New-York tribune., 1901-12-30
THE WEEK IN WALL STREET.

1Hk W I-Eh IN w ALL
The course Of stock market values in the week
reflected better demand for securities from
commission houses and a disposition on the
part Of substantial interests 10 operate for higher
prices The Improvement in speculative senti-
rnent was based on the comparative ease in the
money market, the prospects of good sup
ply Of money at this centre In January and on
further evidence of sound business conditions in
most lines of the country's industries. The
called copper and sugar wars are factors af-
fecting for time securities values. but they
are not effective influences on the intrinsic
worth Of investments. The movement of Anal
gemated Copper and American Sugar Refining
shares in the week indicated Improvement in
the copper trade and further active manipula-
tion on the part of certain sugar trade inter
ests. who have always been actively identified
with the speculation in American Sugar Rein
ing stock. The price of refined sugars
duced early in the week, while Friday
advance of 10 points was made by all the COM
panies In six days the stock declined from
1851 to 1885. recovering however, to 1113s be-
fore the close. According to competent trade
authorities the decentralization in refined sugar
is due entirely to the position of the sugar
market, which is in unsettled condition
throughout the world.
Heavy speculative buying in the industrial
ing movement throughout the list, and the
sultant advance attracted active outside buying
in the greater number of railway issues. There
was an increased disposition to buy the attrac-
tive cheap priced railway securities also ap-
parent revival OF interest in the cheap priced
industrials which are selling many points below
their actual worth as investments. The strong
position Of the country's various industrial
tivties suggests that the sound industrial secur-
sheFr
: rent level in the coming year. Stocks such as
American Car and Foundry preferred. Pressed
Steel Car preferred, International Paper pre-
ferred, International Pump and American Loco
motive issues are considered profitable purchases
at prevailing prices. In the railway list de-
mand was noticed at the close Of the week for
the Colorado and Southern stocks. There rea-
scns for predicting that Colorado and Southern
common and preferred will sell a number Of
points higher in the next bull movement. These
shares have been accumulated by an excellent
class of buyers. Active buying was also no
ticed in Reading common. Erie common and
Wabash common. The coal stocks all prime
favorites with important Wall Street interests
at the moment, owing to the splendid earnings
OF the companies and the relative cheapness OF
the shares
Money market conditions in the week moved
more in <avor of borrowers. While there
4 no appTsc1a Die OeCilne IN rates, Ine general
tone of the market easier and the position
of the banks showed marked improvement
Money came TO New-York in large amounts
from the interior. The bank statement showed
further expansion in reserves. and all indi-
cations pointed toward a further increase this
week. There is longer any uneasness in
banking circles money market condi-
tions. Preparations for the enormous January
interest and dividend disbursements have been
made without disturbance in financial markets.
and there is little prospect that lending rates
will move toward higher figures for many weeks
20 come. Throughout the month Of January the
e movement OF currency will be in favor Of New
Il York while return flow to the South and West
+ will not develop until the spring. Stock mar
4 lzet operators counting easy money
+ market in the next two months to help them
Il along in their campaign for higher prices. The
course of the foreign exchange market has
4 shown frmer tendency, due in great part
20 local money market conditions. The frmer
rates have also been helped by the demand for
remittance, which is always active around the
end Of the year. There is fair supply of cot
ton bills in the market. but the supply of grain
Z bills is small II is too early to make a predic-
ton with regard 20 the movement OF exchange
in January. but the best informed authorities
expect a RESUMPTION of gold exports If the
present big short interest in the market and the
= tinue.
Trade reports received at the ~Iose of the week
reflected remarkably sound conditions in most
lines OF trade. Bank clearngs were only frac-
L tiorally under the record breaking total OF a
3 year ago. while they Were per cent heavier
than in the same time in 1899. Trade is profta-
bic throughout the country The reduction in
s copper prices. the refusal of the United States
z Steel Corporation 10 advance prices and the
general tendency in all departments OF trade to
II reduce the cost OF living are factors which
Il foreshadow legitimate and healthful business
4 Throughout the year OF 1902. Railroad earnings
4 for the third week in December showed in a
number Of cases decreases from 1900. but the
falling off due 10 the bad weather rather
than TO any permanent reduction in traffic bus-
Il ness. In some quarters the decreases men,
II toned were taken indications of an end of
heavy earnings among the railways. There is
( absolutely no ground for such theory, while
Z there is ample reason for the belief that rail-
4 road results in the year will equal the ex-
L traordinary gains made in 1901. Certain roads
/ may be affected by the reduction in corn ship
L ments. but IL is generally thought among rail-
II way managers that the loss from corn trafic
4 viii be Offset by increase in the movement o,
4 wheat and general merchandise. The strength
+ Il In the iron trade will doubtless prove an i'm
i portsnt factor in stock market trading in the
q ffnfSt few months. The United States Stee
& stocks have been IN better demand in the las,
Il &kw days and better prices are predicted Bull