The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1900-02-27
GsnerAl Conditions

NEW YORK. WEB 20 --'rhe stoch mar
set displays fairly GOOD ,pdertonc yet
values DO not altogether reflect the real
conditions and sne unnecessary daap-
pointmcnt is manifested I'm oonseauo,poo.
No matter how favorable conditions may
be, one thing i2 always necessary An "a
ou'l market. and that IS disposition as
wei as power 20 buy. There Is a lack
Of buyme power IA the market az pres
ent for the reason that neither tho pub
lic nor the big leaders are mst now talk
Ing an active part the public needing n
fresh stimulus before taking on new conn
mitnents and the l1ripe holders being
commonly pre-occupied with other than
purely speculative plans. Men are too
busy TO speculate Considering tho pha-
nomenal Improvement that has takeu
place in all branches ~ tusiresa during
the past two wears. the upward movement
values has ben only moderate hut SUBJ
stantial; and thus far there have been no
suggestions OF the speculative excesses
which usually mark the culminatlon 0f n
psrdod ~ prosperity
The explanation of this moderation IN
speculative activity is oound in two rea-
sons; I'm the money market and In public
skeptc'sm The money market has az
ready proved a natural and wholesome
restraint upon ill-advised operators:
while the public has taken hold OF tho
Sangerous bait offered by promoters I'M
the industrials The extraordinary earn
lngs OF the new industrla's especially
those in the iron and steel Industries.
are proclaimed on every hand.
I,
prospects FOR many OF these properties
are readily conceded; but n Is as prompt
" seen that such profits cannot be main
tanned Indefinitely; they must lead 70 an
immensely increased output. TO new COM
petition, and finally 60 normal profits
which would mean essential loss TO buy
ers OF any but the choicest securities Ia
the Industrial market
The most serious OBSTACLE TO bull
market Rates FOR time loans show
hardening tendency which may continue
for some weeks TO come Legitimate busi-
ness requirements are increasing. loans
have been largely expanded during the
last few weeks; bank reserves are declln-
ing, and the treasury continues 20 ab-
soTb funds In an exceedingly suggestive
manner. so that any laavge dcmand for
money for speculative purposes az shis
iuncture would materially harden rates.
The most encouraging out ook regarding
the money market IL found In the Trarls-
vaal war
The railroad situation continues emil
nently satisfactory, AT earnings arc
showing steady gains over the increases
OF last year.
General trade Is in excellent condition.
and this week Is witnessing the largest
rush OF buyers to New York that was
ever known The wholesale stores and
hotels are hOed with representatives OF
biz interior business houses, who are
here enthusiastic over the outlook IN tho
West and South and ready buyers for
merchandise at advancing pTtces. In tho
dry goods market there IS oftener a scar
city OF goods than OF buyers I1Rs means
a large west-bound traffIe for the rail-
roads during the next few weeks. Last
weeks Bast-boun1 traffic was the big
gest on record During the last fiye weeks
the East-bound tonnage aggregated 78S.-
600 toms, against $4,000 tons tho aamo
time IN 1899 and 4si,0O0 tons IN 1898 a
better bull argument for railroad stock
could not be conceived
There are now no class ~ properties
better organized, better managed. IN bet
ter financial condition bn better physical
condition, and with greater stability or
earning power than the peailroads OF tho
United States.
For the present. while We look for an
ultimately better stock market we advise.
conservative action upta the future OF tho
money market becomes gnore settled The
political campaign es aolng 10 be less
disturbing than usual, ami cannot be a
factor for some weeks 70 come. Tho
passage OF the currency fin vii be- or
/ coure, a favorable factor, but this has
been already largely discounted Fluctua-
tions IN Third avenue and Sugar caused
some hesitancy IN the street" but these
are only superficial disturbances; tenn
porarily, however. their nnuence is moro
4 or less hurtfui to the general market.