The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-15

NEW YORK, Jan. 1.-THE stock market
during the past week has hung on the I'M
certainty in the situation in South Africa
in a way quite remarkable. Neither the
bulls nor the bears have cared to venture
heavily, for fear of news adverse TO their
positions. The professional 'scalpers
have controlled the market allowing
neither advances nor declines except in a
very minor way. The real factors OF earn
ings. dividends, railway consultations, ease
of money, even that usually potent scare
crow, the bank statement, seemingly have
had little effect.
The end Of this anomalous condition
seems near at hand, however. II may be
ended by important news from the seat oil
war or 1t may give way naturally 10
sane disposition on the part OF speculative
interests to take advantage of the intrinsic
bull arguments Astounding. The reason ior
this hupefulness lies in the very evident
fact that under the dizziness OF the trading
last week there was stubborn strength
of tone. The holders Of securities are not
selling them. Attacks by the bears on
Sugar and the other industrials do not
force lower prices in the standard issues.
Recoyeries are quick. This fact suggests
that when a movement does begin for any
reason, foreign or local, it will be in the
upward direction.
Next to the South African situation, the
break in Sugar has played the most i'm
portant part in the market. The great
weakness of the stock early in the week
for a time secured likely TO affect the
general market seriously. and it is proba-
BILE that Il did. in fact prevent further
recovery in prices. As 10 the Sugar stu
alton. however, the opinion is gaining
ground that the friends of higher prices
need not have much fear. There Is
strong disposition to let this stock take
its own willful course.
Henry Clews says of the outlook: The
position of the stock market has per-
ceptfbly better look. due TO the fact that
the backbone of tight money is broken
both at home and abroad: that there is
now no ground for apprehension and that
the Boer victories are about at an end.
II they have not been able to take Lady
smith and Kimberley, with their adran-
tages at their zenith in the contest, it is
pretty sure they will not do so hereafter,
because the British are very apt 10 soon
forge to the rear of the Beers fortih-
cations and move rapidly on Pretoria,
thereby compelling the Beers TO give up
their present impregnable Notifications
and march home for the protection of their
capital and the archives Of the govern
ment. The British certainly must have
learned the stupidity Of attacking the
Beers behind Notifications which they have
been erecting for the last five years, and.
as a result of their experience. wise and
sagaeious strategy in conducting the war
is most likely TO be adopted. We may
therefore. expect any moment to hear that
the British have eircumvented the Boer
Army and are moving into the enemys /
country and preparing to give battle, the 4
result of which is plain TO be seen, SO 1
that British victories may be expected at |
no distant date. With the Improvement 4
In the money situation and the South |
African war giving promise of the opening !
OF the gold mines again al an early date, 1
the heretofore prevailing distrust on the
stock market and the weapons which have
been so effectively used by the bears have
been removed. The short sellers OF stocks,
therefore. will hereafter have TO contend
with the present widespread prosperity |
over this country. large railroad earn /
ings. easy money. and British victories, |
which viii be very difficult to oTerpower
with prices at their present deprecated
figures.