New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-24

sales i6 active issues SO 1854 900
ro,., ..................s $50 eel 900
THE WEEKS OPERATIONS IN STOCKS.
The short interest in the stock market was
materially increased last week. but there was
no evidence that holders of stocks were ready to
accent the invitation Of the bears to sell. Per-
haps the shorts may be successful, but the
chances are against them. II real owners OF
stocks can be frightened into liquidation bear
campaign will be profitable. but otherwise the
shorts will be forced to cover at loss On
every decline last week good buyers were ready
10 take all offerings while the whole course or
the market showed that there were very few
good securities for sale. The bears may put
prices down for a time. but they cannot keep
them down and unless some vast change takes
Mace in financial. business or political con-
ditions there can be no permanent loss In values
sudden reactions which wipe out small margins
are possible and probable but resultant recov-
cries are certain to follow. The reaction OF two
weeks ago in which some stocks declined from
10 10 30 points has almost been forgotten,
as since that time recoveries have been general
throughout the list, while the influence OF inc
decline upon sentiment has had no other erect
than that of regret on the part OF the small
traders who lost their money and traders VINO
failed 10 buy when the slump had reached lts
limit That decline strengthened the market
technically The same thing Will occur again
when technical or money market conditions
warrant IT, but unless the market is sold down
under the influence of conditions Affecting the
intrinsic worth of securities. the sequel OF all
declines will be rapid recovery. In when prices
will move above the level from which the de-
cline began.
OF customers TO calls for more margin on all
recen, declines have been satisfactory beyond
expectation. This proves that the outside spec
u,ator IN stocks is convinced that the situation
is overlooking with prosperity. that the public
is well supplied with money and that holders
Of stocks do not believe in taking a loss unless
they are absolutely compelled TO do so. The
Industrial situation is booming. The laboring
man is better off than he has been In years
wages are rising. and the number OF unem-
ployed was never before so small. The rich man
and the poor man have confidence In the coun-
try's Industrial. financial and commercial situa-
ton. When the owner OF securities sees on all
sides the visible evidence of prosperity he can
not be persuaded by bear theorists to sell his
market holdings, and IL is this unbranded con-
fdence on the part Of the investor and specu-
lator for rise that furnishes serious OBJ
etruction to a successful campaign against val
ues Crop reports called are all unfavora-
Bile: but the source of such reports is too un-
trustworthy to frighten people into the belief
that the agricultural community is about to
suffer disastrous year in its harvest of wheat
and corn and other products II the crops are
smaller than usual the farmer will receive a
better price for what he has to SELL and the re-
sultant falling off in grain traffic on the rail-
roads will be Offset by the gain in general mer-
chandise movement. Despite the smaller grain
receipts at Western points. the earnings OF the
railroads in the West show record breaking re-
turns, while throughout the country all roads
reporting exhibit most remarkable expansion
in their business, as compared with the
time in preceding years For the second week
in April The Tribune's compilation shows for
sixty-eight companies net gain in gross earn
ings Of S545, POI or'74 per cent over the CORE
spending period in 1898.
The banks naturally disposed to demand
the best rates that they can obtain for money
but the pressure OF lendable funds no doubt will
soon force the price for accommodation. both on
call and on time. TO a materially lower quotation
But at the present rate money is not dear con-
sidering the increased demand due to business
growth and II call loans should rule at 31hQ4
per cent for an indefinite period. chances Of a
bull stock market would not be endangered.
Last weeks bank statement was most en-
couraging exhibit. and in this weeks stock mar
ket a reflection OF the good showing ought to
be seen in greater activity In securities The
market in general Is moving along in a manner
that encourages the belief that important inter
ests are slowly accommodating stocks to hold for
a big advance in the coming summer. The low
priced stocks are becoming more active. and Of
the intermediate stocks respecting current quo
tations, Louisville and Nashville is attracting
renewed attention from speculative and invest
ment circles. The feature Of the low-priced
issues at present is Mexican Central, and It is
said in quarters where information is usually
correct that the insiders in this stock expect to
see the price at 40 this summer. The coal stocks,
including the soft coal securities worth
watching. The good industrials. doubt. will
be features in the next bull movement