The Washington times., 1901-10-21
STOCK MARKET COMMENT.
Business Conditions Nearly Every.
where Considered Satisfactory.

Copper Ceases to Tie Dominnn,
FHctOr-IudustrinIs, Except Blind
Pools. Most Prosperous-Pcssfm
of the Past Weeks Unwarrnnted
NEW YORK, oct 20.-There has been
practically no change in conditions dur
ing the week in Wall Street. although the
bearish influences seem to have spent their
force and many factors Of disquietude
have been eliminated from the situation
Copper has ceased to be :, dominant force
in market movements. The liquidation
has apparently come to an end, and those
who Were active in depres essiug the stock
several weeks ago have either covered
their short contracts or have abandoned
their hostile position toward the stock.
The industrial situation in copper shows
signs of Improvement There are we'll
defined rumors that the Amalgamated
Copper Company has made some sales of
the surplus with which it was burdened
several months ago. and il is not i'm
probable that with curtailed production
the market price of the metal may be
maintained around the present quota
tions; but even if reduction should be
made its influence on the market value
Of the Copper stocks would probably not
be serious.
Aside from Amalgamated Copper and
the otner blind pools the situation among
the industrials of the country is extreme
ly satisfactory. The conditions reflected
by the report of the United States Steel
Company have, if anything improved.
That great corporation is fulfilling the
most optimistic promises which were
made for 1t at the time of its hotation.
with few exceptions the other great con-
soidations are prospering, while the out
look for trade in every section of the
,,.--',try is Of the most encouraging char
acter
The railroads are showing constantly
increasing earnings, and il must be re
membered that these Increases are made
over years OF phenomenal thrift The re-
ports of the commercial agencies have
uniformly been satisfactory. Business
appears TO be increasing in volume and
Is being conducted on a thoroughly con-
servative basis. The railroads OF the
West are not now as dependent upon the
successful harvest OF any particular
cereal as they were decade ago. The
agricultural situation in the West Is gem
orally satisfactory.
The wheat crop has been abundant, and
while there have been material losses in
the corn crop in certain sections, its in
liuence upon the actual THRIFT Of the whole
territory west Of the Mississippi has been
grossly exaggerated. 1t has been the eN-
perience OF the granger roads that when
the corn crop has been somewhat short,
and has commanded higher prices at the
primary markets, the farmers have snip
ped the greater part of their product to
market, while IN years OF abundance,
when prices have been unprOttable, they
have kept it in their cribs Tor feeding pur-
poses. it being more profitable to tatten
cattle and hogs under such conditions
than TO ship the grain to market. Thus
the railroads have not suffered loss in
tonnage corresponding to the falling off
in the yield per acre. In this regard a
poor corn crop has less effect on railroad
earnings than bad wheat year. The
farmer must sell his wheat, for it has few
uses in the economy of the farm after the
wants of his own table have been sup
piled.
According to the best opinions TO be
obtained in the financial district, much
of the pessimsm OF the past fortnight
has been unWarranted- I ( ~ Kgt has
wiIhstood some violent assaults upon it,
and has shown satisfactory recuperative
powers. The unSCrupuiUus attack on Cop
per and the manipulation which followed
had its effects on sentiment and has done
more than anything else TO keep the pub
lie out Of the market, but with its infu-
ence spent there docs not seem TO be any
Justihcation for the claim tnat legitimate
securities are selling at prices beyond
their intrinsic worth. The public has not
been in the market to any extent since
the panic of May =, nor have the fictitious
values which were at that time destroyed |
ever been restored. The weakly margined Z
accounts with which the market was pur- |
dened have been eliminated and the trad |
ing has been TO great degree confined /
10 the professional element. Many stocks /
which have real promise have been neg
lected and are now selling below the |
values warranted by their statistical posi- |
ton.
The one element necessary to q buu |
movement which is lacking is the pub |
lie interest in stocks. II is a question |
merely as TO how soon the influences of |
the copper manipulation will pass away
and confidence in the otlfIOOk NAV h. /
restored to that element in the public |
which Is able TO enter the market with |
sufficient funds to make the buying of |
stocks on margins reasonably safe
The financial situation IS satisfactory.
according to bankers. The drains on the |
banks Tor crop purposes will probably |
cease altogether by November ! and the |
banks have sufficient surplus now to meet |
all legitimate demands between now and |
November ! without any Sc rious deple- |
tlon Of the surplus reserve. Gold imports |
uIs,ser -4-' conditions should have come /
TO the aid OF the banks before this time 4
but the European bankers are MAXIM. |
Btrenuous efforts to retain their specie and |
have been enabled TO do only by ad- /
their discount rates every time !
has shown d tendency to weak |
ness \ he demands on the English banks |
made by the necessities of the Boer war, !
the very unsatisfactory financial condi- |
tions in Germany, and the disturbing in |
huences which the copper situation has !
had on the finances Of France are likely |
to prevent any decline in exchange suffi- |
cient tc warrant the profitable importa !
tion of gold for some time to come. not |
the growing supply OF COM
merciai bills resulting from the increased |
export movement Of the fall and early |
winter. The banks, however. are well |
foreign gold until such a time as the
currency movement from the West to-
ward New York begins.
-