Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-01-02
REAR cAMPAIGN OVER.

II there are no more failures the bear
campaign Is over. because the violent
liquldation during the last week has
about exhausted itself what weak
gpots have come 10 the surface have
been entirely with people who have
been holders OF industrial securities,
who have found II difficult 10 obtain
money thereon Those who hold good
railroad stocks have nothing 20 fear
because the prosperity Of AN transpor-
tatl0n companies Is phenomenal at the
present time and likely to continue all
through the coming year thus insurlng
"A continuation ~ their divIdend-cai
ing capacity The industrials for spe-
culatiyc operations cor as collateral for
loans are out of fashion, consequently
operators I'm wall street viii be apt
hereafter 20 give their attention almost
exclusively 90 railroad properties,
which win give them "a better backing
and greater activity than they had
when the interests were divided bee
tween railroads and industrials. The
best evidence OF a favorable turn in The
market is that buying orders for cash
commenced soon after the Monday
panic and increased daily thereafter in
duced by the lower grade of values
This buying brought In considerable
money from all parts NJ the country
whore the orders came from. ] am
quite of the opinion that the worst is
over and that breaks hereafter VIII be
followed By quick rallies, In which event
the basis Of a permanently improving
market viii soon be- established. The
turn in the market towards bctterment
came very opportunity as II carried
with II % Wall street feeling OF
Christmas cheer and good viii.
BULLS VS. BEARS.
Out Of every hundred property owners
ninety eight are naturally and consti-
tutlonally bulls and have something al
stake and therefore Will not grieve "
the remaining two bears are made un-
comfortable indeed II would not be a
sad thing il they would hibernate for
the balance OF the winter The i'm
proyement Of values affects directly a
large portion Of our population and will
lend a better Zest to the holiday festiyi-
ties IN thousands Of homes. We may
now feel confident Of the continued
Of our great ~country The
business Of the country Is In the most
nourishlng condition In our hlstory-the
railroads have enough traffic In sight 10
insure at least another year OF wonder
full returns-wheels are humming al
over the land. We can well turn our
away from the now past
shaking down to the bright future The
squat has come and gone. and the
situation II the better for 1t now It is
over, because stronger owners OF stocks
have supplemented weaker ones. the
process TO bring II about was savage
liquidation IL Is like cutting of a
dogs tail-it cant be done over again.
The liquidation had to come as a mat
ter Of fact. because the enthusiastic
takers and believers In the prosperity
OF the country over banked themselves
on a credit basis, These people have
been the cause and the victims Of this
panic They were unable 10 realize the
new conditions prevailing They bought
stocks at sky.high prices on a per
cent money market last summer. Tho
present reduction In values simply has
brought prices down TO a per cent
money basis, which is the present value
Of money all over the world and well
at that While II Is well to
be conservative in the immediate fu-
ture. still am quite of the opinion that
We have turned the corner into the new
year on rising market again. To our
clients and friends everywhere, we wish
a very happy and prosperous new year.
The one Just closed has brought to this
country the greatest prosperity in its
history and We begin in the new one
with promise OF even greater achieve
ments In which may you all fully
share. HENRY CLEWS.