New-York tribune., 1901-10-28
High Low. oct Is Oct. 10 ICh'gesI Sales.
THE WEEK N WALL STREET.

THE WEEK N WALL STREET.
There were many noteworthy transactions IN
the stock market last week. without, however,
any important public support TO prices. Wall
Street sentiment inclined toward the bull side
OF the market in the greater part OF the week,
but the dealings were made up a rule OF
the operations of professional traders and OF
certain market followers commonly supposed TO
represent well known railway interests. The
buying OF the Northwestern railway stocks. in
cluding ST Paul and Union Pacific, was heavy.
There was also fair demand for the Vanderbilt
stocks and an increased inquiry for the anthra-
cite coal shares. The advance in the stocks
named caused a sympathetic movement else
where in the list. but il did not attract a large
amount of commission house buying. The ac-
tivity in the Northwestern shares was apparent
ly based on the theory that an arrangement had
been made by which an adjustment Of all the
difficulties connected with the Northern Pacific
situation would be satisfactorily concluded. II
Is understood that progress is being made in this
direction. No definite announcement however
has yet been put out.
The movement OF values in the week, while
showing increased speculative interest in the
market did not denote any announcement from
banking interests in an upward movement OF
prices It Is generally believed in banking
that there
in the money market. but at the same time 1t
is held that a big bull speculation in stocks at
this period is not justified by money market con-
ditions The current bank reserve is large
enough for all legitimate requirements of the
loan market In the course Of the next few
weeks a further reduction in bank holdings Will,
however doubtless take place, and IL can easily
be seen. therefore. that any extended stock mar
ket demands upon the money market may re-
suit in extreme rates for loans. In the last week
the condition Of the foreign exchange market
caused some uneasiness in money circles. Ster-
ling rates advanced 10 a point at which gold ex-
ports could be made either TO Paris or Berlin
without a loss At the close Of the week it was
reported that engagements Of the precious metal
might be made this week for French account
Paris has been withdrawing large amounts Of
gold from London, while Berlin has also taken
round sums from the same place Discount
rates in London. Paris and Berlin are all higher
than they were a week ago, and unless there
should be a marked change in the situation this
country will undoubtedly be called upon TO send
some gold abroad.
AS a rule the fall season is time for gold
exports from foreign countries 10 the United
States. This year, however. there have been
various developments affecting the local market
which have prevented the usual decline in for
eicn exchange quotations The backwardness
OF the cotton movement has caused a scarcity
OF bills in the last few weeks, and this. with
the maturing Of loans made through the medl-
um Of the International exchange market, has
caused an upward movement OF rates for sew
elal weeks. Although exports OF merchandise
from the United States continue heavily in eX-
cess OF imports. it is evident that this country
no longer has large trade balance In Europe
Onsetting factors, such as the investment or
large amounts OF American capital abroad pay
ment OF interest due European holders OF our
investments and large expenditures by Ameri-
"A
in foreign countries. The recent increase IN
lcens in the New York banks has been due In
bsnkers 10 pay off maturing foreign loans The
supply OF cotton bills in the foreign exchange
market at the end OF the week showed an i'm
portant Increase, and II was considered likely
ia foreign exchange circles that from now on
there viii be free movement or cotton abroad.
The general position OF the stock market is
sound. Conditions underlying values continue
strong in all particulars. and as a consequence
the investment value Of securities is increasing.
This value is not yet reflected in public de-
mand for investments, but the prospects
that activity on the part Of the public will
be resumed at no remote period The present
uncertainties in the situation will not upset
American trade and finance, and they viii not
remain active market factors for any extended
length Of time. In the greater number of
cases stocks are not selling at dear figures
while many instances are presented OF attrac-
tive bargains. This is especially marked in the
low priced railway shares and in the industrial
issues Of recognized earning power. With the
exception of Amalgamated Copper, Sugar Re
nnlug and the steel shares. the industrial list
did not enjoy important activity last week
There some selling OF International Paper
preferred on the report of the formation OF a
large opposition company. Officers Of the Inter
national Paper Company not alarmed over
the prospect of new competition. II viii be a
long time before the new paper company will
be able TO put its product on the market. and
meanwhile and thereafter the International
Paper Company win continue 10 pay ts diYi-
dends Peoples Gas sold down because OF
the decision faVOra bic TO the Franchise Tax law
in Illinois and because the report OF the COM
pany presented TO the Stock Exchange with its
application for the listing OF new stock made e
poorer showing than generally expected.
Trade reports received in the week presented
further evidence Of great activity in most lines
OF industry. The iron and steel business con-
tinues &c exhibit extraordinary progress. while
most other departments OF work show CORE
spending Improvement. The volume OF business
IS not expected 20 continue at its present high
rate throughout the winter but in trade
circles believes that there viii be any evidence
OF business depression in the United States
IN the course OF the next twelve months. Rail-
road earnings are heavy in all parts Of the
country and the October results so far received
indicate that this month Will show heavier rail-
way traffic than in any preceding October or
record The course OF the foreign and loca
money markets may be the controlling factor in
this weeks stock market