New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-09-30
High. Low. sep, 2s sept p chgs- Sales
THE WEEK IN WALL STREET

THE WEEK IN WALL STREET.
The operations in the securities market last
week were controlled in great part by develop
rnents in the affairs OF the copper companies
and by the trade position of the metal Dis
tinctIy unfavorsble results in the copper export
trade. lower prices for copper abroad, over
production here with efforts to maintain prices,
vigorous opposition to the Amalgamated COM
panv BIZ independent companies, and reduction
fn the dividends of the Amalgamated and Ana
conda companies comprise series Of develop
rnents that have tended TO upset speculative
sentiment as well as stock market quotations.
The fact that the leading powers in the Analga-
mated company are prominent stock market
interests naturally exerted particularly eff
fective influence uDo2 speculative temper. and
around knoan facts involving the position Of
~the STANDARD oil marty many fancies developed
that at times were Is absurd they were with
.,l;t basis wall Street bears endeavored to Gull
fivate extreme pessimism. Bright factors in the
situation were brushed aside while in their
place the manufa ctured dark shadows appeared.
II Is true that the elements necessary for sus-
tafpcd bull market are not at the moment fac
tors I'm the situation, hut there is not, however,
1anythng in the general outlook that warrants
The sale of well protected holdings CT gloomy
forehodings over the position of the market.
The money market situation is not weak, and
~ oTazy stock market speculation is avoided
there ought to be no strinSency in rates. De-
nand for the interior will doubtless continue
for some time to come. Gold shipments from
Europe appear improbable at present but 1t
should be noted that heavy gold arrivals are
respected at San Francisco, with advices of
further exports from Australia. Eventually
the gold received the Pacific Coast will move
-t5->e---Yorl while after the interior demands
baK1o haeD fled will
pile up in this centre. seeking. as usual an
outlet at the stock market. Meanwhile, if
curitiesi decline good bargains viii be presented.
Based on the known conditions underlying the
business situation and upon indications for the
fall and winter season, stocks are. rule
cheap at going prices. especially in the South
ern and Southwestern Railroad groups and in
the sound industrial issues. OF the railroad
hares worth watching should make bet
or records than Southern Railway issues,
tluthe1n Pacific and Louisville and Nashville.
4 the Industrial list il will doubtless pay to
rollow International Steam Pump common,
Nrnerican Car and Foundry preferred and Inter
Ptional Paper preferred.
sc only unfavorable feature of Importance is
1,eign situation which presents unmistak-
rms of industrial depression. 1t has been
teach the condition of trade abroad that
euiatxports have been heavily reduced.
.-.lded in many quarters that all lines of the
American export trade will be affected. 1t is
evident however, that SO far this year the gen.
eral export business has not been hurt by Eu-
ro7ean industrial misfortunes. Any large reduc-
zion in the movement of general merchandise
p broad viii. of course. have a harmful effect
upon domestic industries and IL is therefore not
uncommon TO hear at present words of caution
from people who knosr what the effect OF lighter
49,
kets From the speculative point of view. how
ever, II may be said that efforts TO be made
this year inaugurate another bull movement
in securities irrespective OF the future of trade
conditions. Considering the strength Of condi-
tions here, the progress that this country has
made I'm trade and finance. the stability of its
Institutions. the increased home consumption of
ia orr products and the markets that are
eng opened in the South and East. there is
.cording TO the belief Of this column. no rea-
to look forward TO any industrial prostration
re because of the unfavora BILE course of events
Europe.
In the week heavy selling OF the Gould shares
as, followed by reports that break had taken
ace between the Gould and Vanderbilt inter
sFt~was also said that the Standard OIL
~ was fighting the GouIds and Vanderbilts
he wicked imaginings of bear operators were
ne chief foundation for these reports. II may
xe said on excellent authority that there is alb
%olutely truth in the current reports regard
ing the interests just named 1t Is probable that
ire Pennsylvania Railroad and the Wabash will
end way TO settle their differences in the Pitts
burg district without developing a stock market
battle. And the thing may be said re-
garding the alleged fight between the Rookie
Teller interests and the Vanderbilt and Gould in
terests. The larger financial powers have too
much al stake to risk a drawn battle through
the medium Of the securities market. In the last
part Of the week heavy buying of the Wander
bilt shares conspicuous feature of trad
ing, snd the whole list closed strong on Friday
ard moderately firm on Saturday The weekly
hank statement showed an increase Of over So
100000 in reserve