New-York tribune., 1901-12-23
High Low. IDec. 2IIDec, "a ch'gs-l Sales
THE WEEK IN WALL STREET


Although the general stock market was dull
throughout the week, with few important ad
vances in prices sentiment was more cheerful
and speculators We're more disposed TO fee
ballisb over the prospects for an active market
early in the new year Improvement in sent-
rnent was based on easier rates for money. on
the end Of the uncertainty over the Amalga-
mated Copper dividend question and on the
promising prospects for further trade expansion
IN 1862 Trade conditions outside Of copper are
sound Trade in general is prosperous. Bust
ness throughout the country is being conducted
on a sane and legitimate basis. prices being ad-
5usted 10 demand and TO imitation or overstinl-
ulation existing This is clearly shown in the
great iron and steel business in this country.
Two wears ago the demand for iron exceeded
the supply and the same situation is current to-
day Bat in 1899 signs of collapse were noted.
and soon the very high prices at which iron was
selling caused d revolt among consumers. and
as a consequence the market for a time became
demoralzed with prices falling rapidly. Buy
ing simply stopped There was too much specu-
iation in iron then while at present the market
has been readjusted to level at which buyers
will come in The price of iron in the boom
period Of 1899 was unduly enhanced. and the
market. therefore. went TO pieces.
The decline in copper prices is a good thing
mated dividend is likewise good tonic for the
stock II is interesting to note that. despite the
loss in copper exports in the last eleven months,
amounting IN value to upward Of S23.000.oO0. as
compared with the year before. the actual loss
in the general exports Of merchandise was only
So Sc. .S71 from the record breaking period in
1890 The falling off in exports of copper since
january ! as compared with 1900 amounts to
"a 1a4 tons and resumption Of heavy ship
ments OF the metal is not promising at the mo-
Inent. II should be borne in mind, however,
that dealers abroad have been carrying very
little copper IN stock. and that with the return
of more normal trade conditions in Germany and
other foreign countries that have been suffering
from industrial depression an active export de-
mand for copper will doubtless develop in the
American market. The output of copper in the
United States in November was /, ,74S tons under
the same month in 1900. Lower prices for cop
per are predicted in some quarters and it is
thought that the new policy OF the AmaIga-
mated company is to make a quick and decisive
fight against the Independent producers in order
70 bring the so-cailed copper war to a speedy
end.
The countrys foreign trade statement for No
TVember, received last week, showed total mer-
chandise export movement amounting to S136.-
511 763 against S136, 702 :3224 in the same month
q year ago. In the month imports increased in
value S7,l43,209 over November, 1900 yet the
excess in exports amounted IN value to S64 Ola
614. against an excess last year of S71, ,34S 2S4
and S53 $3.50 in the year before. With the
exception Of November year ago the volume
Of exports heavier than in any Novem ber
on record. Heavy gold exports from New-Yor
were offset in part by imports of the metal al
San Francisco from Australia. so that the net
exports for the month only S10635 $50
For the eleven months ending November 80 the
excess CO merchandise exports imports
amounted in value TO S52S06S 764. against S571.-
603.133 in the corresponding time in 1900 Tota
exports for the eleven months were only slightly
under the record Of the preceding year, but i'm
ports were larger ny upward of S40000000 Ir
the time named the excess of gold exports over
imports amounted 10 only 81, 100 195, while ex-
ports Of silver were 2254S 466 heavier than i'm
ports. The balance Of trade has been heavily
in favor of the United States in the last year
and the fact that gold has been imported in
excess Of gold exports is due TO the reason thai
our trade balance has been offset by the sale OF
American securities for foreign account by enor.
NOUS amounts OF money spent by America n:
abroad. by the investment of American capita
in European enterprises and by the purchase
by Americans Of European securities.
Money rates for cali loans advanced to 10 pei
cent for brief period on Friday but in the res
OF the week money was freely offered at 55a and
g per cent with exceptions at lower quotations
1t is not thought likely that disturbance Will de
veop in money this week, although there ma!
be occasional furries in the market. After tbs
turn of the year currency ought to come TO this
centre in large volume from the interior, while
by the end of January bank reserves should
stand al figures large enough to encourage bul
activity in stocks. There few factors under
lying values that not in favor Of the bull sid
OF the market. The railroad stocks are backed
by enormous earnings. The Industrial share
represent the activities OF the nation, and in tn
greater number of issues dealt !n on the Stool
Exchange prices selling far under intrinsi
worth Stocks that pay 6 and I per cent are Ger
tainly cheap under par. American Car anC
Foundry preferred pays per cent and sell
around sc. International Paper preferred pay
per cent and sells st 75l2. International Pum
pays per cent and sells under 90 Presse,
Steel Car preferred pays per cent and sell
under S. In the railroad list the Erie Reading
Hooking Valley. Wabash and Southern Railwa
shares are attractive Erie common is apt t
become great speculative favorite: also Read
ing common.
Bank reserves above legal requirements in
creased last week over S330,0o0.
paNE FyCHASGFS- SALES RECORDFr