New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-07
THE WEEK IN WALL STREET.

the course OF prices had been IN the direction
OF higher quotations. bur in the dealings in the
last few business days the presence in the
Street OF opposition party made itself felt
in the daily transactions reflected in irregu-
lsrfty IN quotations. which at times changed 10
positive weakness. This phase OF the mar
ket welcomed By the conservative inter
ests, inssmuch 81 meant the reduction OF
weak speculative accounts and a. check TO ex-
travagant speculation that might have ended in
Generalization. The reactions that took place
IN the week strengthened the technical posi-
ton OF the market. and according TO the belief
OF the greater number OF brokers, paved the
way for further Improvement IN values. Bar
ring adverse developments, the outlook for bet
ter quotations after the election is promising.
especially in the securities that are selling above
g per cent investment yield and In the in
oustrtal list those shares which represent COM
paaies identified with the great productive and
manufacturing energies of the country. Under
the influence of striking Improvement in the
metal markets the iron, steel and copper shares
are being accumulated by careful buyers. and
Il IS reasonable 10 believe that unless a radical
adverse change should develop in the country's
industries these securities will gradually move
toward E higher level Activity marked the
course OF the pig iron market last week. sales
Increasing at better prices, while large orders
were booked for 1905 delivery. Merchant fur
naces practically sold up to January 1, and
higher prices than these OF q week ago are being
asked for both foundry and Bessemer iron.
Steel billers are firm at pool prices. while pro-
6ucers looking forward 10 the restoration OF
the 81 g ton extra for forging billets. which
was taken OF month ago. and, Of course such
81 advance viii be reflected in better prices 20
finished materials.
In the copper market noteworthy exrs-s5oz
81 the demand for consumption IS Under Ezy.
beth fo- hone and foreign account sxEo--s. 1o-
instance. showing e marked increase cvs- It's
period q year ago. Ocrobe- sA.r-as-,s beng
heavier than II any month c. -=c1-1 --7-ovs-
Tnent n the copper market : -s5sc1e5 = heavy
buying ot An-slsa--G1s5 Copper shares, g-d ne
character q This h1yt-g Suggests accumulation
O. TIE Stuck IL interests which e-e confident
that much better quotations Vii be recorded
tor TIE issue n The course o. The current year.
The metal markets are excellent trade barom-
ete-s. while the same may be said OF railway
earnings and bank clearings. both OF which are
showing remarkable increases. October clear
:ngs presenting increase OF so per cent over
September and y Per cent over the same month
81 1905 while only 10 per cent below the record
breaking figures o. Nay. 1901. In the reports
ot weekly earnings Improvement is exhibited by
railroads IN al parts Of the country, while traf-
&c managers are enthusiastic over the prospect
for an active volume q business in the next
twelve months especially on the Southern and
Western roads. which VIII have 6 large grain
and cotton traffic 70 handle: also big general
merchandise traffic. owing 70 the increased pur-
chasing power Of the people. due 70 the years
satisfactory harvesIs. Naturally. IN view OF the
great appreciation which has taken place IN the
market value O. securities IN the last few
months many people are disposed to argue
that business Improvement already accom-
plished and the expectation OF further expansion
in all lines OF trade have been more than meas
ured by the advance in quotations, but The fact
that many securities are still selling we'll below
the high record figures OF 1902 and in
vestment basis that returns more than per
cent induces other people 10 question the argu-
rnent that prices are high enough Present
market values certainly fully represent the in
trinsic worth Of certain issues. especially the
uon-dividend payers. but careful examination
O. the list OF stocks and bonds VIII show that
many quotations are not ruling at an abnormal
level This is particularly true Of the greater
number OF first class bonds. which return, ap-
proximately, 4 per cent, while in some instances
the net return approaches per cent AS rail-
road bonds are secured by mortgage lien they
are extremely cheap when their net return is
as high as that which can be realized from rail-
road stocks.
20 create alarm in Wall Street circles, inasmuch
es the outward movement Of the metal is mere
~ reflection OF International money market
conditions. Europe needs the gold and this
country has plenty Of the precious metal TO
spare, proof OF which may he found in the coun-
try's large gold holdings. amounting TO S1,131.-
Q66 $50, exclusive OF the amount Of gold owned
by the federal Treasury, an Increase in the last
twelve months OF Sos. 90. go. Large ship
ments were made last week. and the prospects
favor further exports OF the metal. but the opiu-
Son in foreign exchange circles does not favor
recent predictions that upward of sos 600
VIII be shipped in the course OF the next few
weeks. That the Bank OF England is not wor-
ried over the demand on London for gold from
Continental centres IS reflected in the failure Of
the Bank 20 advance its minimum rate OF dis
count despite 8 decrease last week in It's per-
csntage Of reserve 70 liability. II IS not i'm
probable that the different factors affecting
money IN New-york viii bring about frmer
market for loans but it is not at all likely that
disturbance VIII develop. unless there should be
a series OF disasters affecting the money mar
ksts OF the world The amount OF money in cir
cuiation in this country IN the last month in
creased So. 227.I72. making for the twelve
months 20 October 81 an increase Of S156 OSI-
793. Including money held by the Treasury
there WIS an increase N the month Of SI2-
959,1S6. Treasury holdings decreasing SIS 36T.-
SO. II is interesting note that while this
country has exported upward OF 100000
gold 81 excess o. imports in the last twelve
months. the supply OF the metal in circulation
has increased in the same time more than Sos
100000
in the week stocks were favorab bly, Influenced
At times by runlors affecting varions railway