New-York tribune., 1901-01-14
High Low. Jan IL Jan 6ICh'gs. Sales.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
In the greater number of stocks further prog
ress toward higher level was made in last
weeks securities trading. The industrial shares.
particularly the steel issues furnished eXcep-
tions 10 the advancing tendency. The impress
sion made on the industrial quarter of the mar
lxet by the evidence of poor management in two
concerns which were forced to cut down returns
10 stockholders promises 10 remain an inf1uen-
tial factor in checking public buying Of indus
trial securities 1t is to he hoped, however, that
the whole list Of industrials will not remain
under the ban for any length Of time because
of the offences Of a few companies whose mis-
fortunes are due TO poor judgment on the part
of the directors and not to adverse factors af-
fecting trade in general. Industrial stocks OF
merit are unduly depressed. There is more
genuine merit in the majority of industrial
stocks to-day than ever before in their history,
and prices for the greater number of issues
must advance many points before market quo
tations measure actual worth. The steel COM
panies are in for year of prosperity, and the
steel stocks should naturally become market
features before the bull movement reaches its
limit
If certain negotiations that now under
way develop into established facts, the current
disrepute into which industrial stocks have un-
Justly fallen will no doubt be changed into
high regard. followed by active speculation in
all industrial issues The Tribune published an
outline yesterday of a plan that promises 10
create as much interest in industrial securities
as the community of ownership scheme has
created in railway investments. The very fac
tor which has added so much value to railroad
stocks is to become a feature in the industrial
company situation. The concentration Of con-
troll. OF community of ownership policy, is to be
extended to the industrial field, and if current
reports are true the first step in the important
operation will he the purchase Of the Carnegie
stock interest in the big Carnegie Steel Com
pany. number of capitalists. according to
this report propose to bring under their control
all the steel companies in the country. not as an
association or consolidation. but merely as
branches Of one organization working for the
mutual good
A community Of control idea for industrial
companies is the natural and necessary out
growth Of the same tendency among the rail
road corporations. and while current rumors
may be premature q closer stock ownership
OF the big iron and steel concerns is bound TO
come before the present spread Of business
tivity reaches its full tide Of prosperity. Among
the railroads the concentration of stock interests
viii maintain rates where rate associations will
fail. and the same idea carefully worked out
panies Of the country
The foreign money market situation serves
TO call attention 10 the strength Of the local
financial position London needs gold. and it
must look to the United States for assistance.
No other country in the world is in as strong
position as the United States is. and no other
country can afford 10 help its neighbors with
loans as the United States can There is more
gold in the country than ever before recorded.
before known. with ample funds for all our vast
domestic requirements and for shipments of gold
abroad Cold exports will undoubtedly be made
this week but they will come at a time when a
large amount Of money is flowing into New
York. The bank statement last week showed
gain in specie Of IS 133 200, and a total gain in
cash Of S1164s500 the largest gain in this item
for any one week in the history OF the Associ-
ated Banks. II is expected that gold shipments
will be made by Wednesdays steamers, and
among well informed banking houses it is be-
neved that between S10,000.O00 and $4,000 600
will go out in the course Of the next few weeks
In view Of the enormous supply Of money in the
country and the constantly increasing trade
credits abroad. gold exports without adverse
significance. Trade with other nations in De-
cember heavy. and il is believed that the
excess of exports over imports will he in value
much S60O000o0 for the month. Exports
OF domestic products alone showed an increase
In value OF S23. $50 600.
The expectation of gold al this time may have
passing influence stock quotations. but
prominent interests have too much at stake to
permit important decline in values The
time is ripe for a sharp speculative reaction.
put not for a prolonged decline. Indeed. MANY
powerful market followers would welcome fem
porarg lower prices in order 10 increase their
holdings and 10 shake out weak speculative
traders. There are, of course, many weak ac-
counts in the market but the general sentiment
in commission house circles indicates that small
traders are not heavily long Of stocks, and that
investors and banking interests still in con-
troll The Street realizes at last that ordinary
standards cannot be used for comparisons in
this market. The fact that this is the greatest
bull market known. with a promise of
breaking more records before the end arrives
is dawning on the horizon of bears and
alarmists Caution is excellent thing to prac-
tise in all markets. and especially In a big bull
market when fluctuations likely to wipe
out five point margins in equal number OF
minutes But caution may be exercised without
rejecting fear, and caution should be advised
without the accompaniment of suggestions that