New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-05
THE WEEK IN WALL STREET.


tboueb recoveries generally followed declines.
Indeed. the market presented every evidence OF
still being in control OF the bull element as all
attacks from the bear party came TO naught as
far as changing the general tendency OF prices
was concerned. Offerings were easily absorbed
while there appeared to be falling off in the
demand for investment issues, both in the stock
and bond department, the higher rates for
money failing to exert any material influence on
the movement OF investment funds in securities.
OF course, If the price Of money advances ma
terially the demand for bonds will slacken, but
the outlook does not favor permanently high
rates for loans Ii is not likely that an extend
ed period Of inactivity will develop IN securities
Notwithstanding the appreciation that has al
ready taken place in quotations for stocks and
bonds the most conservative and best informed
people in the Street are looking forward to
further bull activity in 1905, and they do not
hesitate to go record as firm believers in the
theory that general conditions in the country in
the next twelve months will be responsible for
much higher prices than were recorded in the
bull market OF two years ago. In the greater
number Of cases values are still under the rec
ord Of that period hut at the present rate of ad-
vance It will not be long before the high figures
OF 1902 are equalled and exceeded. The fact
that some OF the leading brokers in the Street.
men who have the confidence of the large finan-
ciaI interests, express the conviction that the
bull market has by means reached its limit
naturally excites interest in the market and
courages the tinlid trader 10 hold TO his
curtty possessions for better figures. A broker
who conducts big market operations for the So
called Morgan interest announced last week that
IN his belief United States Steel preferred would
sell at 125 in 1905, and coming from such a
SOURCE the prediction suggests that Mr.. Morgan
and his friends are extremely buIlish over the
outlook.
Healthful Improvement marks the course of
business IN the iron and steel industry, and for
that matter IN all lines Of trade reflection of
which IS seen IN a better demand for consump-
ton. the opening Of plants that have long been
idle and the subsistence OF labor disputes and
troubles The decline in the price of cotton last
week ought 10 exert an important influence on
the country's export trade inasmuch recent
exports of cotton have been light. owing to the
refusal of foreign buyers to take the product at
high prices and TO the unwilngness of Southern
planters 10 market their holdings, the attitude
OF the latter being based the hope of an adj
vance rather than a decline in quotations the
cotton exchanges. Indications, however, that
.he current years cotton harvest will aggre-
gate 100000 bales these figures being made
mp on the basis of the amount of cotton so far
ginned, have caused weakening in cotton prices
with the promise Of still lower figures before
the END Of the year and the establishment of a
level which will show q proper adjustment be-
tween the price Of the pro duct and the size of
the crop. Regarding the company's export trade
st is interesting TO note that IN the month Of
October shipments Of manufactured articles in
creased in value upward Of S10OG0OO0 as com
pared with the same month a year 60 the gain
more than offsetting the falling off in exports Of
agricultural products For the ten months
ended October 81 exports Of manufactures from
the United States increased in value over S64-
100000 while there was decrease in the ship
ments Of breadstuffs TO the value Of over ST.
VVoVto. The trade balance in the last month
was heavily in favor of this country. but there
were enough ofsetting factors TO prevent a re-
Election Of our excess Of exports in the foreign
exchange market. In the last week sterling
quotations generally were firm, while in Paris
and Berlin the market moved against London
\ The advance however. in money at this centre
was an effective influence in checking the gold
export movement although foreign exchange
bankers were not willing to admit that further
shipments Of the metal would not be made
many encouraging reports Of railroad earnings
nave been published in the last few DAYS i'm
provement being reported in all parts of the
country, losses when made, generally being con-
hned TO net returns for October, due to in
creased operating expenses. Traffic is enjoying
steady growth without any of the characteris
ms lz
pleasing 10 railroad managers and railroad fnan-
ciers. Railroads that are paying dividends are
earning well in excess of dividend requirements
while many companies whose stocks are not vet
IN the dividend list are handling an amount Of
profitable business that warrants the expecta-
ZION OF return TO holders Of the securities at no
remote period. The latter applies to the Mis-
souri, Kansas and Texas, which is now in 2
financial position that foreshadows a distribl-
Vt
stock There has been an excellent b1,vine de-
mand for the Missouri Kansas and Texas STOCK
while throughout the list the Cheap priced txs7,as
nave been more generously bought by buyers
VINO are conndent that quotations OF the low
Pt4ceo STOCKS VIII move toward a higher point in
company with the upward march of the biob
grade Issues II must be said however +ba+
there are some cheap priced stocks so cauad
that are selling FOR an that they are worth
while the same may be said Of some Of the biet
priced issues, the prices Of which fully measure
their investment value. Consideration ~ tbis
kind, however, carries little weight in Wall
Street when speculative enthusiasm is rampant
and IL the tendency of prices continues fa,orable
TO the long side of speculation the relationships
between the market price and the actual worth
Of the security win have no part in the specula-
ton as an influential factor
Rates for call loans ruled under per cent In
the week. lenders securing all accommodations
desired at from Sh TO 8% per cent At the
moment there is no indication that there will
be disturbance In the money market despite
the low level Of local bank reserves. There &c
plenty OF money In the country and the ,o,r,+o
that rates for loans IN this centre advance cur
rency from all parts Of the United States will
begin 10 flow tnis way in volume It is only
necessary to refer to the governments rco,+tI