New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-11
THE WEEK IN WALL STREET.
at Lowest Point J

showing advances Of from three to FIVE points as
compared with the low figures of the recent de-
cline The movement, however, was not accom-
panied by an active demand for so-calIed pupho
account but the fact that there was no indioa-
ton of resumption of the liquidation that
marked the transactions in January encouraged
the belief in some circles that the downward
course OF quotations had reached its end ana
that a wider and better market might be looked
for in the next few weeks. this idea being helpeo
by the appearance Of actual investment orders
and willingness on the part Of the larger oper-
ators to work for a higher level Sentiment
which plays such important part in Wall
Street speculation was more cheerful than noted
at any time IN many weeks, the change from the
depression OF mind in preceding weeks pelhg
based in great part the theory that the sell
ing power had become exhausted. that the de-
cline in prices had discounted possible future
adverse developments and that fears created by
federal and state authorities regarding their at
titude on the question Of regulating corporations
were not based on sensible conclusions. The last
named was quite an important factor in the
considerations Of spectators and banking inter
ests in the last half Of the week, though It was
not founded on any announcement from Wash
ington that warranted the expectation that the
administration proposed TO bring to an end It's
campaign against transportation and industrial
companies that are not working for the good of
the whole people.
It may be true that the people who have been
preaching that the country will go into bank
ruptcy because of the activity OF President
Roosevelt and his advisers and of state authori-
ties beginning to appreciate the fact that the
legislation already enacted affecting corpora
tons and the Legislation proposed will IN no way
upset the industrial activities Of the United
States If this fact is not recognized 1t ought to
be. for the proper regulation OF the great cor
porations Of this country in the interests OF the
people whom they serve means the perpetuation
Of industrial life on sound and safe lines, the
building Of our trade and commerce to heights
greater than ever recorded in the past. and the
maintenance Of dividends on American invest
nent securities a few weeks ago Wall Street
said, sell everything To-day the advice is to
buy on all reactions for speculative account and
TO take securities for permanent investment at
prevailing prices. Two months ago stocks and
bonds were selling at a level that was distinctly
unattractive to investment buyers; then came
readjustment 10 a lower level through the COLI
lapse Of a speculation that had nothing upon
which it could depend for further support mas
much as the money market had been swept bare
of funds available 10 protect speculative &C
counts Hence at present we have a market IN
which good securities may be bought TO return
taken by people who have been waiting for just
such an opportunity. In the last two weeks
there has been a large accumulation Of stocks
by small and large investors. the dealings IN
small share lots representing actual purchases
having been especially noticeable. This doubt
less Will continue just as long as quotations re-
main at a level which viii give buyers from Az
to 5h per cent.
United States Steel preferred, Amalgamated
svlvania. Southern Pacific and other prominent
shares were IN active demand in the last week
from investors. while they also were taken in
round amounts by rich Wall Street operators,
who believe that later on in the season sales
may be made at substantial profits over current
quotations The steel and copper issues ap-
peal for support on the basis Of the strong po-
stion OF the respective industries which they
represent That there has been and will be no
disturbing reaction in the iron and steal trade
is reflected in conditions governing the indus
try and in the buying Of the steel shares by
capitalists who are in close touch with the iron
and steel situation, while the same thing may be
said about the copper trade and copper secur-
tiles There has been great deal Of talk sug-
costing lower prices for pig IRON but It cannot
be found that values have receded to any extent
or will decline materially in the present year.
A quieter tendency is noted in the market for
iron as well as In other departments Of the
country"s trade but there have been
heaIthful developments IN the situation, and,
according to trade authorities, there is nothing
in the present position of affairs that warrants
uneasiness over the future. There is. Of course.
the possibility Of poor crops this year, but In
this connection it should be recalled that the
agricultural section of the country has enjoyed
prosperity for several years; that the farmers
,goI1. 49,,
history, and that, as a consequence. they viii bo
able TO go through a period Of lean harvests
without suffering the pangs OF bankruptcy.
Moreover, 1t should be borne in mind that the
cultivated Horticultural domain OF the United
States now covers a vast territory, in which
many different kinds Of climatic conditions pre-
vail, IN which diversified crops are grown, and
which cannot be subjected to paralysis in one
end because Of adverse weather in the other
end. Part Of the wheat crop may be poor. the
yield OF corn and oats in some sections may
be light, and certain states may bring forth
little cotton, but general crop failure is prac-
tically out Of the question. Some fear already
is expressed regarding winter wheat but winter
wheat does not make up the total of our
farm products 1t is too early, however. to dis
cuss the possibilities of this years harvests.
Money market conditions continue to
strengthen the opinion that business throughout
the country is active. despite the temporary
severe winter weather which has interfered to
some extent with the distributing trade De-
spite this drawback, bank clearings outside New
York for the month of January show in
crease over the record figures of the same month
a year ago, q falling off in the clearngs at this
centre being due to the lighter operations in the
speculative markets. Money did not return from
the interior in January in the volume hoped for;
indeed, the movement Of funds to this centre
was unusually light and last week the hanks