New-York tribune., 1901-12-09
High Low 7Dec- = 7-INov-soI Ich'gs-I Sales.
THE WEEK IN WALL STREET.

Stock market trading was moderately active
in the week. while prices were generally firm
until Friday, when decline developed that
suited in substantial net losses in the greater
number of issues at the close Heavy specula-
tive liquidation for pool account, sales on stop
orders by commission houses and vigorous pres
sure from, the trading element were responsible
For heavy breaks in Manhattan. Amalsamated
Copper. and. in fact. in all the leading specu-
Iative issues. a king up process appeared 70
be under way. Outside of q poor bank state
i1aent there were adverse news developments,
the decline being based in great part on specu-
!ative conditions. Amalga mated Copper made
new low record at ei5s, and predictions that the
stock would sell at so were freely INDUCED in.
While the selling in all railway shares was
heavy. there investment liquidation and
no evidence in the week TO show that long
period Of declining values had begun Indeed,
the character of buying suggested that a large
number of important interests accumu-
lating stock in the confident belief of active
bull market this winter. Stocks sold found ready
buyers, and weak holdings heavily
duced 1t thought. however. that prices
might make further declines this week.
The Presidents Message attracted some out
side buying but commission houses dis
appointed that the effect of the Message
not reflected in a larger inquiry from the pub
lie II is quite likely that the recommendations
of the President will be cumulative in their in
fuence the market. At least. it is generally
expected that the slight increase in the demand
for stocks last week will be followed by a grad
ually expanding market, based. in great part,
he Presidents Message and responsive legisla-
zion by Congress Wall Street was extremely
gratified with President Roosevelt's sober mind
ed, conservative and scholarly statements re-
gardng the country and legislation necessary
for its welfare. and brokers Were particularly
pleased with the Presidents treatment of trusts
and his recommendations respecting industrial
combinations. There Will doubtless be no legs-
1ation Of harmful character against the coun-
trys great industrial organizations at this ses-
sion of Congress- for the simple reason that it
is not the administrations policy to interfere
with industrial property. Combination that are
operating lines that restrain trade and check
competition will doubtless be proceeded against,
but TIE big concerns that have been organized
in the last few years are not in this class In
fact, they encourage competition. and not
working in violation of the Sherman Antitrust
law.
In last weeks market there was a. slight i'm
provement in the demand for industrial shares,
Including American Car and Foundry preferred,
International Paper preferred, American Loco
motive ano the Steel shares. The break in
Anaalsa mated Copper vas, of course. due TO
causes that had no bearing on the general list.
although the copper situation induced bear
tlnent in speculative circles The greater num-
Of industrial shares are selling we'll under
their actual worth, and the prospects are that
in the of the next few months they will
be in demand at much higher quotations Many
people have deferred buying these issues on the
absurd idea thst Industrial combinations are
20 be smashed by act of Congress. General
Electric made new high record in the week
and predictions We're indulged in that this stock
would soon sell above 500. In the discussion of
industrial shares il may be we'll to bear in mind
that General Electric very cheap
issue. and that such we'll known high priced
stocks Standard Oil. Pullman and Singer
Sewing Machine once sold at bargain figures
The idea that a stock like International Paper
preferred for instance will not some day sell
many points higher is not based cu good knowl-
edge regarding the prospects of industrial COM
panies in this country. The cheap railroad
stocks and the sound industrial issues ought
to be features Of the stock market this winter.
There few news developments in the
week affecting the value of securities. although
there were various rurnors respecting the future
Of certain traction companies and general rail-
way corporations The traction shares. particu-
larly Manhattan. were heavily bought early in
the week while in the general railway list there
was good demand for Rock Island, Canadian
Pacific New-York Central Pennsylvania Louis
Vile and Nashville, Union Pacific and Atchison.
Foreign operations were light In the London
market money conditions showed no material
change, although the Bank of England pre-
senfed in its weekly statement reason for q
belief that gold exports direct to London from
this country may be made. In Paris ex-
change on London was again lower. while in
the LEGAL market sterling rates trfe
higher. There was good demand for bills in
this market, and indications appeared to pollt
toward further shipments of the yellow metal TO
France this week. The supply of exchange is
still too light meet current requirements but
the offerings of cotton Hills increasing g.
Money rates at this centre were frrner at the
close The bank statement showed a heavy
decrease in cash and reserve holdings. and the
prospects of dearer money thought to be
good.
Regarding gold exports. It is interesting to
note .hat despite heavy shipments in November
the amount of gold in the country, including
Treasury holdings. decreased only S3,043. Gas
while the gold in actual circulation. including
gold certificates decreased only S1,237, ,o4l. II
the month the amount of all kinds of money il
circulation in the United States increased
So s55 6sS and December i the total amount
IN circulation as compared with December, 1900
: showed an increase of S9l. .494, sec. of thi.