New-York tribune., 1901-10-21
THE WEEK IN WALL STREET.


Stock market trading last week reflected, a
rule a subsistence of the bull enthusiasm that
developed in the preceding week. The failure of
the public element to respond to manipulation for
higher prices induced bear operations among
traders and even the vigorous efforts Of the in
terests who have a large amount Of stocks which
they would like to sell TO the public failed to
stimulate activity a buoyant price move
mont. On several days special movements car
ried certain stocks higher. but there were few
Indications that a genuine bull market was
about to begin. In the preceding week there
were some features of the daily business that
apparently foreshadowed renewed bull opera
tions, backed by public buying, and the fact
that last weeks market did not move after the
manner indicated caused genuine regret among
a. large circle Of SPECTATORS. There are many
bear points in circulation. but they are not
strong enough TO encourage investment liquida-
ton. Just as long as railroad earnings con-
tinue heavy. and long as general business
throughout the country maintains its present
record Of activity. money market uncertain
ties reduced exports of merchandise, copper
market troubles and foreign financial and trade
depression will not upset local investment
values.
In time foreign trade troubles and money mar
ket disturbances may be reflected in own
markets but the great strength Of underlying
conditions in this country and the sound po-
sition Of our finances will doubtless prevent any
acute injury here. It should be borne in mind
that the most careful commercial agencies that
gather news from all the trade centres in the
country report that general business was never
on a more healthful basis than II is at present
There will doubtless come a period when busi-
ness activity will decline from the extraordinary
record of the last two years, but such situ-
alton will not mean panic a repetition Of the
disastrous times Of 1893. The foundations Of
business, money and politics in this country are
-yonderfully strong, and while the superstruct-
re may be damaged at times, there should be
: o injury underneath. Unforeseen troubles may.
Z course, arise. There is, however. no prospect
Of a radical change in economic conditions in
the United States.
The copper situation is not favorable, and
there is the possibility Of lighter railroad earn
ings on certain roads as result OF the shrink
age in the corn crop. These factors. however.
should not upset general investment values.
And as far as the loss in corn traffic is con-
cerned there is a good chance that the reduc-
ton may be offset by an increase in the general
merchandise movement. In the iron and steel
trade there is no cloud. In all the largest lines
of work the capacity Of the mills and shops is
engaged for nearly a year ahead and buying
power is not likely TO be checked for months TO
come A trade authority says that, notwith-
standing the heavy orders which the railroads
have made for equipment in the last two years,
the car shortage is worse at the present time
than it has been for years. Many large indus
tries, East, West and South suffering incon-
venience from this cause Great complaint is
heard from the blast furnaces. which fire.
auently compelled to bank from lack Of coke,
due to failure Of supply. Where cars are
plentiful, complaint is heard Of motive power.
IT is clear that the railroads need still to make
large additions 20 equipment TO meet the ship
ping demands of the country. The iron and steel
Industry is a good trade barometer. People
who. therefore. feel uneasy over the general
situation should make careful examination of
this branch of the nations business.
The recent report Of the Industrial Commission
created bear sentiment last week on the indus
trial shares. but there was no important liqui-
dation The recommendations of this commits
sion will not if put into operation, affect the
sound industrial concerns, for the reason that
these companies are not combinations in re-
straint Of trade. The industrial list presents
many attractive bargains, and stocks such as
International Paper preferred, Peoples Gas
American Car and Foundry preferred and In
ternationaI Pump issues are well worth buying
at current prices. High class investment shares
and railway mortgage issues were in fair de-
ST Paul, Great Northern preferred. Chicago and
Northwestern, New-York Central and Pennsyl-
vania were taken as a favorable omen by the
advocates Of higher prices. The course Of the
foreign markets watched with interest but
not with alarm. Foreigners Were heavy sellers
OF American securities. while on the London
Exchange and Continental bourses extreme
heaYiness in prices prevailed. Money rates in
London, Paris and Berlin firmer, and cable
dispatches recorded extreme bear sentiment ir
financial and speculative circles in the foreign
markets. The crop reports from Russia and
Germany were bad while the situation in Paris
was said TO be more serious than was generally
known. Paris exchange on London was again
weak, and at the gold importing point. The Sc
we're losses in copper speculation in the Paris
market have apparently demoralized the entire
financial situation in the French capital and the
chances are that gold imports from London viii
soon be made in volume. Berlin also would like
10 get gold from London. and consequenc,
of the German and French demand the United
States stands little chance OF receiving the pre-
cious metal from Europe this fall. Indeed. from
the present position OF the local exchange mar
ket IL looks II this centre might soon bs
called upon TO export gold to Europe.
Money rates at this centre compare
was again higher. Heavy shipments of cur
rency 10 New-Orleans were resi- lsible for
freeR Offering of cotton bills at the end of the