New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-11
THE WEEK IN WALL STREET.

Notwithstanding high rates for money stock
market values advanced in the greater part OF
the week, many issues selling at the best prices
ever recorded for them. while in certain parts
| of the list sensational gains were reported Al
| though the leading banking interests in the
Street were 1nanifestly opposed to the OPERA
lions Of the bull element and while they en-
deavored TO check the upward movement by ad-
vancing call money rates. the big bull soecula-
tive element continued its operations with great
success presenting for the first time in the his
tory of Wall Street the spectacle of bull specula-
ton getting the better Of bankers attempts to
control the market The fact that high money
rates failed to check the upward movement re-
1ected the presence in the market of men well
supplied with funds-men who have grown r1ch
in the last few years. and who at the present
time apparently are in a position actually 10
contro! the banking concerns which would IKE
to bring about reaction in prices for securities
Il is generally understood that the so-caled
Standard Oil party is in favor Of cheaper prices
owing to the fact that the Rockefeller ana alneo
interests sold their securities month or SO
ago Until within the recent past the great
Standard Oil men have been all powerful III tue
Street but from the course of trading III leS'
weeks market it is generally assumed that otle'
interests now have the whip hand Al tilis
period it is useless to discuss the question Oh
intrinsic value in relation to the movement %
stool, Exchange prices While 1t is admitted
that many securities are selling at lever ltbt
more than measures their actual WORTH II -
also admitted that under the present eAIla'l
binary speculative conditions quotations may
move to a range vel, above that now pTeVdlllls'
Nevertheless it may be well for the small 'au
ers to exercise great caution. masInucA do ''l0
substantial speculative interests may at any
+i,, he willing to encourage a sharp downward
movement for the purpose of accumulatlhs more
stocks at cheaper figures
Conditions governing the real worth OF secu
rites naturally encourage confidence on inc paI'
of investors for the good reason thal al l''e.oi
IN the business world are making for staointy
il, all lines of trade and indicate long IeLlIi
of prosperity in this country. The only danger
hes in the speculative mania that Is ueVelot-
ing in most parts of the country. not only In
stocks but in general business operauons' ana
if this tendency should lead to overstimuiaton
| in business there might be a serious setback
I'm the ma tional commercial and financial growth
II is believed however, that the good sense OF
the American business man will prevent such
an unfortunate development speculative III
forest in the last week was centred on the In
dustriaI shares which enjoyed marked price
Improvement, notably in the case OF Iennes-
see Coal and Iron National Lead and the cop
FER shares The advance in the last named
group of stocks was due to the covering OF
| large short interest aad to buying based on the
| excellent position of the trade, which until last
| week had not been reflected in the prices or
the various copper issues. In most of the IN
dustriaI shares, however. there was no legtt-
mate reason for the upward movement unless
the determination of spectators to advance
prices may be considered a satisfactory excuse
for such movement Tennessee Coal and Iron,
for instance. moved to Level far above the price
actually warranted by the worth of the stock,
while the same thing may be said of National
Lead, which, under the influence of rumoCs
foreshadowing a combination of the IeaG COM
panies, advanced to figure far above the real
investment value of the security. quiet
emulation Of the second class railroad shares
was reported. and it was generally believed that
stocks of this character would become prom-
nent features Of speculation in the course of the
| next few months. Among the high grade shares
! Canadian Pacific, Union Pacific and ST Paul
were bought by men who are in the present
market for something more than mere specu-
| lative term.
In the last week money market rates adj
! vanced to the highest figures for the year. while
sterling exchange declined to a point which
! suggested the possibility of gold imports al
! though the actual monetary position in this
| country does not really call for shipments of
! the metal from the other side OF the Atlantic
! Ocean Low rates for foreign exchange are due
| more to the presence in the market of a large
! supply of finance bills rather than to the
! high rates for money, the supply of these
! bills being heavily liz excess Of the demand
| from remItters. With money time in
| Europe being much cheaper than in the
covering or paying off the obligations repre-
scented by the finance bills which were issued
earlier in the year. Indeed, there is an in
centive for borrowers to seek accommodation
| from the exchange houses, thereby increasing
the supply Of finance bills which merely repre-
| sent the use of foreign credits in the local
market. While the depression in the foreign
exchange market has brought about situation
which suggests gold imports, it may be said
/ that the men best posted on the international
| monetary outlook do not believe that $here will
! no ar inlportaut movement of the precious metal
to this country at present, but the fact that
| New-York is now in a position to draw gold
from Europe naturally serves to increase the
confidence which prevails in local circles in the
theory that there will be real disturbance
in the monetary position Of this country. There
NAV be hurries in money which may possibly
cause some hardship among stock market specu-
| lators but so far the high rates for loans have
| failed 10 curb the bull enthusiasm which at
| present is so rampant in all parts OF the coun-
! try.
| Notwithsta nding the serious position OF affairs
| in Russia the pinch in money i'll Europe ap-
parently is over, although easy rates for money
are not likely until order has been restored in