New-York tribune., 1902-01-13
BONDS.
THE WEEK IN WALL STREET.

THE WEEK N WALL STREET.
The course Of stock market trading in the last
veek reflected an absence OF genuine public
sYpport. and a disposition on the part OF the
fsrcer interests to let speculation take care OF
itself The last named element, however, did
not encourage lower prices. nor did it afford any
assistance to the advocates for a decline in the
way Of parting with its holdings Indeed, on
all reactions the big men were quiet buyers
They bought stocks without lifting prices doubt
less because they saw in conditions governing
the actual worth OF securities material for a
future bull movement. The so-called public has
not Vet shown any enthusiastic desire to enter
the market, but with the return OF easier money
yates and careful manpuvring by the larger
bull interests the outsiders will probably be IN
clined 10 take a more active interest In specu-
lation. The money market position is growing
easier and the addition to bank reserves last
week promises to make a considerable differ
ence in the character Of Stock Exchange busi-
ness. More gold will, it is believed be shipped
n France The amount of the exportS how
ever, IS not likely 10 exert an adverse effect on
the money market. inasmuch as the dow Of
currency is now heavily in favor OF this centre
on operations with the interior. Upward Of
100000 net was received last week from the
West and the reserve above legal requirements
was increased by over S5.4o0ooo.
The prospects in the industrial world en-
couTagiug. The volume OF business, as meas
ured by bank cleaTings, is heavy. and, best Of
all IL is on basis that presents little imitation
or speculation Experience with inflated prices
proved costly a year ago and a conse-
quence. quotations in all lines OF industry are
being adjusted TO legitimate trade demands. In
the country's industries there are. of course the
usual traces Of misfortune that follow period
Of speculation and combination based on watery
foundations, but the situation, as whole, pre-
sents few spots that DO not lie on solid ground.
The unfavorable developments in connection
with the Crude Rubber Company, the National
Asphalt Company and the Cleveland trolley syn
dicate are not symptoms OF the general position
Of industrial companies. For time such de-
relopments tend to restrict trading IN all In
dustrial shares. but 1t should be noticed that
holders Of attractive Industrial investments
show no disposition to part with their posses
sions. Attacks on good concerns. as, for in
stance. the apparently never ending warfare by
Chicago municipal authorities and Chicago
SPECTATORS on the Peoples Gas Company, are
not productive Of results affecting the actual
value Of the investments. Regarding Peoples
Gas, i would seem that the politicians and
spectators Of Chicago would try their luck for
tine on the Tong" side Of Peoples Gas securi-
ti=s
The statement Of the United States Steel Cor
porstion cid not advance the price Of steel Sc
curities. as the market was IN the hands OF
traders who failed to grasp the true significance
OF the figures presented. The company is being
carefully handled, as indicated in the large
amount charged in the nine months of it's exist
enoe 70 improvements, etc. After all expenses
er5 rba Of
bonds, S41, $50 7O6 for dividends 50 o63 292 for
sinking fund charges, and $685. zoe for i'm
provements depreciation, reserve and contin-
gent funds. there remained a surplus of oven
$4,000 000-a pretty comfortable showing for
nine months work. And this result was accom-
plshed despite the big steel strike and the diff
culties experienced by the company owing to q
remarkable car famine" The car famine
has helped the car building companies to an ex-
traordnary extent, and earnings of the Ameri
can Car and Foundry Company and the Pressed
Steel Car Company justify the expectation OF
continued dividends the shares. The pre-
terred stocks Of these companies are attractive
at their current prices. Other industrials that
merit attention are International Paper pre-
ferTed and International Steam Pump. United
States Steel preferred is being bought by care
fui operators for par, price not at all extra1a.
CANT for : per cent issue. Sugar Refining con-
unues to have it's ups and downs" but
much higher prices are predicted. The stock
however is so highly manipulated that il is not
safe medium for the investment Of small
margins
The speculative situation Will be helped If the
Western State authorities are defeated in thei,
attempts 10 embarrass the Northern Securities
company. The opinion is quite general that the
4seai standing Of the company will be upheld by
the Supreme Court if suit is ever brought before
mat tribunal, the organization Of the com
pany was not undertaken before eminent lesa
authorities had passed favorably upon the char
acter Of the charter. 1t is believed that among
the favorable developments in the railway world
thls year viii be concentration of the railroads
IN the Southwest a still closer community Of
interest among the anthracite coal properties
ana more extended unifcation plan for the
vanderbilt roads. Railroad earnings give NJ
Sign Of falling away from the enormous records
u IS9l, despite the great reduction in the corr
Sleio The lighter movement Of corn should bc
unset by the increased wheat yield and by tbs
A VIII have less corn to sell. but compensa
on VIII come in higher prices for both corn and
Wheat
""hey on cali ruled at per cent, with excep
o's early in the week at per cent. Time
- me- was moderately active at 41zQ5 per cent
s.. supply Of commercial paper heavier
,s.., he demand from the banks better In tbs