New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-19
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPERATIONS IN Sl'Oh"'
7, WAS n remarkable week in the stock mar
mt. in fact II was of the most cheerlul
snd encouraging periods that Wall street mas
entoved in many years. Dealings IN s'ooAs
broke all records. Transactions In bohds eN-
coded all past weekly totals. and never Delore
On tho history OF the Stock Exchange were so
,nany separate issues. both IN the snare anu
bond department traded IN. IL was pis iiai
g.. nth his fluctuations and irreguarity. but
:, y,as controlled by underlying strength that
could not be broken. that could not be set ASIDE
hv room traders. The room traders eilJo!eu
an experience that was novel yet 20 'henh ue-
pressing Market movements were Eulueu ny
rowsr more influential than that which profess
sional traders could command or onset by ma
humiliation and the like. Room traders saw the
market subservient to the power or puphc puy-
ing. rather than 10 the influence of professional
tricks which in ordinary times often attract
stock marke, values in the direction mapped
on, by the talent" the manipua ors the board
,oor, traders Declines brought about in the week
,vere natural and healthful. the safety valves
re hull speculation and the natural accompani-
,nent Of a public desire to turn paper prof1ts
into cash But upon every reaction multltude
Of new BUYERS was ready to absorb all onerlngs.
and the only real bears in the Street were the
eold-out bulls who were anxious 70 recover
stocks at cheaper prices.
hir market must have big fluctuations. and
for the people with big margins. big bank &C
counts and big courage the current specuia-
ton is attractive People who are not con-
WINGED Of the growing prosperity or the Chiteu
States would better stay out Of the stock mar
he, while the same may be said to people whose
heir han
Stock market speculation is seldom II ever safe
for moor men The small trader might better
buv twenty shares outright than trade In one
hundred shares on small margin; and here IL
IS pertinent TO remark that much OF this has
f,een done and that more stock has been taken
out of the market individual capital than
ever before in the annals Of the Stock Exchange
Persons of wealth have been heavy buyers OF
stocks and bonds TO hold Indefinitely. The use
Of borrowed capital has not reached the proper
ton that one would expect in such enormous
daily transactions. adequate evidence OF which
IS shown in the comparatively moderate expan-
sion in bank loans vast amount Of money Is
seeking employment. and SO long as the supply
OF idle money continues heavy a marked de-
cline in securities can hardly be expected. pro-
vided Of course. that no untoward event occurs
70 destroy confidence The conditions govern
ing the d'tudI WIZ III VI iIN'StiH'iis HNNu''Ni
favor an advancing stock market. and normal
reactions only may be looked for. Normal re-
actions in a market like the present one should
be however Of greater extent than the normal
setbacks IN ordinary bull periods. for cur
rent trading Is extraordinary and conditions
are unsurpassed in the volume Of business and
production the normal declines in stocks should
increase in the same ratio as speculation In
creases.
When one looks for a reason for this remark
able demand for stocks and bonds, and the
growing speculative spirit outside of Wall
Street the answer can readily be found In
number Of factors bearing upon the country
commercial and financial condition. Industrial
activity has been stimulated by confidence.
There is no longer fear in the business mind
that the country is 10 pass through the terrors
Of unsound money legislation, into the control
OF Popustic demagOgues and fanatics. There
is no longer uncertainty over the financial sta
biity OF the United States Treasury or uneas-
ness lest the current trade revival prove spas
modic and based upon insecure foundations.
The country has enjoyed the blessing Of bounti-
full crops and good markets for them. result
1ng in expanding foreign trade and the accumu-
lation OF enormous credits abroad. General
business is steadily expanding. November was
q record breaking month in industrial activity,
but December promises TO show even better re-
suits. Payments through clearing houses. rail
road earnings. the output Of pig-iron, improve
ment in cotton and wooen industries, and
heavy foreign exports of breadstuffs cotton and
manufactured articles. are growing at a rate
that indicates that the last month in the year
will be the most surprising OF all the months Of
the surprising year Of 1898. The stock and bond
markets hardly need explanation. Advancing
values and demand for high-class securities
and for those Of less merit. but where prospects
are improving as business improves. are not
based upon fictitious conditions.