Mr. Keene Mr.
Wornser.
The movement OF American Steel and Wire
stock last week again calls attention to the
fact that in certain industrial companies
trusted managers are more intent upon specula-
tier than upon the legitimate interests of their
stocEho,deTs. so matter how promising the
business situation may be. a company VIII not
long continue successful II its management uses
st a club t. affect speculation in its stocks.
Republic Iron and Steel securities have not
beer under the influence of manipulation.
\. neither have Federal Steel issues These COM
N panes ably managed. and their stocks are
~ being absorbed by investors at a which in
duces the belief that the preference issues will
soon become exceedingly scarce for speculative
purposes. There aye many good industrial
stocks still selling under their intrinsic worth
and II investors exercise discrimination in buy
ing they VIII have reason 10 regret their pur-
chases. MANY Industrial Investments are as
safe. while more profitable than railroad securi-
ties. The first class industrial stocks have be-
gun TO enjoy a long period Of price improve
ment. and the prediction is made that the dav
will come when many issues now ruling az
bargain figures will follow in the path of Stand
ard Oil, Pullman and Singer Sewing Machine
stocks. the three highest priced industrial is
quoted. General Electric NAV become q
secord Standard Oil in point of investment
va!ua- The United States is a country Of great
an. growing Industrial activities and its indus
trial securities Of merit viii not always remain
at ruling prices
The stock market enjoyed a hea lthful reaction
last week Declines from the rapid advance Of
the eek before placed the market on a sounder
technical basis without harring the bull posi-
Ton 81 speculation. Considerable speculative
liquidation took place. but there was no invest
ment selling or indication that the decline was
due 20 conditions other than those resulting
from the active bull movement that deveIonad
after the recent election With all the selling
mere mas been 10 break IN the market no pres
sure OF pubic liquidation and nothing approach
'ns disturbance. The selling came in great part
from he professional element and small com
mission house traders. There is apparently O
supply OF investment and speculative buvinp
ORDERS that viii not be exhausted in day or a
week or longer. The amount Of capital seekine
investment is larger than the ordinary stocL
market trader credits. and the conditions tina,
have brought out this capital possess greater
significance TO investment values than the mar.
row ideas of bear operators able to fathom
The stock market is large and broad and II "a,
stand an avalanche Of realizing sales withou
injury 20 its general structure. AS pointed on
in this column in the week reactionary SWIM
toms will occur at times. and there will be re
lapses in the strength of outside buying: bu
until prices have outstripped conditions govern
ing values. until the progress and prospects @
The country's trade and commerce have beer
discounted, period OF declining values neet
not be looked for In this market stocks deriv
their strength from actual value. When a bi,
public buys stocks the basis OF intrins
worth II will not pay the professional operato
10 have short lines outstanding The punish
Inent Of the shorts in Northern Pacific is likel,
70 be repeated in many other stocks Man,
bear traders and all the bucket shops have suf
iered severely in the present rise.
Money conditions at this centre are encourae
ing. and there is no occasion for Uneasiness owe,
the future OF the money market Bank cash
holdings increased over 100000 last week
while surplus above legal requirements rose Il
$12.21S.275, gain for the week of oyel
100000 The big movement in stocks sine.
the election has caused but small increase ir
loans, and borrowers on call receive ali the &C
cOmmodatton required at 3Q4 per cent Banl
ciearings broke all records last week Railroad
earnings were satisfactory, and trade in genera
md tH-ffh