New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-30
LILLE WEEK N VAIL STREET

The course 81 stock specultN'" 'aS'
,ec,ed growing desire on the part OF puo"0
traders 20 enter actively into secur'ues Vp',
..ors r, nublic enthusiasm can be checked for
. while longer the market will be the better LOT
Z, All conditions save those in the money
-. are IN favor Of an active bull specu-
-. a,s a. no remote period the money mar
,a, yr he favorable 10 an extended spe'u'a-
.,or IN stocks Al present however there Is
No, enough available money at THIS centre ~
~,opA q booming market healthfdl II IS eoou
.,,oe 70 hold stocks for rise. however loi Wv,
ner,od u declining values Is az an emu anu
,oos as ~ Wall Street were on the eve Oh one vi
~ ,,cgas- hill markets the street has ever seen
(,at.,oDo rather than theories confront wall
e,ree, And they are conditions that must tx
or, an influence upon values. despite 'he e"oIe7
~ professional pessimists 70 bel'ue ''' ''s'''
rance Of current prosperity
There was small sized boom in stocks last
.,.1at, h,, near the close advancing money rates
indicated that credit resources were sun '0o
s,r,o,ed 70 make extensive bull speculation ed-
v,sable. 1t IS a good time 10 be long OF S'o'"S
IN b,e margins: IT is a good time to exercise
natience and a good time TO close OUT co'O"O''
tor the short account The best judges OF inc
,.,,o.ioo believe that the advance last week
,,oe nraliroinarv 20 strong upward movement
- u.,daiv distributed demand for stocks thaV
in aeve,on tust as soon as money begins TO re-
turn 70 this city II is well 70 bear In NINA inc
o,d Wall street maxim that AS iron goes 80
goes securities" And it may be added mat IN
money goes so go securities. Money market
conditions warrant the belief that re'u'" no"
~ currency 20 this centre viii soon SET III " ''"
an annie supply Of lendable fuhus' scVu'' "e'
,u 90 the way iron Is going In fact. they are
already following in the path marked ou' oS
tho prosperity i'm the iron trade CIV" circuit Ia
ciities 10 the public. and stock values VIII re-
fleet business prosperity in proiouhceu' al"
what 10 the bears will prove, starthhe "i""
ner. It takes courage born OF desperation VI
iunacv 70 sell stocks short for more than turn
in this market
The magnitude Of current transactions in the
h,,siness world is indicated by reports from all
trade centres. in railway earnings. In bank c'ear
,rgs and in foreign commerce. The heaVies'
,-o,eac,ions In steel rails ever made, enormous
orders for railway equipment an advance IN rail
way rates and a general volume Of business
throughout the country larger than ever before
on record are the factors upon which securities
values are based. The railroad situation is even
more promising than II was a month ago III
addition to heavy traffic. transportation rates
are being advanced and arrangements are max
ing 10 bring about higher charges on all the
leading lines Of the country. The shortage OF
cars the advance In the cost OF material anc
the larger wages paid for labor have compelled
the railroads to take the long needed action OF
rates. while the increasing tendency Of concen
tration Of control among the companies has als'
been a factor in bringing about a rate situation
that rate associations have never been able t
ACCOMPLISH With increased traffic at highe
rates future earnings should show enormous
gains. and with a decreasing ratio Of operating
expenses 10 gross earnings. net results SHOULD
make handsome profits for security owners.
As pointed out in The Tribune In the week
brokers' who act for the more prominent capital
lists in the Street are active in the current mar
ket As the interests represented by these broker
are extensively identified with the greatest az
gregation Of corporate capital in the country
and are constantly engaged in operations Of vas
financial significance. it is logical 10 assum
that their activity in stocks is something NOR
than mere speculative trading. The demand 70
rrorerred stocks selling under par is increasing
also the demand for the cheaper common stock
in which equities are growing valuable. Earn
ings cannot improve from week to wee
without corresponding gain at some tim
IN the rnarke, value Of railway securities. an
as the cheap stocks have stood still for man
roonrhs while their actual worth has been In
creasing +, is safe 10 look forward TO an Tn
portant price appreciation in all cheap stock
his wear. The anthracite coal stocks promis
70 pe among The leaders in the coming bu
srecuia,ion Reading issues and ontario an
western ought % sell materially higher. viii
Jersey Contra aud Delaware and Hudson az
likely = follow, The pace SET by I-ackawanna-
The most important feature - the bank state
rnent last week vss Il decrease in loans OF nsai
-. S-6SEIsB rC.rYlrY ii rertol when stock maj