New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-22
THE WEEKS OPERATIONS IN WALL
STREET.


Conditions responsible for current activity III
the stock market are not ephemerai me ere
mcnts Of strength in the industrial and financial
world are The result OF economic conditions
which have created a foundation Of prosperity
probably ureoualled i'm the history of the coun-
,rv. II is unncccssaly to point out in detail the
promising features OF the situation. This has
boao done TOO often in this column to make
rendition AT this time OF consequence. but II
there are any readers who still doubt the
commences OF business progress and the un-
precedented outlook for Tic immediate future a
careful perlSal Of the files OF The Tribune IS
recommended The great majority OF people
understand and appreciate the meaning OF pres
sent movements in the stock market. They
know that the upward trend Of prices is based
upon something more lasting than the passing
wbi,ns OF manpulators. and that the earning
capacity % corporate enterprises Is making
prices Their than speculative fancy. Inc pun
lie is in the market because 1t recognizes tha'
II is a time Of advancing values. based upon
solid and substantial business progress
The position OF the money market is favor
able to activity in stocks. Although the move
ment Of currency 10 the interior IS growing
heavier and general trade demands upon the
loan market are expanding. there Is little posi-
bility of materially higher rates as far as STOCK
market loans are concerned Foreign exchange
rates are not far from the geld importing point
and whenever the situation demands more
money foreign credits can Immediately be utii-
ICED to bring in all the gold required. BROKERS
EXPECT lower rates for exchange reflection or
which is seen in current selling of long sterling.
Whenever money rates advance the danger OF
strineency will be averted by the strength Of our
which from figures
for July, published in the week, continues
extraordinary and heavily in favor Of the United
States. In fact the balance for July was the
largest for all months of July on record. The
country has in its trade balance a source OF
inestimable strength. Its gold reserve is pro-
tected its money markets are safeguarded and
its control Of the International exchange market
IS supreme And this favorable situation must
continue for the foreigners will again be heavy
consumers Of our breadstuffs. while local ex-
panslon in Industrial activities will lessen this
country's dependency upon foreign imports
Evidence OF improvement in business and con-
fdence among business men in the future multi
plies daily
Railroad earnings are better dividends are
being increased and declared. and money Is
moving into the active channels Of trade. The
advance in the dividend rate by the Chicago
Burlington and Quincy Railroad was the i'm
portant Wall Street development Of the week
and II was followed by Of the most active
markets in years. The prosperity of the Bur
lngton company is only example OF the gen.
era iourishing condition Of all Of the Western
railroad properties. and the increase In its divi
dend foreshadowed similar action by the d.
rectors Of other companies. This is period OF
dividend resumption and expansion. Additions
to the dividend column will be heavy in the
present fiscal year II will be a stockholders
year Advancing values will be the rule. an(
bear operators will find little comfort excep
that which they can force out OF small specu
lators who buy more than they can carry. anC
as q consequence lose their money on small re
actions. The health Of a bull market is i'm
proved by frequent setbacks as instanced II
the decline on Thursday and the advance OF
the following day and the more often such re
actions occur the better for the future Of tn
market 1t would be hazardous undertaking
however for the operator the short side o
the market in these days Of peace and pros
perity. and the best advice for followers of tn
SPECULATION is TO hold their possessions on ampl
margins for higher prices.
Dealings last week were upon enormou
scale with prices at the close we'll above tn
final figures Of week ago The low-price
shares gained a prominent position a
market favorites. and from all indications the.
are likely TO maintain a wide degree OF popu
lar,ty throughout the current movement Mar.
~ the low-priced stocks will be dividend payer
st no distant period They have intrinsic wortl
which is becoming more generally appreciated
and az a speculation they certainly present at
tractive possibilities In this class may b
mentioned Chicago Great Western. Atchisol
Issues. American Cotton OIL. Tennessee Coal
Wabash preferred Chesapeake and Ohio. South
ern Railway preferred and ST. Louis Southwest
preferred. People who think the advanc
has discounted everything good in the situate!
present and prospective accustomed TO tn
market movements OF the last few years o
doubt and uncertainty. and fail to appreciate II
present conditions the elements Of stability IL
industrial and financial affairs. Current price
may look cheap three months from now.