New-York tribune., 1901-11-24

The stock market was strong and exceedingly
active in the greater part Of the day Comrnls-
sion houses were buyers while substantial mar
ket interests and speculative pools worked for
higher quotations. Selling was generally Tor
the account of people whose holdings were at
figures well above recent purchase prices
Eariv strength was helped by the expectation
Of q favorable bank statement According 10
TIE Clearing House compilation, bank averages
showed gain in reserve above legal require
nents Of 81 3S3 100 to S14 4Se ,925. Loans de-
creased S13 504. 400 deposits decreased S13,126,-
800 and cash increased 81, 101.4oo- In view Of
the fact that over 100000 gold was exported
in the week, the showing was remarkably
strong It is evident that the danger Of money
market disturbance is over and that barring
unforeseen developments. bank holdings will in
crease for several months to come Despite
heavy realizing sales in the final trading prices
maintained rair degree of strength, closing at
net gains throughout the list The soft and
hard coal shares were strong features, also New
York Central and Southern Railway. Southern
Railway common was bought for pool account
Among the specfalties American Woollen ad-
vanced on reports that the company would show
surplus earnings equivalent to - per cent on
the common stock. Analgamated Copper was
the only important weak feature Bear pressure
and Boston liquidation were responsible for the
decline in this issue.
The trade reports for the week show.
rule healthful expansion in business, with in
dtcations pointing toward continued activity in
the country's industrial development. Trade
has been checked in some quarters. owing TO the
unprecedented scarcity Of cars and locomotives
on the various railroads Of the country. the
chief industries affected being those Of iron and
steel through failure to receive supplies Of ore,
coal and coke promptly. The grain movement
has also been affected, and the chances are
that Improvement in the situation will not
be seen until the beginning of the new year,
when the completion Of cars ordered by
companies. and possible climatic influences, viii
afford relief ''Bradstreet's" has made a careful
study of The situation in the West, and IT esti-
mates that the active condition of business in
this country has caused a shortage of cars on
lines entering Chicago Of fully twenty thousand.
In view of the tremendous orders that the
railroads now giving for new cars. earn
ings of the American Car and Foundry Com
panv and the Pressed Steel Car Company ought
TO make better records in the next twelve
months than in any preceding periods And
with the great increase in these companies
business there ought to be material appre-
citation in the preferred stocks at least of the
various concerns American Car and Foundry
preferred is considered an attractive and solid
investment selling many points under its actual
worth And the same may be said of Pressed
Steel Car preferred
Industrial stocks Of sound industrial enter
rrises that are not overcapitalized or managed
for a few insiders pockets are worth picking
up at prevailing prices Talk OF Legislation
against trusts will not affect the intrinsic value
OF these securities for the simple reason that the
companies have not been organized to restrain
trade or to check competition. Earnings OF
Industrial companies depend upon industrial ac-
tivity but SO also do the earnings OF railway
corporations Investigation of past perform
ences shows that the dividend record of good
industrial companies in times Of business de-
preston has been good. and in many cases
better than that OF the railroads. And there
tave been just many railroad bankruptcies
as industrial company bankruptcies If the
stock market enjoys further bull activity the
cheap Industrial shares should become popular
International Pump issues are attractive espe-
cially the common which sells under 30 and
returns about s per cent the investment
The general outlook fayors rising values this
week.