The times. [volume] (Washington [D.C.]) 1897-1901, 1899-01-03
STOCK MARKET OUTLOOK
Great Interest in the Price of
Securities.
BUYING BY THE PUBLIC
BuIIish Feeling in Wall Street.-The
lief That the Coming Week VIII
Witness an Immense Flood of Or
ders to Purchase StOcks-The Div
idend and Interest Disbursements.

There is wide and profound interest at
the beginning of the year 1899 in the bust
ness affairs of the country. There is an
immense belief in the future of the coun-
try and OF all its industries. The wave Of
patriotism that came with the war with
Spain has extended itself to a fine faith in
the nations financial wealth and power.
The railroads, in their magnificent show
ing of earnings during the past six months
and in their even better outlook for the
coming year. the iron and steel trade pass
ing all records. the great abundance of
money and the consequent very low money
rates, are all familiar TO the people every
where, when at other times little was
known OF such matters except by the few
directly interested. The newspapers have
told the story over and over in such way
as 1t was never discussed before.
The result of this great popular interest
in financial matters is being reflected in an
unexampled degree in the stock market. 1t
is the comment of financial people every
where that the public was never before
buying securities SO largely as at present.
During the last month immense quantities
OF stocks have been bought on the New
York stock exchange for the public. The
insurance companies and other institu-
tons that have money TO invest have pur-
chased big blocks of stocks outright and
ldheH lueIu out Oh the street. InlS Is one
phase of the situation showing the effect
OF the very low money rates. But al
though in itself il is a very large move
ment, and must have strong influence in
preventing breaks in prices and setbacks
in the market, II is not comparable to the
great investment by the general public.
The effect of the intrinsic strength of
the stock market situation is thus inten-
siiied immensely, perhaps beyond any
present belief. although the general opin-
ion is that prices Of stocks are now far
below their ultimate level. There is little
attempt TO deny that large part OF the
buying by the public is for speculation
pure and simple, and not for pSrmans Mt
investment. Much of ii is on margins
And while specializing on margins is rot
conducive 10 stability. there can be no I
question of its tremendous potency over 1
periods long or short in such condition as
the present.
II is the belief generally expressed that
the coming week will witness the most i'm
mense enthusiasm SO far exhibited in the
bull movement. In the vernacular OF the
Street, everybody will come down town
with money TO buy stocks" Before the
end of the week there will be paid out by
the railroads and other companies over
500. 600 in interest and dividends
large part Of this will be put back into
stocks.
Stock market people are therefore more
bullish over the outlook for the week than
they have been at any time before 1t is
predicted that prices will continue to go
higher without decline during the entire
five market days.
The elimination OF such a movement
temporarily at least, may come in few
days But there is no reason 10 believe that
this week will see II. There is nothing in
the general situation and nothing in the
technical conditions that can be looked
upon as a menace for several days 10 come.