New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-02
THE WEEKS OPERATIONS IN STOCKS

as one OF the greatest years IN American history
And there equally pronounced reasons
for crediting 1898 OF the greatest years,
perhaps the greatest year. in the history Of Wall
Street markets. To tell the story of the coun-
try's gain in possessions. responsibilities popu
lation Industries and commerce and Of its
financial strength a power among nations
would be superfuous Every body knows, or
ought to know that despite the the coun-
try Is richer. more prosperous and has better
prospects than ever before in its history. Money
IS in plentiful supply. The farmers have paid
their debts. the manufacturers are finding new
markets for their goods in foreign lands. the
country leads the world in the production and
manufacture OF iron. and our merchandise ex-
ports are heavier than the most sanguine per-
sons ever he'd for or predicted 1t is there
fore not SUI liis.7E that the end Of the old year
witnessed about the largest movement in stocks
and bonds on record. Nor is It surprising that
capital that has long been idle is seeking In
vestment and that a broad home market for
American securities has been created The
financial nosition OF the United States is based
upon solid foundations Of business growth. con-
Ndence and credit 1t is enough to know that
the nresent period is replete with promise and
that tho recent wears OF business depression are
buried in the past.
Securities prices ended the old year firm In
the current year Wall Street expects to see
movement in stocks and bonds Of unparalleled
dimensions. Interest payments TO the amount
OF Sl3OOt1OOO in this city, S20oOo,ooV In hos
ton and S12OO0OOO in Philadelphia VIII be dis
bursed this week. Added TO the amount OF un-
empIoyed capital this disbursement VIII make
prodigiously large supply OF funds Tor invest
ment The speculative fever created by gooo
times and easy money will doubtless carry prices
for some stocks beyond actual worth IN 1853
and then the usual smash Will follow: but as
Vet the market has not approached the cohui-
zion that leads to a violent decline and, ac-
cording to the best observers. such a condl'loh
will not be reached for some time to come Big
fluctuations may be expected and big margins
should be provided. In 1893. and for NUMBER
~ su.ceed,ne wears prices declined. with oc-
cas,onal rallies to points far beneath the level
warranted by panic and business distress The
movement then was downward. with advances
the exception. With conditions reversed, prices
should move gradually upward, with frequent
healthful setbacks. TO a level warranted by III
trinsic worth Beyond that point the danger
lies Upon the careless Spectator on margin
the loss will fall To the investor no loss can
come unless the decline is accompanied 10y III
actual change in business conditions ana PROS
poets
To o.
good times have Just begun. There Is nothing
IN the situation that suggests setback. Every
thing points toward a great upward movement
In oil danar,ments Of business for many months
% come Discrimination in business and over
sneculation in stocks not features Of the cur
ron, situation The so-called boom in stocks
4. not based upon any of the causes that sup
mort fictitious prosperity. as currency 'nha-
zion overextended credits or mere expectations
~ coming business expansion. The country
,~.s, productive power and resources are back
~ the movement in stocks The market was
tested last week Violent efforts were made 70
force big reaction. 4 decline OF from 70
2 ner cent did occur: some of the weaker spec
,,,atoys we're forced out, and many people ior
time were scepticdl about the underlying teen
x,c., nrons of speculation; but before the close
IN Friday losses had been recovered While
.r.rv evidence was presented that speculation
rested upon Arm foundation and was not ripe
for a genuine reaction. The power or absorp-
4,on has not reached its limit and until II does
there need be fear OF big downward move
ment Naturally. passing reactions In big bull
market will be OF greater extent than the de-
crnes OF an ordinary bull speculation, and for
this reason the small trader ought to observe
caution in all his operations
few figures showing the basis for cheerful
Foreign commerce for eleven months in three
MERCHANDISE.
y,ss Of duty $500 oG9 1853 l5e 7sl s246 SO 27o
1utisbl. ........ 3s2545s27 @s7s2" 4s5 Ss2''a $50
Total. .... s622 5es see sGsi oss D56 s'79.s4i 1853
pones9ie $50 1882 ss,essl 2ls s.oes os9 1876
Foreign ...-....... l7scsS l7s'S'sh l''os%Vo1
SIS 90 az ss5s s ss n d.s
GOLD
Ymnor.. ... tioi $50 2l5 S3i.4 4o7 si4e.39631 $40
t,'I .... 81 s25 Oo4 80 Cos. 4O5 l49753l6
Excess of imports So l5l .-o--5 1874 i2i oo'
Of exports " sZ<o''"o
SILVER
s27 ga o,7 s3o3l55ie SIS s2l 1903
49, .y . 81 l33 gll SASH 1872 1890 400
Excess Of exports 50 Sal sei s22+s72ie s22oisl@
TREASURY HOLDINGS.
Dec. 1891 Dec 1895
r.,. .... $50 72s SOB s245 995 745
ivo.o, ...n ~ 25i s27 So 362 1872 s7o
NETWORK BANK HOLDINGS.
Dec 1895
-. 1907 Isl Sis sos 700
S.s sS.,,: ss:oS.2oo s2sosico
MONEY IN CIRCULATION.
Dec 1891 Dec 1898
Gold COMMUNICATIONS. s3444s4I4s soos vs., ol5
Total ................... l72los4,55 1850 ''o"'
Iron production and the manufacture OF steel
and iron products greater than ever before
In tho history Of the Nation. Jay Gould's gospel
xas this: "As iron goes, 80 go securities"