New-York tribune., 1901-12-02
THE WEEK IN WALL, STREET

THE WEEK IN WALL STREET
Stock market trading was active in the week
Chile prices a rule were strong and higher
The sharp break in the copper shares on Friday
and Saturday created some fear in speculative
circles Of a collapse in the general market but
there were signs Of Generalization and ir
pnly a few shares important reactions from the
nigh prices Of the week It is doubtless true
that certain holders taking advantage of the
high level TO market their holdings. It is not
true, however. that banking interests have with
hrawn from the market, intend in the near
future TO unload their stocks or bonds The
more important interests apparently are not YET
ready to retire from the market: indeed, it is
probable that they could not get out at the mo-
nent without sacrificing the success Of far
reaching financial plans involving large amounts
Of securities and money. General conditions do
not warrant the sale Of good securities but in
some quarters Of the Street it is thought that
the heavy losses sustained by many operators
N Analgan1ated Copper may compel the sale Of
stocks elsewhere in the market.
The actual trade position of the copper in
dustry is hard to determine. It is known that
the situation is unfavorable abroad and that
the demand for consumption at home is very
heavy. It is contended by some people, how
ever, that current demand does not warrant the
present American prices OF the product, and at
lower quotation on the pound. The Amalgamat-
ed people appear confident that the current fig
ures can be maintained, despite the decline
abroad and the falling of IN exports Of the
metal from here. In the last week prices have
declined in London f5 ton, and foreign reports
are exceedingly gloomy over the situation. Con-
fdence on the part of AnnalgaHated insiders
fails to beget confidence among stock market
operators on Amalgamated and Anaconda
shares, and, of course. bull sentiment these
issues as safe investments is out Of the question
under present uncertain trade conditions and
litigation against the Amalgamated company.
1t may not prove advisable to sell copper shares
short at this juncture, as they have already
experienced severe decline, while it will GER
ta.nly be wise for the public trader to conflne
his attention TO other parts Of the speculative
list Weakness in the copper shares should not
cause bear sentiment the industrial issues
IN general. The greater number Of industrial
stocks of recognized merit are selling under
their true worth. and at prevailing prices they
are attractive speculative and investment pur-
chasee. International Paper preferred. Interna-
tional Pump, American Car and Foundry pre-
<erred and Pressed Steel Car preferred in
dustriaI shares worthy Of investors confidence
Money market rates showed important
changes IN the week, but general monetary con-
dftions improved despite bank statement de-
crease in holdings. The local banks
are in sound condition. and perfectly able to
supply more gold for export and to handle a
bull movement in securities At the close a
week ago it was generally thought that gold
shipments over for the year but in the last
few days developments in the foreign exchange
market suggested that further exports Of the
precious metal might be made this week. Local
foreign exchange rates advanced, while Paris
exchange on London declined to a point near
the level for gold exports from here to Paris
FOR London account. Local foreign banking
houses. however, do not believe that foreign
requirements are large enough to make heavy
shipments from here necessary Gold exports
are the result of legitimate business operations
and they have ceased be bear factors on
securities despite the efforts of traders to excite
apprehension whenever exchange rates move
toward the shipping points.
In the high priced railway shares less atten-
tion was paid to New-York Central, while Penn
eylvania came il for round share of specu-
1ative buying. The adjournment of the New
York Central directors meeting without any
public announcement regarding current reports
affecting the Vanderbilt properties caused some
selling in the Vanderbilt issues On the decline.
which in New-York Central amounted TO only a
poant good demand developed. and at the
close the stock showed only small net loss
from Mondays last quotation The traction
shares were well bought especially Manhattan.
but on Saturday Brooklyn Rapid Transit suf-
feree a sharp break on selling induced by a
decrease in the companys October net earn
i-ss. Among the low priced railway shares
Southern Railway common and Colorado and
Southern common were in demand from a good
class of buyers. 1t is generally believed that
the last named stock is being accumulated by
prominent railway interests Earnings Of the
company are increasing, and the prospects favor
an advance in the first preferred dividend TO 4
per cent, and the placing Of the second pre-
ferred in the dividend column
There was a better demand for the United
States Steel shares in the week helped, no
doubt by the return TO the underwriting syndi-
cate of S25000o00 advanced at the time of the
formation Of the company. and by the official
announcement that net earnings in October were
above S115OoO0O. According to trade reports
there is no abatement in the demand for pig
from and no objection the part of buyers to
the current level of prices, which averages 81 a
ton more than on November l. Transactions
jnvoIvins contracts for deliveries to through
tine entire year of 1902 reported. but most
O. the buying is for the first half Of the new
wear There apparently is speculation in the
current iron and steel business. as all reports
for IN entirely for legitimate consumption. Un-
Ger present conditions. il would seem as If the
United States Steel shares might prove profita-
BILE purchases at going prices. Sugar Refining