The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-26
STOCK MARKET GOSSIP.



NEW YORK. Feb. 25.-The present stock
market almost seems to warrant the pessi-
mistic suggestion heard on the street so
! frequently of late that prices decline on
good news and advance on bad. On the
surface, something very like this is oc-
curing. During the past six days there
has been the intelligence Of the first real
British advantage in the South African
war, thing that il was said a short time
ago, all Wall Street was waiting for
There has been as a result fairly good
buying OF American securities by London
investors. Money has continued CHEAP
Additions Of Importance have been made to
the fine record of increasing railway earn
ings. The Currency bill, so dear to Wall
Street, has been pushed forward rapidly
toward its inevitable passage. Nothing
anywhere adverse, except to particular Sc
curitfes OF small groups. has developed.
But despite these facts. there has been a
continuance OF the apathetic professional
market with no successes anywhere ex-
cept for the bears
1t may be suggested. however. that the
professional element is temporarily the
only active party in the market The pro-
fessionals do sell on good news and buy
on bad 1t is one of the professional
maxims. and when no one else is active
they move prices In their own way. The
public is largely out of the tradings and
the market leaders are doing nothing
When the bull leaders, the important peo-
pie, begin to work again, as they win IN
doubtediy in the near future. the public
will help them after a few days of advanc-
ing prices. And then the professional will
cut very small figure
II is not believed by any careful market
people that the prosperity Of the country,
and especially Of the railways and the iron
and steel trade and the coal companies. is
to continue without having its fun effect
on the prices of American securities. In
yestment in stocks and bonds Will con-
unue, and the fact that these securities
represent every month greater earning
power and capacity for dividend disburse-
ments is certain to carry them to a proper
tionately higher level Bigger dividends
and new dividends on securities that have
never paid any before or for long years
past Will inevitably result in heavier de-
mand for stocks
Henry Clews, IN his weekly market let
ter says: The railroad situation continues
eminently satisfactory, for earnings are
showing steady gains over the increases
Of last year, and every indication points
10 the maintenance of this improvement
for long time to come. 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 filled with
representatives Of big interior business
houses. who are here enthusiastic over the
outlook IA the West and South and ready
buyers at advancing prices for merchan-
disc In the dry goods market there is
oftener a scarcity Of goods than OF buyers.
This means large westbound traffic for
the railroads during the next few weeks
Last weeks eastbound traffic was the big
gest on record. During he last five weeks
the eastbound tonnage aggregated 7gS 600
tons against $4,000 tons same time in
1899. and 49,, 600 tons IN 1888 A better
bull argument for railroad stocks could
not be conceived We still believe that
many Of the medium and low priced rail
road issues combine the greatest profit
and safety OF any on the list There are
now no class Of properties better organ
lied. better managed. in better financial !
in better physical condition. and
with greater stability Of earning power
than the railroads Of the GIFTED States !
The high-priced issues are now so com
pletely absorbed by institutions and rich |
men. or held at such figures. that they Of |
fer no attractions TO the ordinary investor /