New-York tribune., 1901-11-25
High Low NOV y Nov. is Oh gest Sales.
THE WEEK IN WALL STREET.


in the week. with fair demand from commits
sion houses and pronounced activity on the
part Of professional operators and speculative
pools. In the early dealings irregularity and
heaviness were reported. but in the last days of
the week prices advanced in almost every stock
OF the list. The chief exception was People
Gas, which under the influence of factors
not affecting the general list. Under the fran
chise tax of the State of Illinois the assess
rnents Chicago corporations have been ad-
vanced TO figures way beyond all past records.
and in the case Of Peoples Gas the amount to
be paid under the new assessment is equivalent
10 nearly . per cent OF the company's out
standing stock. Naturally. the speculative ele-
rnent attacked the issue when the assessment
was announced. while further selling in
dulged in when it became known that the
Federal Court in Chicago had refused to grant
an injunction the Union Traction Company
in its appeal against the franchise tax. It was,
of course. argued that the Peoples Gas Com
pany would have no better success in contesting
the assessment In the past the Peoples Gas
Company has been forced TO fight legal battles
alone but at present every corporation in Ilh-
nois is interested in the contest which. i
eventually decided against the corporations,
may mean serious reduction in many stock
holders incomes. The Peoples Gas Company
can continue to pay > per cent, even with the
heavy tax on its capital, but it may be consid-
cred wise by the directors TO reduce the divi-
dend TO per cent if the assessment stands
Rurlors of important developments in the af-
fairs Of the Vanderbilt properties were again
circulated last week without. however. bringing
out any news from official quarters. New-York
Central was heavily dealt in at advancing
prices while all the Vanderbilt issues moved
toward higher level. It was reported that an
important distribution OF Lake Shore assets
would be made, but in well informed quarters
it was not thought likely that any such plan
was under discussion. Lake Shore still has
about 81 100000 stock outstanding not con-
trolled by the New-York Central. and any pro-
posed transfer Of Lake Shore assets for the
benefit of the New-Yorz Central would doubt
less be opposed by the minority holders, who,
of course would not be party to the transfer
operation New-York Central stock is a prime
investment and it will doubtless eventually be-
oorne bigger dividend payer At the moment
however its price is pretty well up, the return
on the investment being only about 3 per cent.
The rise in the loca! traction shares was not
explained by any known development. but the
Street apparently believed its own rumors to
the effect that the New-York Central might ac-
ouire control Of Manhattan, and that if New
York Central did not buy Manhattan a COM
rany would be formed to hold the securities Of
ali the local traction properties. There was
doubtless some very scientific manipulation In
Manhattan. and. for that matter, the whole
list showed the influence of stock market nlanip
ulation-
The excitement among certain Western state
officers over the new Northern Securities Com
pany did not cause important sales of stocks
1t doubtless served to restrict trading at times
in the stocks involved. but il did not impress
well Informed interests worthy of seriou:
Tba -berr Securities Com.
pauv is not a consolidation of the Northern
Pacific and Great Northern roads. and any at
tempt to interfere with the company on this
ground will doubtless meet with failure Unior
of ownership is not a consolidation The North
ern Securities Company was formed to owl
securities of other companies. and IT has the
same right make purchases Of Northern Pa
cifc and Great Northern shares as an individual
has The legal aspect Of the new company
was carefully considered before its formation
and according TO able legal minds the com
pany comes within the law in all particulars
In the general list Of stocks there were no new;
DEVELOPMENTS affecting values. although in M
early part OF the week heavy gold export en-
gagements restrained speculative activity Th'
fact that exports aggregating SS.N1co falet
to hurt the money market accounted for the
bullish sentiment at the close
Money was firm in the week. On Friday
cent while liberal offerings were reported a
4 per cent Indications the end of the weel
appeared 10 point toward a cessation of golc
shipments as exchange rates at this centre were
easier while in Paris exchange London wa:
higher. The movement of gold so far has taker
about Sl1.eo0.0o0 from New-York bat the act
ual position of the banks has not been weak
ened inasmuch bond payments. receipts o
currency from the interior and payments by th'
Sub-Treasury for gold deposited at Pacific Coas
points have about offset the amount of golC
shipments. The local money market will sool
be helped by further large deposits of gold a
the San Francisco mint. the Secretary o
the Treasury has authorized the local Sub
Treasury pay checks of the San Francisco
mint for gold the amount Of S3Js9op0
General conditions bearing stock value
are favorable and efforts apparently bein:
made in important speculative circles to ad
vance prices to a higher plane Trade report
are extremely encouraging. Railroad earning
are heavy. bank clearings are large. and al
indications point toward further industrial pros
perity. Trade is active that the railroad
have not enough cars to handle the traffic of
fered. Indeed, there is at present greater ca
famine than before known. Every rail
road in the country is placing large orders 70
new cars, and all car building companies an