New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-11-12
7IJ1r67Iow- Nov. ioI Nov. 81 Ch'gesl Sales,
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
The stock market enjoyed a period OF re-
rnarkabIe strength ard activity last week, deal
,,gs reaching record breaking proportions and
nr,ces advancing on an average of D per cent
throughout the list OF active securities More
issues were traded in than ever before known
in the history of the Stock Exchange More IN
terest was taken in speculation by public traders
than at any other time this year, and IrohaplE
more money WAS made on the Dull size OF the
market than ever before recorded in nVe days OF
business: and all this strength and all TINS ac-
tivity were due to the firm conviction that the
reelection of President Mckinley means an
other four years Of Industrial expansion and
National prosperity. After the rapid advance
of the week the question naturally arises, VIII
the market maintain the Improvement ana
make still further progress toward higher
level? Stock market speculation often moves
contrary to indications and predictions, but IN
the present case there is no good reason to sup
pose that conditions underlying values VIII not
prove the basis for continued bun ACTIVITY IN
securities Capital is on the bull side or the ac-
count Public confidence In the market has been
awakened, and the desire to speculate has be-
come widespread and decided Interests that
control vast amounts of money are optimistic
over the future while general conditions gov
greater aDpreciation in investment values. A
reaction from the level established last week
will doubtless take place. and money market
fluctuations may yet cause temporary setbacks
:n speculation; but. all things considered the
outlook seems to promise good bull market
for several months to come
The industries OF the country received mod
crate check in the period Of political campaign
ing. Capital was content to rest until after the
no Ta14fA 1fF HpGi
to make money in the stock market was held in
restraint owing to the fear that Bryan might be
elected. No backward step was taken in bust
moss hut the productive energies of the coun-
try were allowed to rest pending the outcome
OF the November voting. Wonderful results were
accomplished by the defeat of Organism in 1896.
and now 1t is logically believed that the second
defeat Of the Popocratic party will effect still
greater results in the trade and commerce OF
The United States. There certainly is adequate
reason for all the enthusiasm that is now de-
veloping. Trade rests upon solid basis. Mon
etary conditions are better in this country than
in any other country In the world. Our credit
balance abroad is large and shows no indica-
tion of decreasing, supplying source OF income
from which we may draw at will, and furnish
ing a safety valve for the protection of our
money market. In the last four years American
investment properties have reached sound and
conservative basis. Able management. backed
by industrial expansion, has placed the Ameri-
railroads in a condition that only extraor-
binary depression in business could upset The
concentration of control policy has added value
to railway and Industrial investments
Enormous industrial combinations were among
the results of the election four years ago These
concerns have passed through the fire Of ex-
perience, and their securities may now be pur-
chased with intelligent idea of their value
Value has been put into stocks where water once
existed. The meritoriOus issues will move to a
market level commensurate with their actual
worth. while the securities of little intrinsic
merit Will find no more popularity in the mar
ket thaa do railroad stocks OF corresponding
value. 1t looks if good railroad stocks and
good industrial stocks would supply the chief
ACTIVITY IN the coming market The prejudice
against industrial stocks is based on sensible
reasoning, and if discrimination instead of
prejudice would develop there would he less
money lost in Industrial stock speculation The
fact that the leading capitalists in the country
heavily interested in Industrial securities
should commend these issues to the ordinary
investor 1t win be well to watch the course OF
the so-called trust stocks this year and it NAV
prove extremely profitable to make iudicious
purchases IN the representative issues. Two OF
the greatest investment properties in the country
are Industrial concerns[the Standard Oil Com
pany and the Pullman Company. Their stocks
sold way down the speculative scale The
iron and steel stocks are generally believed to be
In line OF further material improvement In
value, owing to the large earnings of the COM
panies. the prospects for big earnings in 1901
and the current attractive market level as corn
pared 10 the high and in many cases fictitious
prices recorded in the bull market in January
and March OF 1899. OF the established proner.
ties Peoples Gas is considered by competent
Judges an attractive speculative and investment
proposition.
Money market conditions have not restricted
stock speculation. Although the Associated
Banks surplus above legal requremnts is low
money On call rules at a comparatively cheaI
figure and unless speculation absorbs the pres
ent available supply OF funds excessive rates 10
money will not be probable. High rates her,
will certainly draw gold from abroad
while within short time the usual heavy re-
turn of currency from the interior should 40
In. Sterling exchange is stronger but the a6
vance Is due In great part to the heavy sellinf
OF American stocks by London rather than n
any change that might lead TO permanent
higher level Of quotations. There seems 10 h,
little IN the money market that should ala ru
holders OF well margfned stocks As for the neo
PIE VINO Insist upon specializing beyond thei
means, the prospect is lot promising for N,
Simple reason that, irrespective of Condition.
oSerEpecuiation and small margins General,
Head 10 financial losses. 1t is matter for con
graduation that the greater number Of Wal
street houses expect and demand big rnareins
despite the tendency OF values toward hieha
ieveI, ana II is also encouraging to note that
GOOD proportion OF the current purchases ran
resent outright buying Big bull markets az
generally accompanied by sharp reactions I,
which shoeetring margins are showed undey
The present bull market WIN prove no excention
The market closed the week strong and buovan