New-York tribune., 1900-11-21
JR. KEENE ON THE BULL SIDE
CONDITIONS. HE SAYS. HAVE CHANGED,
AND STOCKS WILL SHARE IN
PROSPERITY.

James R Keene. who for long time prior to
his departure for Europe last spring had been
outspokenly bearish to the outlook for the
stock market has changed his views. and now
is convinced that the industrial consolidation
movement having run It's course and the menace
Of Bryanism having been removed the United
States will enjoy a period Of pronounced pros
perity In an interview yesterday Mr.. Keene
said
has gone up since the election, and there may be
are lifting prices up instead Of crushing them down;
A year ago was a bear. Why? Because there had
Market s ns Of millions $3.50 Icy Of IL
which underwriting syndicates tied up: Enor-
nous nous loans had been made on unmarketable col
trouble; and did. Now the situation is reversed,
commission houses have been Iiquidated. That
great amount of stock has been assimiated and is
is a great change for the better.
wbo tse rfeS as at n hgh eye h s s
are carrying much less than their full lines Of
taken up; have gone into boxes everywhere. The
small increase in loans lately proves that people
Of Bryans election. and have been able to buy
great many securities outright The a!o; absorbing
pie do not realize the effects of the annual increase
The balance OF trade in favor of this country for
ten months has been 100000 and that on top Of
1895 The money in circulation is now above
5000 10000, all made beyond question by
this election. The crops and the products of the
mines add thousands of millions annually.
Just in the matter of railroad earnings where we
get down the figures closely 1t appears that
in seven months of this year the net earnings OF
Most of that money belongs to stockholders and
they will get 1t in the form of dividends better
ments to the property. as fixed charges have not
increased much We have had years addition to
the value of industrial properties. Large sums
too! While prices Of industrials have been going
down, the actual value of these stocks has been
going up.
The increase in exports. the great increase in
railroad earnings and the maintenance OF Indus
everybody People thought year ago that
of these could rise hove the level then reached.
but they have. and making new records right
along. We must accept new conditions The iron
and steel business has gone through a great con-
vulson, but, the astonishment Of experts. the
crate and earnings affected to A comparatively
small extent. This is shown by figures whcn have
been published by some companies and which are
matters of current report in regard TO others. It
is said for instance. that the profits OF the Fed
eral Steel Company in the time covered by this
depression IN the iron trade have been 0oo o0 or
S16,000000. This is evidence Of force which must
he recognized. 1t looks like gigantic i'm
pulse. the effects and extent Of which no man car
foresee
I don't say that everything is a purchase. or
that people should buy with their eyes shut. but
do say that instead OF dangerous financial sttu-
alton. such existed year and a half ago we
The election has given everybody confidence 10 go
ahead. We going to have enlarging prosperity.
and in that prosperity I believe the stock market
will have full share