New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-12
THE WEEK IN WALL STREET.

servers believe that in the rest Of the year there
will be LITTLE further activity on the long side of
trading this theory Icing based - monetary
considerations and other factors which have re-
Gently come into prominence There is nothing
in the trade s.tuetion, however. that warrants
pesslHsisl. ON the stock market. and there is no
reason for investors to watch with alarm de-
clnes that may take place ia quotations. Bush
ness is growing in all parts OF the country in a
most encouraging manner. the intrinsic worth Of
securities IS increasing, and even at current
prices there is adequate excuse for investment
purchases in the greater number of issues. Al
the moment, however. speculative activity may
pause. public operators have suffered losses.
money rates areli likely 20 remain at mod
erately stiff level in the rest of the month, and
as the situation il the cotton market presents
an element Of uncertainty and weakness that
may tend 10 restrict operations for higher prices
in the securities market
Despite these considerations quotations on the
Stock Exchange may move contrary 10 this ex-
pectation. Further advances may be recorded
In the rest Of the month, increased activity may
develop, and the year may close wiz h prices at
the best figures of 1904. In view OF the remark
able movements in the last six monhs it is not
safe to make predictions to the course Of
trading in the next few weeks, but, according to
the belief OF cOnservatively bullish operators no
matter which way the market moves between
the present time and the new year. another
bull wave will mark the course Of the stock mar
ket in the early months of 1905
Last weeks decline practically the first
setback suffered BY the market in six months,
in that time. until the downward movement
that began on Wednesday. not so much as
point reaction having been recorded. The bull
movement that started early in the summer
was one of the most remarkable speculative
campaigns waged in Wall Street, and it Is
interesting to note that of the average loss Of
about 40 points, which recorded in the bear
market that began in September. 1902. and
which continued until September 1908. the
greater part recovered in the last six
months. the average of twenty active railroad
shares showing on December 8 a gain Of 1886
from the low point in the bear market of 1902
03. Examination of the records of the Stock
Exchange fails to disclose any preceding pc
RODS of such prolonged weakness followed by
such sustained strength reported since Sep
TENDER 9, 1902. when the average OF twenty &C
tive railroad shares reached 1880, from which
point there was steady decline until Septem-
Der IS 1908, when the average price touched
$3.50 From this point the market advanced to
1896, the high record made on December 3.
which some operators believe will mark the
high point of the year.
IN 1nurSudy y mdIheI ldLSdCNlotiS "NhO
heavier than on any day since the Northern Pa
cilc panic of May 9. 1901. amounting to $685.
751 shares compared with 3.122,S50 on the day
of the Northern Pacific corner. The heaviest
day on the Stock Exchange was April so. 1901.
when $3.50 S57 shares were dealt in. From the
speculative point Of view. the decline in ANAL
gamated Copper is easily understood, but the
loss in the stock should not be taken as an In
dication of an unfavorable change in the posi-
ton of the copper trade either in this country or
abroad. As a matter of fact, the trade is in an
extremely strong and favorable condition, ow-
ing to the remarkable increase IN the demand
for home and foreign consumption The Boston
operator promised a sensation in Arnalgamated,
and he succeeded in doing what he promised 10
do. the result of his efforts proving highly dis
astrous to overloaded copper bulls. both on the
Stock Exchange and on the curb. Undoubted-
" MI Lawson was backed in his campaign by
some powerful interests, but the credit for
the SMASH has gone 10 Mr. Lawson. and Thurs
DAYS speculation will always be known as the
Lawson market.
Higher rates for money, the suggestions in the
Presidents Message regarding an increase in the
powers of the Interstate Commerce Commission
reports that an active campaign would be start
cd by the government against the trusts and the
collapse in the cotton market were factors that
contributed to the selling movement on the
Stock Exchange on Wednesday and Thursday.
Owing to the extended bull account and the long
period of advancing values. the market was
ripe for a reaction and. as consequence. IA
vorable developments were not effective offsets
to the factors noted. For instance. most striking
gains in railway earnings failed TO check the
bear movement in stocks. For the last week in
November earnings were unusually heavy, the
increase for thirty roads reporting amounting
20 81, I49 397 as compared with the same period
a year ago while only six roads reported losses,
and small ones at that. AS far as the Presidents
recommendations on the Interstate Commerce
Commission are concerned, there is no reason
for alarm in Wall Street. inasmuCh as the leEiS-
latiOn asked for If enacted, will not destroy the
earning power of the American railroads any
more than the Supreme Court decision upSettjnE
the Northern Securities Company did. After the
Northern Securities decision had been given
Wall Street suddenly realized that the railroad
business in the country would not so 10 the
dogs. and in the event Of legislation increasing
the powers of the Interstate Commerce Commits
sion Wall Street will soon find that the rail-
roads will continue to run their trains on a
profitable basis.
severe break in Thursdays trading not en-
10 the people who believe that the
course OF values will be in the direction Of lower
quotations in the rest Of the yeG~. The recoy-
cry was natural development of the extreme
and II was in line with the trend of
prices that has always marked the speculation
that Immediately follows serious slump in quo
tatons. Whether or not this recovery will run
any iU tiiNt y as PilLlIS rs litt question OF tIte
lady or the tiger Money rates moved 10 a
frmer basis in the week. call funds avera sing
SS4 Per cent loans being made at one time
nigh as . 3er cent. the highest vate since the
first week in January of the current year Tn
time funds there was soOd supply OF money
for short periods, and some thirty day loans
were placed at 312 per cent with rates for sixty
70 ninety days at 80: TO / per cent. In com
lnercial paper the demand was excellent. but
offerings were light.
While there We're further engagements Of gold
FcC export, the foreign exchange market was
easier most of the week and shipments Of the
metal could not probably be made without spe-
- i,I,