New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-19
THE WEEK IN WALL STREET.


fessional element public traders refusing TO take
further extensive interest in securities opera
lions. The withdrawal Of the public from the
market was not unnatural development OF
the serious decline that took place Monday.
and the public sustained heavy losses on
that occasion as well as IN the Liquidation Of
the week before. II is not likely that the
stock market VIII appeal to outsiders in the rest
OF the year. although Wall Street operators eX-
press the opinion that in the new year they viii
be able 10 attract large public buying move
ment, the idea that the public Will come into the
market being based the theory that there VIII
be a large reinvestTnent Of January dsburse-
ments. with an accompanying advance in prices.
which will serve TO encourage commission house
customers 10 buy securities. There Is nothing
IN conditions affecting the actual worth Of stocks
and bonds that warrants pessimisJ!c sentiment
over the future Of the market, but the fact
should be borne in mind that after a period Of
heartbreaiIing losses IN speculation ii is not
easy matter 10 create enthusiasm among public
operators IN securities.
The decline IN last Mondays market was not
accompanied by adverse news developments af-
fecting the actual value Of securities but de-
spite the absence OF unfavorable factors, H.
quotation was enormous declines were severe
and losses were heavy. rot only among public
traders. but among substantial Wall Street in
OF the larger spectators, particularly the So
called Western crowd were extremely heavy.
Fortunately. the general outlook for a further
extension Of the cou1try's industrial activities
has not been changed in the least by the liquida-
tion that has been recorded on the Stock Ex-
change in the last two weeks. and so long as
underlying conditions remain IN their present
sound position there win be no reason for in
vestors TO take alarm at the speculative gym
Street. Nor viii there be any good argument
for uneasiness If the Boston operator sends
forth further word pictures IN his so-called
campaign against the frenzied 1nancers' and
the system" It is quite probable that Mr.
Lawson win emit more free advice to the world
regarding the stock market and it IS probable
that there viii be some timid holders Of securi-
ties who Will throw over their possessions at
the sound Of Mr.. Lawson's trumpet: but il is
not likely that the substantial, old fashioned
American investor VIII be upset over anything
that may develop IN the course Of the Boston
mans campaign for lower stock market prices.
Spectators Of means VINO recently
bought securities at high prices in many cases
have lost their money. but the losses will not
affect the great majority OF people in the coun-
try or the industries in which the american
people are actively interested. The seni-panicky
conditions In the stock market last week did not
reflect any change IN the position OF business
and money IN this country.
Money market rates continue TO rule at an
extremely low level, considering the fact that
al this period Of the year higher rates are nor
lnally expected, and, as & consequence of the
ease in money at this centre, foreign exchange
is strong and gold IS moving to Europe. The
advance in exchange rates last week placed the
sterling market a basis that permitted the
shipment Of coin, and il is likely that in the
rest Of the year further large exports Of gold
coin viii be made. II is interesting to note In
connection with the foreign exchange market
that in the month Of November this country
had. according TO the statement Of the De-
partment Of Commerce and Labor. an excess
balance Of merchandise exports over imports
to the value of S62.521 914, compared with an
excess Of $S3262,22S in the corresponding
month last year and S39S14,448 in 1902. This
balance, however. was offset by sales Of for
eign held American securities. by the under
valuation Of imports and by other factors which
enter the International financial situation The
statement OF foreign commerce for November
showed exports Of merchandise heavier than in
any November on record with the exception Of
the same month in 1903 while imports were
larger than in any corresponding period in the
history Of the country the latter item amount
ing in value TO $95.I57. 600, against S770g83lO
In the same month a year ago. The most en-
couraging feature Of the country's foreign trade
is the large gain IN exports Of manufactures
the increase for the last month amounting in
value 70 Sl5,l3s.32S. and for the eleven months
Of the calendar year to 81 .AS427O Notwith-
standing the fact that exports Of breadstuffs
decreased last month Ia value Sl7727 296
the total exports Of merchandise showed = de-
crease from the same month last year in value
Of only S2.5SS.96S. while for the eleven months
the decrease in exports OF merchandise amount
ed IN value 10 only SI9J. l43. despite falling off
IN shipments Of food products of S7S.679 Alb.
This is a remarkable record, Indicating great
prosperity among the American manufacturers
and showing that the American manufacturer
is selling his products in the markets of the
world
Among the important Developments Of the
week Of interest 10 Wall Street was the an
nourcenent by the directors OF the Atcbison
Topeka and Santa F5 Railway Companv that
they would ask the stockholders for authority 10
issue 100000 OF convertible bonds and 500
100000 additional common stock, into which The
bonds could be converted. The first effect of
this announcement was reflected in q sharp de-
cline In Atchlson securities and in the general
list, but subsequently sentiment on the proposal
appeared 10 be more favorably impressed espe-
cially when II became known thar The er+ira
issue would not De put out at once and that
none Of the bonds would be placed on the market
until the new year. The Atchison system IS one
Of the largest IN the country, and its deveIop-
1eent an order 10 take care Of its constantly
growing traffic requires the expenditure op d,
large amount Of money on irnrroyen,e15s ~,
terne1ts and extensions and the yDapapere az
Inc property believe that the tine is ripe for an
increase - TIE coInpaly's Capitalization for taa
purposes named. Another deyelonn,ert Of ~
week mat attracted attention was the action Of