New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-01
THE WEEKS OPERATIONS IN STOCKS.

The current position or the stoch h'ai Ne' 10
favor OF a substantial rise In values ou' DIS !e'
the public shows little inclination TO resume
active operations. There are practically no
~ holdings in the market. the greater part
-, tho sunnlv OF stock available for speculative
,,,roses ia strongly held, and there Is absolute
T., M d,snostion among investors or Weh-pro-
;.ao,ad marginal dealers to SELL Money is tend
ing toward greater ease. crop reports are less
nessirnistic and uneasiness over the fhii'ppi"e
situation is no longer acute. Railroad earhines
and bank cearngs are breaking RECORDS ihe
actual volume of business throughout the coun-
try IL heavier than in any corresponding 'iiHo
in preceding years, while all INDICATIONS point
toward continued expansion IN all lines vi III
drstry. OF course, If all Of these favoring iac-
TOYS have been discounted in the stock mar
kft prices will not make further material heao-
wav: but a careful analysis Of the market STU
ation fails TO prove that such Is the case o'ooh
values measure business conditions People VINO
argue that the current level measures present
and future business improvement base their
sheory on comparison with past markets IN
years OF Industrial activity They assert 'ha'
prices are on a level with that ruling In other
times Of prosperity. but they confine the com
partson to prices only. The fact that the actuai
business situation at present is more promising
than IL was in past years of business growth Is
not included In the discussion
This countrys Industrial commercial. politicai
and financial situation is better than 1t has ever
been before And it holds out more encourage
ynent for the future than any other year held
ont Many conservative men in Wall Street do
No, admit that the advance in market values In
the last year adequately measures the WONDER
full changes that have taken place IN the couh,
RVS economic position. and II Is the general
belief I'm well-nformed circles that. barring al
verse developments securities values VIII move
much higher before they reach tne ieEeI W. va, ,
ranted by actual worth. The amount OF capltal
in this country available for investment is enor-
nous Current transactions in the bond mar
ket show the way the tide is moving whiie the
steady accumulation OF stocks by important
market interests reflects the commence OF pow
erful operators in the future OF values. These
operators are not philanthrOpists. They are not
taking stocks for their health; neither are they
loading UP with the idea Of selling at loss
The character Of the buying and the nnanclaI
standing of the people who hold stocks are rae
TORS which should be seriously considered In
speculation upon the probable movement OF Sc
curities values. II the character or buying IS
good the conditions underlying the worth or Sc
curities are substantial, and the small investor
need not. therefore. worry over passing setpachs
IN values caused by speculation and manipula-
ton. , nj IT,
willie and Nashville. Union Pacl1c issues anu
Southern Railway preferred are practically GER
tain to enjoy marked attention. In the cheaper
secmIt:es the southwestern railroad stocks
SHOULD come TO the front active features.
while In the indu strias higher values, whether
warranted or not. are more than probable In
dscriminato condemnation OF the Industrial
stocks is unjust for many OF these issues possess
rare merit and represent the industrial actiVl.
ties Of a great and growing nation Inc gooo
Industrial stocks will find established place
in the investment column. while sooner or later
the worthless issues Of overcapitalized comDlna-
tions will be retired from the speculative arena.
Sensible discrimination should be exercised IN
buying Industrial stocks. and If the intending
buyer does not nave the information at mana 10
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 business. The
anthracite coal stocks are attractive, and as an
investment Delaware and Hudson should appeal
10 people who wish a safe security that Will
doubtless sell a. 100 before IL goes materially
lower.