New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-04
BONDS.
Eait & Ohio 31xs S5A
THE DAYS OPERATIONS IN STOCKS.

The stock market was again a disappointing
affair for bear traders and professional pes
simists Strength was a prominent feature in
almost all quarters Of the market, the decline
I'm Sugar Refining and irregularity in some is
sues rejecting nothing beyond realizing sales
and the evening of traders contracts incident
to the weekly suspension of business. The bank
statement was cheerful reading for the bulls,
as It showed a further considerable addition TO
cash and surplus holdings. large gain In
loans was due to the increased demand for stock
market purposes. Money is now at level
where the banks able to extend the accom-
mediation TO stock speculation which in Decem-
Der they were forced to withdraw, and, realizing
this, many careful operators have added to their
lines of stocks knowing full we'll that with easy
money and strong business and technical market
conditions stocks will advance more often than
they will decline. The public is returning to
Wall Street Bear campaigners can make no
Roadway when the lever of public buying Is well
under way. The strong public is buying now
The weak public will buy when prices are
around the top" Bear traders will then be
able to report progress.
The heavy earnings of the Chicago, Milwaukee
and ST. Paul Company for January, showing
gain over the record breaking January Of 1879
Of S26O,0O0. ex, tied favorable impression upon
the granger shares, and on sentiment in yes
terday's market, Back in December the most
woful predictions were made regarding railroad
earnings in 1900 Bear predictions were so fear
full that many people believed them, and in some
cases the bear element believed them Itself, and
in consequence made commitments on the short
side that have since proved serious obstacle
to its happiness. Earnings in January were
truly remarkable. In January year ago the
movement of cereals was about 30 per cent
heavier than it was in January this year. while
compared with other years the traffic returns
had never been exceeded. 1t was a period Of
high records But in January, 1900, earnings
were from 10 to Is per cent larger. 1t is well
that heavy gains in gross returns are being
made as the increased cost OF materials and
al vi he a N ra1a
TO net earnings this year than it was in 1899.
The market closed the week strong. with con-
hdence in higher prices general. A strong open
ing on Monday may be followed by a reaction
due TO profit taking sales, but, barring
radical change in the situation, the market viii.
according to the best informed observers grad
ually work to more advanced level. The course
of prices in the last week changed many
opinions regarding the relation Of intrinsic worth
and market value and it also forced a rapid
change in position on the part of many profess
sional SPECTATORS The biggest recent bears
working the bull side Important
market interests are willing to work for higher
prices Bear traders may endeavor to make
capital out of the falling off in bank clearngs
IN January from January year ago, but the
following facts from 'Bradstreets' prove that
there is no ground for disappointment: THE
total for the month of January at eighty cities
was 1854, S41, S79. a total of Sc smaller than
that of December, and 10 per cent less than that
OF January year ago. 1t will be recalled that
stock speculation and large industrial iotations
were feature in January last year, but 1t Is
worth noting that outside of New-York the
clearlngs or seventy-nine cities for January ex-
ceeded those of January year ago by nearly
per cent Only two groups of cities, the Mid
die States and the newfoundland show de-
creases from last year, owing of course to the
falling on at New-York and Boston. Gains are
heaviest IN the Far West Northwest and South.
west, and most Of the Southern cities show
gains, Notwithstanding the smaller movement
previous to 1899 the showing is. of course. :
iaforaole one the increase over January 1898
nelns 20 per cent, and over 1897 20 per cent
For the week the clearings at eighty cities ag
gregate $l,520, 10000 a decrease of So De
cent from last week. and of % per cent from thi
week year ago. Outside of New-York the de
crease as compared with this week a wear ag,
is only rs per cent" GO
The usual weekly table Of price CHANCE. TO- ~
more active stocks follows: eO0 " '''