New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-12-01
TIE WEEK IN WALL STREET.

Stock market trading was moderately active
- -,s xzeel on an irregular movement of val
mes Various factors contributed to the hest
fancy exhibited in the course OF traolng Iie
more important being the controversy over liie
control OF the Colorado Fuel and Iron COM
psny the announcement OF the lease Oh uie
Manhattan Company by the lnteroorough COM
pany and uncertainty over the probable chai-
acter OF President Roosevelts forthcoming All
nual message Various so-called well INFORMED
,n5,vidua,s rretended to have inside informa-
r,on regarding the Presidents message, and
they spared no efforts TO create belief that
tho rscouuenda tons in this document would
he strangely against industrial combinations ana
arso against Wall Streets ideas of business
methods OF course, none of the tips on the
Presidents message were based on TACT II Is
not at all likely that President RooseFeil VIII
saw anything in his message that VIII pe IN
;u,icaI TO the best interests Of wall street anu
the business community in general III recon-
rnendations are made regarding combinations
-,o+ violate the law Wall Street should be the
first to tndorse them
The contest for the control of the Colorado
r-,a1 .,5 Tron COMPANY was responsible for
5.cl.nin~ market on several days Of the week
The fact that the Gould and Hartman inter
ests are no longer working together, as far as
Colorado Fuel and Iron is concerned, mature liS
induced the belief in some circles that the hsh'
would be carried into the affairs or other coiii-
NAMES with which Mr.. Gould and MI. HAITI
man are identified. This view. however, Is not
Endorsed by the leading men in the Street. IN
seed Mr. Hartman announced in the week
that the differences over the COLORADO uei anu
iron Company would not extend 10 the other
Gould and Hartman properties While STOCKS
,vere adversely affected by the factor just
,anoa5 nrices were favorably influenced in the
chasing devs of the week by the Manhattan and
Tnterborough railway deal Manhattan SOLO at
its best price of the current movement "hlie All
the local traction shares advanced in sympathy
BROOKLYN Rapid Transit enjoyed a sharp up
ward move on Friday, the advance being helpeo
hv a statement showing that the company is
-ozr earning a surplus above all charges. Hold
ers of this stock enthusiastic over the COM
nany's prospects, and they are confident that
dividends will be paid at remote period An
upward movement in Louisville and Nashville.
which on Friday amounted to over five points.
WAS not ACCOMPANIED by new developments,
hut there was a well defined rumor that devel-
opn1ents of the utmost importance afrecung the
railway situation in the South were pending.
II does not appear likely, however. that any
scheme for the closer unifcation Of the South
ern roads will be announced until after decls-
ion has been reached in the Northern seeuri-
ties case.
Rock Island securities were strong features
in The week on an excellent class of buying
Investment purchases OF the preferred are being
made for the account Of conservative investors,
while careful spectators are accommodating the
stock on the belief that the price will gradu-
ally work toward higher level The recent de-
cline in stock market values carried the greater
number Of medium and low priced issues TO
absolute bargain figures. Many sound secuIt-
ties paving from 4 to per cent now selling
at a basis which returns much higher rate,
and in the case of some Of the Industrial issues
a yield of from TO per cent may be secured
by purchases at the prevailing quotation level.
Wall Street sentiment is more cheerful than it
was a week ago. Traders are beginning to ap-
preciate the strength of conditions governing
the actual value of securities. and as conse-
quence the calamity howlers find only a limited
market for their stock market adFices. There
are enough bears left 20 prevent one-sided
market. but the bull party is steadily reaching
proportions that must eventually exert most
important effect on values. While opinion is
somewhat mixed the probable movement of
prices in December. the belief is generally held
that quotations will move toward higher figures
soon after the beginning of the new year. The
hank statement issued Saturday caused a pass
ing speculative chill. and efforts may be made
this week to reduce prices because of further
loa-s expansion. Loans Of the New-York banks
well secured, and lenders have enough
confidence in the situation to put out time
money and 10 buy commercial paper in round
amounts
Reports received by the commercial agencies
fn the week show encouraging expansion in
most lines of trade throughout the country
Merchants in all sections are doing heavy fall
business. while the outlook for the winter and
srrirg trade is extremely promising II Is infer
esting TO note that the mercantile community
is in sound financial position. being well sup
piled with funds and not being loaded with
debts. Collections good in all parts of the
United States. Railroad earnings for Novem-
Der show wonderful Improvement over the cor
responding period year ago, while bank clear
ings and other indications Of trade activity
make gratifying exhibits in comparison with
other periods of industrial prosperity. The rail-
roads in the South and West are returning earn
fngs which before have been equalIed
IN those parts of the country. especially heavy
gains being reported by the Southern Railway
the Louisville and Nashville, the Atchison
Wabash and St Louis and San Francisco For
the month Of October the gross and net earnings
Of the Atchison system were larger than in any
preceding month in the history of the company
The Atchison property extends from Chicago to
San Francisco, running through some of the
most fertile and profitable States in the Union
The country which this road traverses has
grown UP TO the mileage of the railroad and as
a consequence the Atchison system has reached
position which should always guarantee re-
turn its securities.
The congestion Of traffic at Western points is
still heavy, and railroads are suffering to A
great extent from lack of equipment Although
in the last year the'car and locomotive building