New-York tribune., 1900-12-10
BONDS
IIzigh Low. IDee. s IDec-L lch'ges.l Sales.
THE WEEKS OPERATIONS N WALL
STREET.

HF4E WEEhG OEEhAAAO-hG ~ ~4-@~~
STREET.
so-eaned money market uncertainties may
,resent a GOOD argument for lower securities
praoes but Il stocks decline as a result OF
money market changes the lower level VIII NOT
be permanent and II win not be significant OF
important selling In stocks. Higher money
rates ere probable. A better price for money
viii reflect the necessities OF trade and not
scarcity IN this country OF currency. So far as
New-Yorlx Is concerned the supplies are ample
for All legltinnate requirements. but with an un-
,,sual demand for funds from the interior and
she approach OF the time when preparations
must be made for the January interest dis
Rursements. II VIII be reasonable 20 count upon
uEhter supplies for speculative purposes ana
contraction IN Stock Exchange loans outstand-
ing. The money market situation is interesting
hut Il IS not dangerous II is sound and health
ful. and Il presents In all its conditions evil
denoe OF the expansion in commercial industry
in the United States. The man who believes
that there is anything radically wrong with the
money market is poorly informed regarding the
position OF AFFAIRS in this country. There are
dimes when tight money comes from business
depression and from loss OF confidence that
leads 10 boarding There are also times when
tight money comes from business prosperity
In both cases stock market spectators VINO
deal in stocks on borrowed money are open to
injury, but tight money caused by prosperity
wiz never hurt the underlying props OF stock
market
The banks reserve above legal requirements
was cut in two last week, and now stands at a
trihe over S5OO0O00 II the unprecedented
drain from the interior continues rates VIII ad-
vance 10 a point that VIII attract funds from
centres where it is not so active. Money Will go
where it is needed most and people who are not
seekers in speculation and who AFFORD TO
hold stocks through passing declines in values
have no reason TO assume the depression of
spirits that appeared in Wall Street last week
This is a year when things growing bigger
and broader and more prosperous. II is time
for wideminded people who believe in the going
forward process. Certain people IN Wall Street
who believe that declines in stock values mean
the end OF all things that make a country pros
porous are out Of place in these days of COM
mercial development There are some people.
however who are not worrying over the future
Indeed. they are quite confident that by holding
good stocks and bonds and buying on ell re
oessions they viii establish the foundation Of
ha- some fortunes.
The course OF business affairs throughout the
country. as measured by railway earnings and
bank clearings. is sound. Bank clearings in No
vember were heavier than in any other month
on record, the improvement not being confined
10 New-York, where speculation in stock natur-
ally added TO banking operations. In the South
the gain was particularly heavy, being IA per
cent larger than in November. 1899. and heav-
Ter than in any preceding month known The
railway trsfhc in the South and Southwest is
enormous. While the movement Of cotton has
been an important factor in swelling earnings
this fall, there has also been large increase in
general merchandise traffic, due 10 the EXPANSION
OF industries In the South and Southwest Cur
rent indications point toward a sustained heavy
movement OF freight throughout the year. Buv-
Ing OF Southwestern railroad shares for suh-
stantial account has been in progress. and good
market judges believe that il VIII pay to hold
81. Louis Southwestern, Missouri, Kansas and
Texas, Texas and Pacific and Missouri Pacific
issues Missouri Kansas and Texas stocks did
not share In the recent bull movement but thei,
turn VIII come for the simple reason that ths
STOCK market is bound in time TO recognize
growing intrinsic worth. This road Is roal<ine
big surplus above fixed charges. and al the en-
OF the nseal year earnings ought 10 show p hal
ance soinclent TO pay dividends Of per cent NJ
the preferred, with a surplus for the common.
"hie share market speculation was quiet :,
the week trading in bonds zvns heavy reacb,r,
the total OF S24.lO3.O0O Cpar value). aeatns
@No'ooo'oVV IN the preceding week, and SsOOOOR
- '''N 0oHiV "teh year ago Good bonds sell
ing under par especially 5 per cent issues an
being rapidly taken out Of the market and q
a consequence, materially higher prices viii FOL
low The Erie and Wabash issues were nroni
nent features last week: also New-Yorl,. susoue
hanna and Western general rs. The latte
named bonds are cheap AZ ruling prices. vet in
trinsicaliy they worth as much as issue
selling many points higher Speculation 4
stocks Is not likely 10 nun into a bull boom tbi
month. but unless present owners decide 10 Sc
their holdings the chance of more than a TEN
porary decline win no. appear promising tn
STOCK market is resting. The bull movenen
VII. n is believed be resumed in January ane
according 10 conservative predictions. value
NilI be carried many points above the record q
november. Meanwhile e market OF sudde
huctuauons may be looked for IN the wee
just passed manipulation made its appearance
IN various issues, and on ali declines good b,iy
ing took place.
BANK EXCHANGES: SALES REPORTED
The bank exchanges OF the Neu-Yorx Clsar,r
House and the stocks sold al the Nevg-Yorl, S.,