New-York tribune., 1900-03-05

Total .-.....-..... So 32a 900
THE WEEK IN WALL STREET.
The stock market has been more sensitive TO
bad news than TO good news and In consequence
prices have been weak and heavy. 1t should
not be assumed. however that the failure Of
stocks 70 respond TO the magnificent exhibition
of railroad earnings. the splendid progress of
British arms and the good prospects Of the final
passage OF the gold standard act reflect un-
easiness the part OF the financial community
the future selling by investors and well
protected Spectators. Weakness has been ac-
companied by dulness. The greater part of the
dealings have represented professional trading
as far as sales have been concerned, but the
buying has from sources which are al
ways ready TO take offerings Of good stocks at
cheap prices. Stocks have not responded to in
vestment conditions but 1t is generally believed
that after the elimination OF current temporary
adverse influences market quotations will ap-
proach level more in proportion TO actual
values. a bull market is not possible without
public buying. and for the moment the public
is not inclined to enter speculation Good rea-
sons exist for caution at this time. The atmos-
phere IS not yet cleared OF the effects of the
Third Avenue slump. The American Sugar Re
dning manipulation which is at work is ed-
verse influence, and the money market is likely
10 grow stronger before the expected influence
OF the new financial measure becomes effective
Tactics Of this sort need not worry the in
Festor the man who buy and hold in
definitely. but they OF sufficient Importance
10 induce hesitation the part OF the ordinary
public operator in stocks. Moreover the trading
element IS extremely bearish. and while this ele-
nient is not Of great Importance when capital is
moving into securities with the intention Of ad-
vancing prices. it is. however a factor that must
be reckoned with when the big bulls are keeping
quiet The market appears be in a position
where stocks are a sefe purchase on big margins
or Dor investment but in a dangerous position
Tor bull enthusiasm which is not backed by
1arge bank account. Conditions governing the
sctusI worth Of securities are stronger than ever
before on record, but IL looks g. II such condi-
lions would have to wait while before finding
Their proper position as market factors. The
fortunate Third Avenue affair has hurt specula-
ton and injured confidence but IT has not cut
of one cent from the real worth Of investments
tn general The railroad stocks are not being
hurt by the declines in Third Avenue, Sugar Re
hning and other issues where the machinery
controlled by manipulation is at work and If
holders OF good stocks are inclined TO be tlmid
they should Immediately study the record OF rail
road earnings. Current railroad earnings will
preserve intrinsic values against all attacks of
bear campaisners
Third Avenue developments and the uncer-
tainty over the Sugar Refining dividend may be
good causes for short bear campaign but they
not of sufficient Importance to lead to in
vestment liquidation Of the general list. Stocks
ere not in weak hands. II they the current
Rggressiveness Of the bear element might be &C
conpanied by serious setback in values. Stocks
not dear. If they were, holders would be
taking profits; the strong would be out and
the weak would be in.
The money market was frmer last week and
4r7Gf hsr~Ina
though tight money is not expected. Students
OF the money market find in the British success
in South Africa reason for encouragement mas
much as IL is believed that the end Of the is
not far off, and that in consequence there will be
a relaxation in the foreign financial situation
The end of hostilities will have a favorable ef-
feet upon foreign money markets, and Indirectly
on our own. Sterling exchange has been falling
and II is not unreasonable to predict that rat tes
are bound for the gold importing point Europe
has been liberal buyer Of American securities
in the last fortnight and cotton exports have in
creased, two factors which have weakened the
exchange market point or more in the week
New-York Is not in actual need OF foreign goods
but receipts at this time would serve to offset
the heavy drain that the Treasury is making
upon the banks. Last week the banks lost over
S6,Oo00O0 to the ub-Treasury. The loan ac-
count again heavily expanded and as a re-
suit surplus was reduced TO SI3641 $50 a de-
crease Of S6037 900 from the preceding week
Bankers are not worrying over the money situa-
fion, but stock market bears are using the tight
money argument effectively. Well Informed
bankers do not look for high rates except per
haps passing fluctuations the Stock Ex-
change.
The general prosperity OF the country is re-
dected in the net railroad earnings for January
received last week, and in the gross returns for
the third week in February. The great Penn
sylvania system which represents many varied
Industries and sections OF the United States
furnishes a good example OF current trade ex-
pansion. Or the lines OF Pittsburg and
Erie the company reports an increase Of 81 H.
100 in gross and an increase OF 1884 800 in net
for January, and all lines west Of Pittsburg
an increase in gross Of S790y600 and OF S271 100
in net, total gain IN net earnings on all
lines Of SS66o0o The proportion would be
greater IL controlled lines included Atchi-
son, with its gain in net OF $610,00 Louisville
and Nashville. with $272,317 in net and South
Railway. with S53,460 in net. furnish
striking evidence OF the wonderful activity In
general trade. And then the coal roads make
the best exhibits for January I'm months, and in
all parts Of the country the same general good