New-York tribune., 1901-04-29
THE WEEK IN WALL STREET

THE WEEK IN WALL STREET.
C,nerations in last weeks securities market re-
e,,,ted In higher prices for the greater number
os stocks traded in. The week closed with prices
boorning with sentiment enthusiastic and with
no change in the general conditions affecting
the course of speculation In the week, how
ever there was ample evidence Of heavy iquida-
ton by people who bought stocks when prices
were selling many points under the current level
IAt times it said that important Western
speculators were selling the market, but at the
end of the week there good evidence to
show that the leading interests had parted with
their holdings. The week opened with record
breaking transactions, and in the five days of
business total sales ran well ahead Of the record
OF the preceding five days, while in point of
price movement last weeks record well
ahead of that of the week ended April 20.
Few predictions were made in Wall Street on
Friday regarding the future course Of the mar
ket save in enthusiastic commission house cir
cles where 1t was confidently believed that the
bull market had not reached its limit With
epeculation in the hands of powerful capitalists,
who are more interested in gambling than in
investment operation, it is not safe to make as
eertions about the probable course of values An
enormous amount of money is being employed
in the local stock market for the account of
speculators whose wealth has been doubled in
the last few months Inc time VIII COME Wlltl
this element of strength will be withdrawn from
the market. When the big spectators begin to
sell with the intention of remaining out Of the
market for a protracted period il will be wise
for the smaller operators to have their accounts
well protected. Further high record prices were
made by a number of railway shares last week
but the industrial issues. with only few ex-
ceptions, registered unimportant price changes.
The United States Steel issues received con-
I,ai,, baln fSr
the announcement that Mr.. Morgan would
place large amount of the shares in
Europe Earnings of the big Steel company for
March encourage the belief that the quotations
for both the common and preferred will sell
materially higher, and that dividends will be
paid this year the common stock All of the
industrial companies making money, and it
is interesting TO observe that in the greater
number OF the stocks of the industrial
companies have not advanced in proportion to
the increase in their intrinsic worth. In this
list the preference issues of recently organized
combinations stand first. Sound industrial in
vestments may be secured in the present market
10 yield from to 10 per cent, while the big
advance in the price Of railway shares has
placed the greater number of issues a COM
paratively low interest level.
There were few news developments in the
week affecting the value of securities The fac
tors which have governed speculation for so
long a time continued favorable especially the
conditions governing the worth of sound in
vestment issues. Railroad earnings were heavy
throughout the country, many roads reporting
volume Of business never before exceeded for
corresponding time The Improvement in
railway traffic confined to no one part of
the country. In the Southwest further heavy
gains were shown by Missouri Pacific Missouri
Kansas and Texas, Texas and Pacific ST. Louis
southwestern and St Louis and San Francisco.
For the third week in April roads reporting
show a gain Of nearly per cent over the same
week year ago. In the matter of bank clear
fngs the weeks total exhibited an enormous vol
ume Of general business all over the country
Bank clearings naturally swollen by the
enormous speculation in stocks at this centre
but the increase at other points is large enough
TO Show legitimate gain in ordinary CONNER
cial operations
Among the incidents of the week of interest
TO wall Street, as well TO the country in
general, may be classed the new British war
loan subscriptions and the success of the un-
dertaking A large amount of the bonds have
been subscribed for by American bankers and
the prospects are that at least S50OO0OOO of the
Issue Will be awarded to this country The eff
feet Of the foreign loan upon the local money
market will depend TO great extent upon the
method employed in paying for the subscriptions
The fact that Europe does not need any large
amount OF gold at this period may induce Amer
lean bankers to settle for the bonds with their
credits abroad. rather than by shipments of the
precious metal from New-York Conditions in
the sterling exchange market now suggest that
only moderate exports of gold will be made this
spring The British loan that was issued last
summer resulted in gold exports of about S17-
100000 from this country but at that time the
need for the metal an London was much more
urgent than ii is at present. Moreover at that
time our own money market was easier than il
is to-day Since last August the gold holdings
in the Bank of England have increased about
$25,O0O.Oo0. The improved position of the local
money market last week reflected in easier
tendency in call money rates. while in time
money offerings were more liberal especially in
regard TO the kind of collateral demanded The
banks lost cash TO the Sub-Treasury but on
operations with the interior a considerable gain
was recorded. The recent advance in money
rates at New-York attracted large amount of
Western funds which being used in
competition with the local bank offerings.
Official announcement made Of the Bur-
lington deal in the week, and various reports
were put out regarding the future OF other