New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-17
THE WEEKS OPERATIONS IN STOCKS

Dealings in last weeks securities market were
confined in great part to the highly speculative
issues The desire to speculate apparently was
not checked by the rapid fall in values in the
preceding week. and from the actual course Of
prices II would seem that that decline only in
creased the public appetite for stocks in which
wide fluctuations are common. Speculation in
these issues was made more attractive by the
severe liquidation OF weak accounts in the re-
cent slump. by the easier tendency OF money
rates and by a less rigid discrimination by the
banks against industrial stocks as collateral
The last-named factor was practically forced
upon the banks owing to competition in the
money market from foreign bankers and COM
mission houses who had the result Of the
liquidation of stocks large balances 10 lend.
While the local traction and industrial securities
moved under the influence Of renewed speculative
buying the railroad list was somewhat heavy.
especially the granger shares. which were sold
by the professional element on account Of ad
verse crop reports. The crop situation at this
time OF the year is always reported unpromis
ing. but the actual damage TO winter wheat is
doubtless as usual. much exaggerated, while as
far as the spring crop is concerned it is too
early TO make any estimate Of the probable
WELD or the effect of somewhat backward
seeding season.
Railroad earnings coming to hand show
an enormous merchandise movement in the agri-
cultural districts we'll as elsewhere. and the
falling off in grain receipts at Chicago Is more
than offset by increased merchandise traffic
For the first week in April sixty Eight roads
show a net gain over the same period year ago
of IL per cent. Such an exhibit indicates pros
perity. and IL additional evidence of business
growth is desired trade reports from all parts
% the country will supply adequate proof OF
great and growing industrial era The situation
is strong in all particulars. Were 1t not 40,
stocks at their current level would be sale
While the activities of Wall Street were de-
voted 10 few stocks in the week. there is every
reason to believe that the demand for securities
will broaden from on. and that the issues,
especialy the cheaper grade Of stocks. that have
been comparatively idle since the January rise
will be brought 10 the front and advanced to a
higher level. Speculation cannot run in one set
of stocks for any length of time at a period
when intrinsic worth promises TO become more
important factor in governing securities opera
lions than are tips and speculative fancy. and 1t
IL therefore reasonable to expect that neglected
issues Of real value will have their turn before
the coming summer is over Some Of the more
important interests in the Street realize that
many Of the very cheap stocks possess consider
able merit, and as a consequence they are quiet
lv absorbing such issues as Mexican Central st.
Louis and San Francisco. Kansas and Texas.
Chicago Great Western and Wabash preferred.
The immediate outlook in the stock market
is in favor of higher prices, but II will be we'll
for the enthusiastic trader TO have his stocks
we'll margined. and not to deude himself with
the idea that business prosperity necessarily
means an uninterrupted advance in securities.
With the exception OF a few issues the general
list has not received particular speculative at
tention since the January rise and II overspecu-
lation and manipulation can be checked In the
stocks that have reached fictitious prices a good
public demand for good securities ought to de-
velop The unfavorabe feature in the current.
market is the tendency Of speculation to run
into one set of stocks And. unfortunately,
these stocks are tie very ones whose position
as investments is not established. and against
which the banks are forced to discriminate for
their own protection. Traders might well turn
their attention TO the neglected railroad issues
Wall Streets powerful market interests would
strengthen the situation by discouragng specu-
lation in issues that are advanced by fancy
rather than by actual worth. Money is easier
and last weeks bank statement maze mos'
encouraging showing. Foreign trade statistics,
when carefully analysed, will show better
situation respecting our commerce with otner
countries than ever before on record. BANK
clearings show a heavier volume OF business
than ever before recorded in the country Inc
country is prosperous. II has plenty or money
II has good things TO sell and good buyers 10
take them 1t is fortunate period Tor the
owner of American investment securities