New-York tribune., 1902-02-03
High. Low. lFeb. ! Jan. % Oh rs. Sales,
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET
The movement Of values in last weeks stock
market was generally in favor Of higher prices
Sentiment was more cheerful in speculative
circles. and there apparently was an increased
disposition on the part of substantial market
interests to work for higher prices The opera
tons Of important spectators failed. however.
TO attract a public demand for securities. ex-
cept in the bond market where active invest
rnent buying was reported An active demand
for bonds generally foreshadows a similar move
n1ent in stocks and in the present case there Is
no reason TO believe that the share market will
not soon develop increased activity on an ad-
vancing scale Of prices. Stocks are well held.
while the short interest is thought TO be un-
usually large. Commission houses are not
carrying stock for weak holders, the greater
part Of their accounts representing the bust
ness Of wealthy operators 1t is still asserted in
some quarters that the market cannot advance
until prices seek lower level This theory,
however. is not entertained by the best in
formed men In the Street. for the reason that.
based on intrinsic worth quotations on the
Stock Exchange are not, in the greater number
Of shares. selling at a fictitious level
There were a number OF important develop
nnents in the week which failed to attract
public demand for securities Renewed buying
for foreign account in the local market and in
creased speculative activity in London, based
on the belief that the South African war Is near
ing its end were not effective in exciting public
enthusiasm IN stocks at this centre. The i'm
proved climatic conditions in the winter wheat
territory also failed to stimulate speculative
activity II is too early 10 make predictions
this years crops but early conditions are favor
able The outlook for winter wheat is especially
good while all reports from the agricultural
part OF the country indicate that the farmers
are extremely confident in this years prospect
for q large harvest. The farmers are better
off this year than ever before in their lives,
and they are spending money freely for farm
supplies and for luxuries. If the corn crop had
not failed last year, current railroad earnings
would reach extraordinary proportions The
effect however. of the corn crop shortage has
not had an adverse influence on the railways in
general, inasmuch earnings Of most roads
are well above the record breaking totals Of
year ago If the crops are successful in the
current year the railroads will simply be
svyarnped with business, despite the fact that
their facilities for handling traffic have been
materially increased in the last two months.
Car building companies and locomotive manu-
facturers are now turning out an enormous
amount of new equipment for the roads in all
parts Of the country, and as a consequence the
so-caled famine" has practically dlsap-
peared
poration was one of the most important develop
r1ents in the week although its influence was
not reflected in stock market speculation. The
publication Of the report had a slight effect
on the steel shares. but the absence Of puolic
interest in the market prevented any impor-
tant advance in the prices Of these securities.
While the report TO the stockholders Of the tiS
steel company shows splendid results for the
last wear. the most interesting features are,
ra-lir Tna
for the current year and the remarks concern
ing the companys policy in working for sta
bility in prices. both of material and I'm
ished products. It is a noteworthy fact that
the actual business the companys books
amounts 70 more than half the total combined
capacity Of all the companies forming the
United States Steel Corporation. The present
demand for iron and steel is so heavy that
prices could be easily advanced. but the COM
pany has refused to mark UP its goods, de-
spite the fact that some consumers have vol
unfairly offered advanced prices in order to
secure quick deliveries. A reflection of the
prosperity that prevails in business centres in
this country is shown in the steel compaHys
statement TO the effect that about 20 per cent OF
its total monthly accounts due from customers
IS being collected within thirty days. and that
the losses through bad debts and collection Of
accounts and notes receivable are very small.
II is InOOsnL IN W All street lIldl llie COiAiioh
and preferred stocks OF the United States Steel
Corporation are selling at a level that will soon
attract active outside demand. The pre-
ferred stock is certainly cheap at its present
price
In some circles It is believed that a decision
will be handed down in the Northern Securities
to-day. Ordinarily the Supreme Court
does not move rapidly, and If a decision
should come this week, il will be a long time
before the legal standing Of the company is de-
termined. the viii go TO the State courts
and doubtless eventually will be taken I'D again
10 the Supreme Court. Meanwhile the pro-
moters Of the company extremely conf
dent that the courts will uphold the charter
which was oTawn 10 under the supervision OF
the best legal talent in the country. A rehec-
tion Of this confidence is seen in the action of
the directors I'm declaring d dividend on The
stock People who afraid to buy securities
because OF attacks on the Western community
OF interest scheme among the railroads should
turn their attention to the attractive Industrial
securities. which are selling many points below
their actual worth. When a real bull market
develops the sound Industrial stocks especially
the preferred issues. such as American Car
and Foundry preferred. International Paper
preferred. United States Steel preferred and
American Locomotive preferred. should sell
1sv-41 E.~,r.o