New-York tribune., 1900-01-23
RONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market was dull and firm, with
pronounced strength in a number of issues. At
the close prices, a rule, showed net gains as
compared with Saturdays final figures While
the bear element worked at times for a decline
the market refused TO respond to pressure, and,
although trading exceedingly Hfeless, there
appeared to be an underlying support that bear
operations could not unsettle The technical
strength of the market is based on the character
of the ownership of stocks It is unnecessary
to look further for explanation Of the cur
rent markets hrmness There is not large
supply of stocks available for bear operations
and the present holders are not likely to part
with their possessions at sacrifice prices. The
railroad stocks were in fair demand from a good
class OF dealers. and increased buying was
noted in the Mexican railroad issues. The
stocks of the Mexican Central and Mexican Ma
tional railroads possess merits of which few
people are aware.
The stock market is in an interesting position
for the holders Of securities. All conditions at
home governing the actual worth of invest
rnents are favorable 10 higher prices, and the
only arguments on the bear side that worthy
OF consideration are the Transvaal war and the
local conflict between certain capitalists inter
ested in the local gas properties Perhaps the
latter factor has reached its limit market
influence. The South African war can have
adverse effect upon the worth Of American in
vestments and Wall Street has clothed 1t with
an Importance which is wholly unwarranted. AS
this is the case however, It has to be taken into
consideration In speculative ventures; but it
should be borne in mind that the ultimate effect
of this factor upon speculation will be in favor
of the bull element, as the final victory must be
with the British arms. Uncertainty over the
Presidential election this year will doubtless be
a market factor later on in the season, although
the chances are that the bear element will not be
able TO utilize 1t until quotations reach a level
well above that now current. There certainly IS
nothing in the business situation that suggests
short sales In stocks. Nor is there any good
gument that can prove that based on dividend
yield and money market rates, stocks dear.
The surplus Of the Associated Banks above
legal requirements is increasing at rate that
suggests a S40000000 surplus before the end of
February. The prospect of a period OF easy
money is reflected In the return Of capital to
railway mortgage issues in which the oppor-
tunities for speculative profit appear most prom
ising There is a large amount OF money IN the
country, and big movement OF funds toward
this centre is now under way. And this money
viii not remain idle in the banks. Barring some
radical change In the situation, there ought to
be a gradual increase in speculative and invest
1nent operations. Confidence among capitalists
in the country and its industries is growing
stronger every day, and when the more impor-
tant market interests have acquired full lines Of
stocks they will no doubt be quite anxious to
work for higher prices. There good de-
rnand for bonds yesterday. especially IN the at
fractive issues selling under par.
THE DAYS OPERATIONS IN BONDS.