New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-25
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
The speculative outlook in Wall Street is far
more favorable than It was a week ago.
Liquidation has carried prices TO level at
which strong capitalists are willing to buy and
II is the testimony Of the more important com
mission houses in the Street that the buying
Of stocks by strong men is heavy Men
with money in hand have bought stocks, and
taken them out OF the Street. while substantial
speculators have increased their long lines on
lOa3O per cent margins. When this class OF
buyers come into Wall Street It may reasona-
bly, be assumed that the final result Of panicky
selling at a time when underlying conditions
are strong will be advance in which losses
Will be recovered and prices carried TO better
level than the best level OF the last upward
movement. The fact that good buying has been
in progress does not carry the assurance that
values will at once move in an uninterrupted
upward course, but II certainly insures a sub
stantial underlying support to the market which
in the end must bring destruction to bear
counts.
Indications that the bear campaign is in its
last stages are reflected in the circulation Of un-
founded and malicious rumors Of financial weak
ness IN certain quarters Of the Street Bear
rumor mongers have put out reports rejecting
upon the financial standing OF important money
institutions and banking houses. Houses that
are lending millions of dollars in the Street are
attacked. The Brooklyn Rapid Transit system
which has never before been in so strong
financial position as 1t is in at present Is alleged
by evil minded people to be on the verge Of
bankruptcy and other like unwarranted rumors
affecting big concerns have been set abroad.
Under the laws Of this State, false statements
or rumors, with intent to affect the market price
of the stocks or securities of a corporation, are
punishable as a criminal offence. 1t is not
easy affair to find the individuals who
sponsible for the current rumOrs about Brook
lyn Rapid Transit and other corporations and
individuals hut it is the duty Of the Stock Ex-
change authorities to institute a rigid investiga-
ton Of the recent crop Of rumors and discover,
81 possible the guilty persons. The action OF the
Brooklyn Rapid Transit Company in offering
reward for the detection and conviction Of the
person or persons who responsible for the
criminal attacks on the property is highly COM
mendable
The more substantial financial interests in
Wall Street made a thorough canvass of the
situation last week and they reached the
clusion that the attacks upon credit were wholly
unwarranted. and in consequence would fail OF
their purpose People who well Informed re-
garding the true inwardness Of the circulation
chances are that many bear commitments which
have been made the strength Of rumors will
plunge quite number Of operators into despon-
dency and bankruptcy. which they believed they
had prepared for others. Stock values have dis
counted all the so-called bad features in the
situation. and the greater number Of dividend
paying securities are selling on level below
that warranted by interest return and current
money rates The non-dlvidend paying stocks
are intrinscally more valuable than when they
sold at their best prices of the year and those
issues that are rapidly approaching the dividend
column are many points below the prices TO
which their prospects enttle them. The cam
paign against stocks has gone beyond the limit
Of sense
The industrial stocks have been sold down to
ridiculous level But there is nothing wrong
with their actual value and the sooner this
fact is realized by the speculative community
the better for its peace Of mind and pocket
book The railroad stocks are on the bargain
level, and cheap bargain level at that. The
money market situation is improving and, with
the assistance of Government deposits and re-
ceipts Of currency from the interior. the local
banks will be perfectly able 10 handle the situa-
ton in the best interests Of speculation and gen
eral business. And they will also be able to
help London. In helping London this centre in
directly helps itself. Relief to the London mar
ket will react on this market and for this rea-
gold exports from here should be accepted
with eCuanimity and they should prove a bull
argument rather than a bear argument on
stocks. Despite the heavy loss in cash re-
sources in the last six months, the banks hold
enormous amount Of ready money, while the
action Of the Clearing House in the week indi-
Gates that borrowers with satisfactory collateral
VIII receive all the accommodation to which
they entitled. The money supply and the
monetary standard are not in jeopardy and the
country is not the verge Of bankruptcy and
ruin The situation outside OF Wall Street is
clear The fact that for the moment real values
have been lost sight Of in Wall Street does not
reflect that real values are declining The mar
ket has reached point that invites investment
buying and men in commercial pursuits have
made handsome profits this year the chances
are that advantage will be taken OF the current
level Of stock quotations by rich men to buy the
Eoa II c.L lc - On. ~