New-York tribune., 1901-08-19
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
Trading in stocks continues 10 reflect the ab-
sence OF a broad public demand for securities.
In the last week, however. buying for the ac-
count OF substantial market interests
corded. while commission houses reported a dis
position on the part Of their customers TO inquire
about stocks if not TO buy them. There
still enough uncertainties in the situation
suggest caution in buying small margins. but
there certainly is no reason why people with
ample means should hesitate 10 accumulate the
attractive low priced issues. especially the in
dustrial stocks which selling a basis
that yields a big dividend return. In the last
few days of the week indications pointed tow
ard increasing interest in this class of securi-
ties. and I'm such stocks as American Car and
Foundry preferred. International Paper pre-
ferred and international Pump a fair buying
demand noted. Whenever the next bull
movement develops stocks of the class named
ought to be noteworthy active features
The influence Of the steel strike and corn crop
conditions was not important factor in the
weeks course Of business. While at the end OF
the week the strikers were apparently making
greater headWay in their attack upon the United
States Steel Corporation. the value Of the steel
stocks not materially affected. and there
no important liquidation in either the COM
mon or preferred shares. The fall that has
taken place in the price Of these securities in the
last month more than measures the damage that
may be done TO the company's business by the
present labor dispute According 10 the weekly
reports of trade authorities, other lines of in
dustry have not as yet felt the influence Of the
steel strike. If prolonged for a considerable
period, the strike VIII undoubtedly affect other
lines Of work which are more or less connected
with the iron and steel business Both sides
have much 10 gain by settlement. The men
are losing large amount of money In wages,
while the company is losing heavily in earnings.
The actual value Of the steel stocks as invest
ments should not be permanently injured by the
present disturbance, and there is little likelihood
that the falling of in earnings will result in divi
dend suspension either class of stock. This
or course, is assuming that a settlement Will
soon be made
Corn crop conditions show no special improve
ment, while the estimates Of crop experts con-
tinue to place the yield below the governments
recent figures. The fact, however. that the agri-
cultural section Of the country has enjoyed such
an enormous wheat crop. and also has enjoyed
the benefits Of prosperity for the last two years.
offsets to great extent the loss that will result
from the decreased corn crop. The railroads in
the corn belt continue TO show enormous earn
ings, and traffic managers believe that the
movement OF general merchandise in the next
twelve months viii increase to extent that
VIII make good the greater part of the loss in
corn traffic. The railroads in all parts Of the
country are breaking records. especially in the
South and Southwest. The returns Of the South
ern Railway Louisville and Nashville. Missouri
enormous The improvement in earnings the
Southern Pacific ought TO attract active interest
in that stock According 10 trustworthy in1or-
nation, dividend Will not be paid present.
as the policy OF the management is TO place large
sums out Of earnings in the physical better
ment OF the property.
The money market situation showed no ma
terial change last week. save in the foreign X
change department in which a sharp decline in
rates took place. Lower sterling quotations re-
fected heavy exports Of wheat. The movement
OF wheat abroad last week was heavier than I'm
any other week on record. and the prospects are
that the movement VIII continue for some time
TO come. The possibility OF gold exports has
been eliminated, while IL is not unlikely
that the exchange market Will gradually work
toward a point at which imports Of gold may be
made. The record OF foreign commerce shows
that the balance Of trade is still running in this
countrys favor. The official report for July
just received gives an excess Of exports in value
of S:36 134 OIL Total exports amounted I'm value
20 $lG903l,i5s the biggest figures for any July
on record. For the seven months ending July
81, the excess Of exports was Sa24 $40 625 and in
the last twelve months the excess OF exports
was S663933O43. making for the last four years
has. of course been Offset In part by enormous
sales Of foreign held American securities and
by other international gnancial transactions:
but, according 10 the Information OF the leading
foreign bankers, the offsets have not been suffi-
cent leave the trade balance against this
country. The demand for money is not active
but slightly firmer tone is noted in time loans
The demand from the interior is stu light but
the general movement of money should not con-
tinue in favor OF New-York much longer
Wall Street operators OF long experience are
not willing 10 make predictions regarding the
immediate course OF the market II is the com
mon belief. however, that values will sell many
points above the current level in the course of
the next six months. Stocks not in weak
hands. Small holders have been pretty thor
oughly eliminated. and. as a rule. the supply
usually available for speculative purposes is held
by men who are not yet ready 10 sell. Buying
OF 81. Paul stock has recently been feature
but there is news TO account for the move
ment- The preferred stock also strong In
the week. Hard coal shares We're likewise feat
ures, while Union Pacific and Southern Railway
received considerable attention. There was a
fair investment demand for Pennsylvania and
YORK Central: also for Consolidated Gas
and General Electric. Inside buying OF Peoples
Gas was responsible for a recovery I'm that stock
OF the loss which resulted from a Chicago specu-
lative attack in the preceding week