New-York tribune., 1898-11-21
-ulsh Low Nov 10 Nov i2 ch'ss Sales.
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPEhAIIONo IN SiONN''
Operations In the securities markets last week
reflected confidence on the part OF American
capital in American railroad and indus'riai
enterprise. Purely speculative transactions rep
resented growing belief In speculative circles
that a genuine bull period had begun, and 'ha'
the course Of the market would be encouraging
70 bull operators the greater part OF the nscal
year The course OF values in the week showed
the presence OF heavy selling pressure from
speculators who had secured their holdings al
cheaper prices ard the existence OF an expand
ing demand for all good stocks from pubic
buyers and important market interests. the
huving was better than the selling. AS result
of the realizing sales and the offsetting buying
the market presented an irregular appearance
IN which, however. there was no loss of equllip-
rum or material advantage to either side of the
account In certain stocks. where special In
nuences were at work. the changes for the week
were marked but as rule the net results OF
fluctuations were fractional differences. as COM
pared with the preceding week. net gains out
numbering net losses. In many stocks the high
es, prices Of the year were reached, although
the closing on Saturday was under the recent
level
Speculative considerations involving profits
were the only apparent reasons FOR seillhe'
Prospects OF higher money rates had no innu-
ence upon the sentiment or prices. And the
nossibility Of a rupture in peace negotiations IN
Paris disturbed weak accounts only AS 10 the
money market. indications point toward higher
rates but the causes which may lead to dearer
quotations are really bull factors, and as con-
sequence an advance in rates should not pro-
woke liquidation except among the weakest
class Of holders dear money market resulting
tpcid hi
prosperity is far different from dear money. re-
suting from fright incident TO times Of panic.
Capital credit and confidence have increased.
CAPITAL has increased al home. and Is moving
into the channels Of trade Individual and cor
porate credit have improved. confidence al home
and abroad in American securities has made a
wonderful stride forward, and the country s
position as a financial power in relation to other
nations has made the United States absolutely
independent of foreign financial and political
disturbances.
The current position Of the stock market Is
made especially favorable for higher prices by
reason Of the comparatively light increase in the
volume of securities in the period Of business
growth and expansion in the last two years.
While the country has grown in wealth and
prosperity the actual volume OF railroad securi-
ties to be taken care Of is no larger than In the
days OF business depression few years ago.
and in consequence capital must move into
existing securities or else remain idle until! the
construction OF new railroads begins anew Of
late there have been various trade combinations
which have involved large amounts OF money.
but in most part the funds so employed repre-
sent an exchange Of old securities for new. and
not an actual increase in The outstanding supply
OF stock The same may be said OF the railway
tShi VI
calling for new capital have not been important
factors either in adding to the volume or Sc
curities dealt in on the Stock Exchange or In
utilizing the vast amount Of idle morey avail
able for Investment.
The immediate outlook for stock market prices
is not Of much concern to investors. nor to spec
ulators who are tuyins stocks to hold foi
several months. An overextended long account
may develop to the injury Of the small operator
Temporary furries in money rates may be OF
serious import TO traders who buy more thar
their financial resources warrant. and bear pres
sure and passing unfavOrable developments are
possible. despite the intrinsic worth cf stocks
and bonds Small margins are not safe in The
best kind Of bull market. The exaggerated
importance attached to the so-caled Northern
Pacific and Oregon Railroad and Navigation
territorial dispute may impair the confidence
Of the weak minded. bat 1t is not likely 10 In
fuence the investors in Northern Pacific securi
ties Berlin has been a heavy seller Of Northern
Pacific but it is more than probable that th'
acute financial situation ct that centre is re
sponsible for the selling rather than any un
easiness over the future OF the property. TIL
stock market must have It's reactions and set
backs hu. the situation presents little encour
agement for a bear winter.