New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-15
THE WEEK IN WALL STREET

| prices for many securities to the highes' P
! ever recorded while the general average VI 80
leading active issues advanced wei aooVe ~
| best level reported in 1905. Twenty pioi.'.
railway stocks ended the week IN the heiei"o
hood of an average price of l3I, coflpaieu VIZ
1872 a month ago. and twelve OF the chleL i"uu0
trial shares ended the week at an average price
of above 100 as against 95 in the first week III
December. Commission house business was mucn
heavier than in any week for many months th'
public showing strong disposition to enter the
market notwithstanding the fact that quota-
lions were selling many points in advance OF the
figures at which stocks could have been secureu
last fall. while the strong financial interests VINO
for manv months have been actively Identified
with the long side of speculation continued to
operate vigorously for better figures. OF course
there was a large amount OF realizing, but there
was not however a movement on the part OIL
the big men" to dispose of their entire holdings
On all reactions active buying was reported for
the substantial Wall Street followers. Easier
conditions in the money market naturally Gre
ated the impression that the stock market would
rise without important interruption, and Wh1le
there were a few people who continued 70 pre-
dict a speedy end of the bull campaign there
were absolutely no indications Of such develop
ment
Stocks which have been inactive are being
taken in hand by the speculative leaders. espe-
cially the low priced issues and the so-called
Gould shares. and 1t is quite generally believed
that material further Improvement will be re-
corded in this department Of the market In the
current week The successful fiotation or the
Missouri Pacific note issue has opened the eyes
of many people to the fact that there Is a ire
mendous investment demand in this country
-@Try - Y11nT 0TY
the purchase of all first class security issues
At the close Of the week Wall Street houses sent
to their customers most encouraging advices re-
garding the future of the market and as the
public had begun to exhibit an unmistakable
speculative appetite it was thought quite likely
that the enthusiasm of brokers would be efeo-
tive in increasing the inquiry for securities from
all parts of the country The strong statistical
position of the metal trade naturally has induced
an active buying movement In the shares of the
iron and steel companies; also the shares Of the
copper properties, while the enormous gains in
the earnings of the American railroads have Gre
ated most favorable disposition toward all the
first class railway stocks and bonds. Activity
in the low priced railway shares is based on the
expectation that these issues will soon be placed
on a dividend basis, notably in the case of Chi
cago Great Western preferred A and Colorado
Southern first preferred, on which payments to
the stockholders were suspended year or more
ago. It is also understood that Southern Pacific
and Missouri, Kansas and Texas preferred will
be placed in the dividend column this year.
The large gain in the countrys exports of
domestic products in the month of December,
amounting in value to $40, 731 PA, while i'm
proving the position of New-York IN the
change market. does not mean that the United
Gfafe will he cd t0 IN
Europe. Although our shipments of bread
stuffs and cotton show marked gain COM
pared with a year ago. the expansion in these
shipments is not large enough TO Offset the
large financial obligations which have been Gre
ated by American bankers in Europe. There
FORE it is probable that just soon condi-
lions in the money market grow trife more
favorable to the expectation of gold there will
be a considerable movement Of the metal from
this SIDE of the Atlantic Ocean. According to
cable dispatches received from London, that
centre is expecting gold shipments direct to
Paris from New-York in the immediate future.
and the expectation of such movement has
tended to improve the foreign money market
situation.
The conditions abroad have also been helped
by the temporary loan which has been arranged
in Paris for the Russian government. There
is large short interest in the foreign exchange
market which has been encouraged by the
high rates for money in New-York in the last
two months. but eventually this account must
be covered by the export of merchandise and
gold, and these obligations probably
larger than ever before in the history of the
country it is hardly likely, notwithstanding the
increasing outward movement Of food products
and manufactures that enough exchange will
be created to prevent the sending Of the yellow
metal to Europe. Fortunately, this country is
we'll supplied with gold. and the probability of
outward movement fails to bring about I'M
easiness in speculative circles, and as the OPP
Grafton of sending gold abroad does not in any
way indicate financial weakness here there Is
alarm in business circles over the prospects,
of shipments. There a tine-and not MANY
years ago-when Wall Street fairly trent led at
the mere mention of gold exports but in those
days the withdrawal Of gold from here for Eli
ropean account represented the actual calling
home of foreign capital invested in the United
States, the movement being due to unstable
conditions here and the uneasiness abroad Owe,
financial situation.
Money in the last week in the call loan do
partment of the market was relatively easv in
consequence of an increased supply of funds ar
this centre. According to the reports received
from the West, crop funds are beginning to
move from the interior In large amounts and it !
is believed that the return flow to New-Yorx
will be far heavier in the next few weeks than
recently expected, especially as receipts last
week from out of town sources were the largest
ever reported for single week in the history
OF Wall Street The fact that country banks /
have been heavy buyers of commercial nanar &c |
a good sign, and indicates a better situatio,
both in and business zo..z