New-York tribune., 1900-12-03
IHieh Low. IDec.l Nov - ICh'gs Sales.
THE WEEK IN WALL STREET.

The stock market is going through period OF
irregtlarity incident 10 a speculative digestive
process. which ultimately will be followed by
much higher prices for the greater number Of
securities. At least the most conservative peo-
pie IN the Street believe that prices viii go
higher. while all conditions and prospects war
rant the statement that values have not yet
reached the top. In the week just closed there
was falling OF in the volume Of business from
the activity that prevailed in the preceding two
weeks, with decidedly irregular movement Of
values but there was no decrease in bull sent-
ment or any evidence Of liquidation, save that
OF speculative accounts which showed good
profits. The buying was better than the selling.
Investors were in the market. and on the de-
clines an excellent class OF speculative buying
was reported. Professional traders worked for
lower prices, and at times they were successful,
owing in great part the disposition % the out
side element TO cash its paper profits and TO
wait for lower prices before re-entering the
market With all the irregularity and reces-
sions, however. many stocks made high record
prices in the week, while closing quotations
showed as many net gains as losses.
II is generally conceded that stocks are IN
strong hands and that the technical position cf
the market is sound There are no indications
or overloaded accounts. There are no symptoms
OF dangerous speculation while outside the
Stock Exchange there are no factors that sug-
gest that stocks win be worth less in the new
year than they are worth at present Conditions
affecting values are safe and promising and the
bear trader will need something more powerful
than microscope TO discover germs Of weak
ness in the general situation. The bear trader
is forced 10 rely on the cry that prices are too
high. And this appeal has failed so far 10 in
huence speculation. The market has had sew
pFal eharn and u bos
cause its health has been improved by their An
Vigorating influence. The bull movement will
gam IN force from period Of setbacks and
speculative readjustment, and people who have
good securities should not be frightened by
passing declines and signs OF bear activity. Cur
rent prices appear high 10 many people who
ran 10 appreciate the Improvement that has
'dAeh place IN actual values but il is not at all
unlikely that operators who are afraid to buy at
this level will come into the market when the
buli wave is breaking at a materially better
range Of quotations. There is no ADEQUATE rea-
son why good stocks should suffer any notable
decline from the ruling figures until conditions
governing their actual value register a change
in the tide Of business
Trade reports for last week reflect no back
ward movement in the world Of business. There
are no prospects Of disturbance in politics bust
ness or money. and with a clear field in resnect
10 the factors named there can be no cause for
pessimism or encouragement Buyers OF stocks
al the current level and al reactions on
large margins viii not be forced to sell rba,r
holdings for money market reasons. Indeed
mere Is al the moment nothing in sight that
warrants the belief that handsome pro0ts win
not be made on long accounts after the nras-
ent period Of irregularity runs its course --b.
bucket shops are praying for deliverance fror,
further bull activity. Prayer. however win
haroy help them inasmuch as they merely .asl,
ior assistance in order 70 begin anew their de-
sructiVe operations. Bear traders try 70 believe
that the top has been reached. bur they find ~,
consolation in the way values move and f., -.
o0S'i'iacy Win which the investment world holds
I's security possessions Many bucket shops
nave Jailed and many bear traders have bes-
'Uie1 Sihce the election. As far as the bucket
shop Is concerned, no one save the dunes ,,.b,
deal with them is worrying about the LOSES s,,s.
tSiheo' While the hope q cherished that ever,
banker in the street who roclzets o,,s,e--lS,
accounts. In the expectation Of 2 fauf,, -
ket' VIII be brought 10 justice through the r,a
olum or rising market. This appears 70 >.
the ohiy sale way of catching these uaIefactors
Many OF the cheap stocks enjoyed price i'm
provement last week. Southern Railv-s,, To-.
Pactne and 81. Louis and San Francisco in ,ar
ucular showing the effect Of good buying s,ocl,s
OF this class have been gaining in actual value
t9r the last two years without corresponding i'm,
pfo'ement In market price, but now il begins
70 TOOK az n The market values OF the low priced
ISSUES ere 70 become the measure of their in
uinsle worth In the bond market great ac-
uNlty prevailed throughout the week both
speculative and investment interests being bes,,,
"oyers- The low priced issues Of growing actual
merit were N demand II Is quite likely that
pronas made IN stocks are growing into bonds
"hie y Is possible that the share department
val SulieI temporarily as a result of the inter
-. ~ PONDS The bank statement for the yyeeL
showed small reduction IN surplus reserve d,e
- .afse expansion in loans Bankers do no,
s,rs.. ~lSoe = fspeutson this month Of the money
ago. " Deoe"hef year