New-York tribune., 1901-10-07
'Ex dividend.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
The course of stock market values in the week
lust closed was in the direction of lower values.
Prices declined steadily throughout the week
with material net declines at the close. The vol
ume Of business was not large, there was no
Important investment liquidation, and there was
little in the character of trading that reflected
fear uncertainty the part of holders of
solid investment securities. AS rule, transac-
tions represented selling for professional ac-
count and for small operators whose margins
had become exhausted The more important
declines made by the industrial shares
especially in Amalgamated Copper. American
Sugar Refining and some of the minor indus
trial issues The railroad stocks declined in
sympathy with the industrial shares. but in
the case of these securities there was practi-
cally no reason why losses should have been
made. In declining market however. favora-
BILE conditions receive little recognition.
The sharp decline in industrial stocks in the
week was helped in great part by the discussion
of the earnings of many of the industrial con-
Germs. a number of industrial companies have
recently made reports of earnings, showing a
considerable falling off from the results of a
year ago. The United States Steel Corporation,
however. has just reported for the first six
months Of its existence, and it shows one Of the
most remarkable exhibits of earnings ever re-
corded by an industrial company in this coun-
try. After paying all dividends and interest
charges the company was able to show surplus
of about S12,300O00. The example of the
United States Steel Corporation in making
full and complete report of its operations should
be followed by all other industrial concerns
whose securities are listed on the Stock EX-
change. 1t is the general hope in Wall Street
that the Stock Exchange authorities will COM
pei the industrial companies to issue regular
monthly quarterly statements of earnings.
The railroad companies issue weekly, monthly,
quarterly and yearly reports of operations, and
there is good reason why the industrial com
panies should not do the same The fact that
the Amalgamated Copper Company reduced its
dividends without showing TO its stockholders
its financial condition or the condition of the
copper trade has been one of the chief causes
for creating the present sentiment in favor Of
industrial company reports. The copper Situa-
tion has improved in the last week, but it will
he some time before public operators in securi-
ties will be willing to buy Amalgamated Copper
shares Amalgamated Copper stock declined
last week to SAY, which compares with 40, the
highest price of the year
Outside of the position of the industrial COM
panies the money market was undoubtedly the
principal influence in the weeks course Of
values. Although the monetary situation is be-
ing ably handled, Wall Street shows consider
able uneasiness over the movement of rates in
the rest of the month According to the opinion
of the best money market judges in the Street,
there is no reason for uneasiness over the mar
ket- The present reserve above legal require
rnents stands at a figure large enough to take
care of all legitimate demands for accommoda-
ton. Successful efforts have been made by the
banking community to restrain stock market
speculation in order to protect the local bank
holdings. There is not enough money at this
centre to finance a large speculation in stocks,
and just long the stock market continues
in its present quiet condition there will be no
trouble in money. Bond purchases by the gov
ernment have ceased. and help may be ex-
pected from gold imports. while the movement
of money 10 the interior will be heavy through
the month In the week just closed there
would have been a large decrease in bank hold
ings had il not been for the receipts of gold
from Paris and payments by the Treasury for
bonds. These factors. however. will not be ef-
fective in this weeks market.
1t was said in well informed quarters last
week that the present irregular and declining
conditions in the stock market merely a
prelude TO a substantial advance later on in
the season. Money will begin to return to this
city from the West and South early in Novem-
Der, and unless there should be radically un-
favorable change in conditions affecting the
actual value Of securities prices certainly ought
10 seek higher quotation level. Trade condi-
tions throughout the country are sound there
is no decrease in industrial activity and there
are no indications that point toward an end of
the present prosperity in the United States
Railroad earnings are enormous, bank clearings
are heavy and general trade conditions present
every evidence Of strength. AS a rule stock
values are well below their intrinsic valuation
The greater number Of railroad stocks are cheap
at their present level, while the better class Of
industrial issues selling at bargain figures
In the Industrial list, stocks such as American
Car and Foundry preferred, International Paper
preferred International Pump and Peoples Gas
and speculative profit. All of the stocks named
represent money making concerns whose pros
poets are particularly bright for the fall and
winter season. In the railroad list Southern
Railway stocks. Southern Pacific and Erie are
quite apt TO be favorites in the next bull mar
ket. Wall Street is blue at the moment but
the chances are that sentiment will grow more
cheerful in the course Of the next few weeks.
II is well to bear In mind that in periods of
Wall Street depression the larger interests gen.
orally accumulate stocks to hold for substan-
tial rise. There is reason not to believe that
they are doing this now.
BANK EXCHANGES; SALES RECORDED.