New-York tribune., 1901-12-16
THE WEEK IN WALL STREET.

3 THE WEEK IN WALL STREET.
Money market factors and the position of the
copper market and copper shares were the con-
trolling influences in last weeks securities mar
kets. Prices were heavy throughout the greater
part Of the days trading with many heavy net
losses at the close. Amalgamated Copper mad
a new low record at 6414, closing the week 6512,
or 64t2 points under its nigh record price OF
June IL The copper trade in Europe is de-
pressed but according &c competent trade au-
thorities the copper industry in this country is
active and in no danger of decentralization. Many
unWarranted statements have been put out re-
garding the position OF the copper trade. Much
false information has been disseminated and
fearful losses have been made through the ma
nipulation and general course of the Amalga-
mated shares. And, incidentally. too much prom
inence has been given 10 overrated Boston
speculator whose career in stocks has never
been an important factor in general specula-
tion. Consumption of copper in the United
States is large scale and according TO a
leading trade authority the home demand has
been greater this year than when copper sold
much below present prices. The demand from
Germany has fallen off, and exports have been
greatly reduced but the copper consumers
abroad have been operating their works on such
small stocks that requirements between now
and spring will doubtless exhibit marked
pansion. The action of the Amalgamated Cop
per Company in reducing the price Of copper
to conform to trade conditions
should have favorable effect on the copper in
dustry. and serve to bring TO end unnat-
ural and perplexing situation
The rally that took place in copper shares on
Monday due entirely to speculative cOnd-
tions, as shown hy the course Of Amalgamated
in the rest of the week Copper shares, that is,
the AmaIgamated shares, doubtless possess
greater intrinsic worth than that represented by
current market quotations: but it IS not like
ly, after the experience that many public
operators have had in the stock in the last six
months that any viii buy ii the asser-
ton Of Mr.. Lawson that it is worth 1S0 and will
eventually sell at that figure. At the moment
many people are inclined to the belief that
AmaIgamated Copper will go lower before ii
starts its upward course and there are some
unfeeling persons who suggest that the stock viii
be hammered by certain interests until the
talkatlve Boston operator has been forced to sell
his Amalgamated holdings at enormous losses
And there other people who are unwilling to
believe that the Boston operator holds much
Amalgamated, if any. and they assert that the
self guaranteed losses, as related by the opera
tor in question amount to much more money
than he ever controlled in his life. No one has
yet solved the copper speculation mystery, and
the long talks from Boston have failed TO throw
any light on the subject. The copper incident
has of course, hurt the general market, but it
has not reduced investment values created
obstacles to higher prices In securities Stocks
have been well bought the decline of the last
two weeks and another bull movement next
year is not improba Ole
Money market conditions will doubtless i'm
prove after the turn Of the year The heavy
speculation in grain at Chicago has not only
checked the movement of currency this way, but
il has created demands this centre
for Chicago account. This condition. however
is not likely to run for any length of time
Already the higher rates for money have caused
a decline in foreign exchange. and the prospects
do not favor further gold exports. save on spe-
cial transactions. The German demand for the
settlement Of its credits here has apparently
been satisfied, while il seems extremely i'm
probable that London will make further settle
Inents Of its debts due in Paris by taking gold
from here at rates that practically amount to a
premium on the metal. Gold exports that Were
made last week represented special transactions.
The higher rates of money at this centre should
serve TO attract a large amount of funds from
other sources. especially after the West becomes
satisfied with its speculation in grain. There is
plentv of money in the country. Indeed, there
is In the United States S91 100000 more money
than there was at this time year ago. and the
low position of bank reserves at this centre is
therefore not a reflection OF adverse changes in
the country's supply Of currency. Current
monetary conditions in Wall Street are not per
rnenent IN character. The money market has
been ably handled this fall, indication Of
which is seen in the present amount Of reserve,
which despite gold exports aggregating Sl9.-
100000 and shipments OF funds to the interior.
has declined from the last week in October only
IS sos 5O0. The bank statement last week was
better than expected owing TO big contraction
in loans
General trade conditions sound Reports
Of railroad earnings and bank clearings reflect
a large volume of business throughout the coun-
try. In the iron and steel industry activity con-
tinues, the monthly blast furnace statistics
showing that tremendous consumption is 60
ing According to The Iron Age on De-
cember there were coke and anthracite stacks
in operation with capacity OF 31735S gross
TONS an Increase of 1858 tons as compared
with November !. In the last month stocks
have declined $4,000 tons. Counting in the
charcoal furnaces the country is now producing
at the rate Of 16 $4,000 tons a year as against
the maximum record of 13, 1S9 900 tons in 1890
and yet the furnaces are constantly drawing on
what little stock the country is carrying. An
important trade development of the week was
the decision of the United States Steel Cor
roration to maintain the price of Lake iron ore
at the figures prevailing in the last year. Hasty
advance I'm prices quito cften interferes with in