New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-04
BONDS.
I High. Low. Dec. 2lNov25 chr. Sales
'Ex interest.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
The stock market has been quiet with a firm
undertone This condition is likely TO be the
prominent feature OF speculation for some time
70 come owing 10 the restriction placed upon
dealings by the money market situation and 10
tie strength Of general business conditions
which encourage holders to keep their stocks.
The money market induces quiet speculation.
The business market is responsible for che
strong undertone In stocks. Later on In the sea-
son, when money becomes more plentiful, the
business situation will be more adequately re-
Elected in stock values especially In the cheap
Issues which have not as yet shared to any cx-
tent in market improvement. The money out
look does not suggest rate below per cent
this month, while at the end Of the month the
ec-called legal rate is quite apt to be exceeded
by the calling OF money incident to January in
terest disbursements. The amount OF interest
and dividend payments due on January ! Will
run into the hundreds Of millions and good
part OF these disbursements should soon find
their way into the investment field again.
The current position Of the stock market is
In favor OF a substantial rise and when money
becomes easier the public doubtless. will begin
TO come into the market. Many holders have
stocks which they wish to sell to the public at
higher prices. and the chances are that they
will have the opportunity in the current fiscal
year There are few weak holdings in the mar
ket. The greater part OF the supply of stock
available for speculative purposes is strongly
held and there is no disposition among such
holders to sell at ruling prices. Back Of the
strong technical position is the business situa-
ton. which is constantly adding increased value
to the intrinsic worth of securities. Railroad
earnings and bank clearings continue to break
oil lords fOr he M m N preceding
Stock values will eventually measure business
improvement People who argue that the cur
rent level measures present and future business
expansion base their theory comparison with
past markets In times OF industrial activity.
Prices may In many rule at the same level
with the high prices Of past periods Of pros
perity but current prosperity is so radically
different from past prosperity that equal com
parsons cannot be made at this stage. The
country's Industrial. commercial political and
financial situation Is better than II has ever
been before. And 1t holds out encourage
ment for the future than any other year held
out.
The character Of buying is good. The financial
standing OF present owners Of stocks is strong.
If the character of buying is good the condi-
tons underlying the worth OF securities are
substantial. and the small investor need not
caused by speculation and manipulation. In the
trading TO come stocks of the medium and cheap
class are certain to enjoy marked attention. In
discriminate condemnation of the industrial
stocks Is unjust for many OF these issues pos
sess rare merit and represent the industrial
activities OF great and growing Nation. The
GOOD industrial stocks will find an established
place in the investment column, while sooner
or later the worthless issues Of overca pitazed
combinations Will be retired from the specu-
lative arena Sensible discrimination should be
exercised in buying Industrial stocks. and If the
intending buyer does not have the information
at hand to guide his purchase he can easily
secure all the facts necessary by conducting his
operations through representative houses which
make the study Of investment values their busi-
ness.
Dealings in the low priced stocks promise TO
increase. The greater number of low priced
stocks possess equities whose values are greater
than generally known. Equities In the cheaD
stocks are developing into dividend certainties
Norfolk and Western common, Ontario and
Western and American Linseed common present
instances Of dividend earners selling below 80
Ontario and Western earned over per cent last
year. and at its current rate Of earnings ii ought
TO show per cent this year on its large cap
itazation. Considerable disappointment is felt
in the Street because the long promised reclassi-
fication OF the ontario and Westerns capital
stock has not appeared but holders maintain
great faith in the property and in an ultimate
return on their investments Norfolk and West
common is earning per cent and II is likely
that dividend will be paid next year. Amer-
can Linseed stock which has Just advanced from
II TO l6. is one OF the best Of the cheap indus
trial stocks on the list. Instances cited could
be supplemented by an extensive list Of cheap
issues which conservative buyers are holding
for higher prices. In the middle class Of stock
speculations fancy appears 10 be running in the
direction Of the Pacific issues. Baltimore and
Ohio. Louisville and Nashville Federal Steel
Brooklyn Rapid Transit and Southern Railway
preferred.
The foreign and local money markets are IN
an interesting. but not a critical or serious. posi-
ton. The trade balance in favor OF this country
is heavy. and gold would be coming this way II
II were not for the Transvaal war. London NAV
be forced TO come into this market for gold but
in that event shipments from here would reflect
foreign borrowing and strong local financial con-
dtions- The money market suggests caution in
stock operations and big margins. but II nra
sents reason for selling stocks short The
meeting OF Congress should be a bull card this
year. and the determination OF railroad man
ayers to advance and maintain rates should also
be effective In encouraging owners OF stocks 10
increase their faith in American nvestnents
The Vanderbilt. Pennsylvania and Baltimore ana
OHIO interests are working together on the rate
situation and In this respect IL may be said that
O close alliance Of the big Eastern lines has been
effected.