New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-23

THE WEEK IN WALL STREET.

Stock market values in the last week did not
move in a manner satisfactory 10 the people
when made. merely represented speculative
reaction from a preceding advance. while the
upward movement that marked the dealings In
tie greater part OF the week indicated improve
ment in the character OF trading. and dispose
ticn the part OF powerful pools TO resume
operations in securities. The latter tendency
was pronounced in some OF the low priced Is
sues that have been inactive for many months
IL is hardly safe. however. 10 predict rapidly
rising market on the return TO the Street OF the
public at present. although there is ample JUS
tihcation for the purchase OF good securities. 10
hold for a long price at current quotations
Sentiment is mixed regarding the prooaole
course OF the market in the next SIX months
The bear crowd that was so successful TWO
months ago maintains that prices viii go lower,
but It fails 10 bring forth any good new argu-
rent for cheaper prices. basing its position on
the same factors that encouraged decline last
summer. Since the summer conditions affecting
the general situation have improved, while the
unfavorable features arc more than measured
by the decline that has already taken place in
values.
Bankers express confidence in the future by
their Willingness TO finance new stock and bond
offerings In the last two weeks the railroads
have been in the market for S71,1oooo0 in new
bonds and stocks all Of which has been taken by
the banking community. despite the fact that
the old CITY that bankers are tied up with un-
6igestible securities is stin heard in the Street
The undigestibIe securities that have caused so
much trouble in the last year have been dis
tribCted. Water has been squeezed out OF the
stocks. and buyers are able 10 secure good value
at bargain prices. News developments Of the
NE~,f1 rrs1a "a
TO the operators for higher prices. and even the
professional traders who are considered bears
made no attempt TO interfere with the advanc-
irg tendency until Friday. when evidence OF
realizing and rise in call money 10 s per cent
encouraged renewed bear pressure. Good buy
ing OF the local traction shares was a feature
OF the week. and higher prices were predicted
for Brooklyn Rapid Transit, Metropolitan and
Manhattan. The lest named stock at the pres
ent price returns per cent stock about D
per cent and as a guaranteed stock its price
eventually should sell many points above its
current level The stock is per cent
issue, with a ] per cent extra IL earned-the
company earned over S1z per cent in its last
ascal y-ar-and in 1906 it will become a regular
guaranteed per cent security. the marlborough
company being behind the guarantee.
An amicable settlement of the differences
that have existed for some time among various
interests in the Seaboard Air Line. the disso-
luton OF the United States Steel preferred
stock conversion underwriting syndicate and
the reduction in the freight rate on iron and
steel products intended for export were factors
that had favora bic effect on market values.
while the action OF the railroads in reducing
the tariff on iron and steel shipped for export
is a blow al the home consumer. it is thought
likely that It viii have a most stimulating
effect on the demand from foreign countries
for American iron and steel products. Regard
ing exports in general * is interesting to
note that in October exports from the United
States were heavier than in any preceding
month this year. and with the exception Of Oc
tober. 1909. they were the largest for any month
on record. amounting i'm value 20 S160370 O59
against imports to the value of SS1 931 0s05. or
excess Of exports over imports in value OF
S7S839054 which compares with an excess Of
S5690335S in October a year ago. S64 212 Co.
in 1901 and So. as $40 in 1890. While exports
increased imports showed a falling of. the to-
tai OF SS1 a3l.005 comparing with So. 424.O7O in
The corresponding time last year The gain IN
exports due chiefly TO the heavy outward
movement OF cotton. the value Of which was
S60.2S3,412. against Ss2.0e0O0O in October 1902
The total quantity Of cotton sent abroad In the
month was 594 54Os72 pounds. at an average
price Of l01 cents a pound. In the twelve
cotton exported was $500 4e6314 Actual ex-
ports Of cotton from September ! have not
however. been a. heavy as they were in the
same time last year. the large movement in
october being due to the late maturity OF the
crop
The recent decline in foreign exchange is
explained by the heavy October exports. while
The hrrner tendency "a the last few DAYS has
been due TO investment purchases Of sterling
Further engagements OF gold for export were
made IN the early part OF the week and il
more Of the metal should be needed this coun-
tN VIII be able 10 secure il. While the demand
Tor money from The interior showed a marked
decline last week the local bank statement
presented q decided loss in cash and reserve
holdings. can money advanced to : per cent
Friday. ruling in the week al : per cent. Time
loans on good mixed Stock Exchange collateral
were quoted al ~ per cent for sixty and
ninety days and > 10 81 per cent from, four
L" SIX months Commercial paper continued firm
al % TO per cent The Bank Of Fneland's
minimum rate Of discount remained AT 1 rer
oeni. Discounts in the open market were az
per cent ia Paris - per cent and Berlin and
Frankfort 81 per cent