New-York tribune., 1901-01-28
THE WEEK IN WALL STREET

THE WEEK IN WALL STREET.
The advance in stocks the first three days
OF the week was more OF demonstration against
the shorts than a widespread public demand for
securities AS a matter of fact, the public was
not particularly active in the market, while gen.
eral speculation was until Saturday more pro-
fessional than II had been in any week since the
fail election. Transactions showed marked
falling off IN volume. Prices while strong,
failed TO attract hearty outside buying although
sentiment was not inclined toward depression.
The market has developed two sides, but it is
not unlikely that values will reach higher top
than the January level before the best prices Of
1901 are recorded. Stocks are a purchase on
weak days and sale on bulges for the present
Good railroad issues are worth tucking away
for better quotations underlying conditions
are sound and as there is nothing in view that
suggests a setback in trade. The steel situa-
non has not developed the unfavorable condi-
lions predicted, while il now appears likely that
the difficulties that possible Carnegie competi-
ZION suggested will be successfully met and
handled. In the general outlook there is GER
fainly no factor that warrants pessimistic re-
view of the investment markets. And there is
no factor that suggests permanent lower level
OF values.
Efforts are apparently making by the in
siders in the so called Moore properties TO un-
load their stocks tae public but it looks as if
some Of the insiders might be hurt instead Of
the public.
Determination in the purchase OF industrial
stocks should be exercised at all times, just as
Ct should be exercised in the purchase Of rail
road stocks but discrimination against the in
dustrial stocks in general because Of the bad
performances OF a few is not just nor is il
sound business Industrial companies which
are managed by spectators are worth little
attention from serious minded investors Com
panies that refuse 70 permit stockholders to
know anything about the affairs OF the proper
ties are generally concealing figures that might
be open TO adverse criticism if published. Wall
Street mas a memory, and careful Wall Street
traders are not now taking the bait which GER
tain promoters are dangling before them. In
dustriaI companies which start out with big
dividends and then are forced TO borrow money
for working capital do not furnish the best
channel for the investment OF capital. Many
industrial companies appeal TO investment in
terests because OF conservative methods in
management. Industrial shares that represent
concerns managed by practical business men
rather than by spectators VIII, rule, prove
profitable purchases.
A year ago the Moore crowd threw lot Of
American Steel Hoop stock on the market, and
the price went from As to Is. The performances
Of the Gates and Moore crowds IN the stock
market have hurt all industrial shares with in-
Vestors, and IL may be some time before the
first class issues reach the market position 10
which they are entitled by their actual value as
based upon big earnings and good manage
ment No investor cares TO take hold Of stocks
which represent companies whose promoters
and officers are engaged in gambling operations
in the respective stocks The exhibition Of
5sv,sTf1~ rI1l h.
porate spectators is not calculated TO inspire
confidence in industrial stocks. Stockholders
have right to know the assets. liabilities the
volume OF business and all facts pertaining TO
the affairs OF the company in which they are
interested. Railroad companies suffer from
competition much as do the industrial COM
panies, and yet railroad companies are not
afraid TO let their competitors know just how
much they are making. The Stock Exchange
has the power to compel every company whose
stocks are dealt in TO make weekly. monthly and
yearly statements, and IN the interests Of the
investing community action leading to such
reports should be taken. The Stock Exchange
prides itself on being absolute in it's power over
its members. The Stock Exchange should ex-
tend the sphere Of its influence 10 the com
panies whose shares are bought and sold on
the Stock Exchange floor
The money market situation has reached a
point where call money may be had for . per
cent ani where bank reserves are more than
sufficient for present requirements With the
approach OF February the question naturally
arises. How long will bank holdings continue to
increase? II is probable that the first half Of
the coming month will witness the high level
for local bank reserves for the season
Gold exports promise 10 take a considerable
amount of money out OF this city in the course
Of the next few weeks while the spring demand
from mercantile sources will doubtless be large
Merchants throughout the country are looking
forward 10 an active season. and trade reports
indicate growing activity in all parts of the
United States. Bank earnings for the last week
show gain Of 36 per cent over the same we4i,
year ago. while railroad earnings continue to
break records for heavy receipts
The feature IN the iron market last week was
the placing of large orders of Bessemer pig AT
Pittsburg. In the stock market the course OF the
iron and steel stocks apparently reflected an
agreement among the leading interests to take
advantage OF current heavy orders; in other
words 10 attend TO business instead OF discuss
ing plans for fighting Mr.. Carnegie.
London sold stocks freely last week in the
local market, but the death OF the Queen was
not an influence affecting speculation. The
movement OF values indicated until Saturday
disposition on the part of prominent interests
10 leave the market in the hands Of professional