New-York tribune., 1900-04-16
THE WEEKS OPERATIONS IN STOCKS

governing
American securities favor higher stock market
ountations The bull movement in securities
paused last week, but indications were not pre-
sented Of liquidation by important interests.
Tn fact there is every to believe that
further accumulation of stocks by strong hnan-
cial interests followed the reactions which
were brought about by bear pressure and liqui-
dation of small accounts. It is likely that the
larger speculative interests are counting upon
e marked upward move in stocks before the
period of summer dulness sets in. Moreover, 1t
appears probab BILE that the public will come into
the market again, the bear factor has failed
to shake confidence reduce to bankruptcy
the rich outsiders who have made money in
various lines Of business in the last year. There
IS a large amount Of money in the country rep
resenting profits from industrial pursuits, and
II is reasonable to assume that it will seek en-
ployrnent in the stock market this year. There
is nothing in the situation TO induce discourage
ment. Politics may a hesitating market
later on in the season. but from current indi-
cations IT will have no effect upon the course
of industrial activity. There many men in
the country with money in pocket. and they
will vote to retain the party in power that is in
great part responsible for the country's grow
ing prosperity Capital is confident the
political outlook
In last weeks market active efforts
made by bear cliques 10 reduce securities val
ues. The chief effect of bear pressure was
check 10 outside buying and relapse OF specu-
lation into comparative dulness. 1t is note
worthy fact that In the present market bear
tivity is accompanied by falling off in deal
ings, while advancing prices are followed by re-
newed public buying. The bear element has
little in its favor at the moment and 1t is taking
long chances in selling short in expectation
that political influences will outweigh the sta
bility of business and financial conditions
market factors Purely speculative accounts
should Of course, be turned into profits when
the opportunity presents itself, for values will
not advance continuously, despite favorable
trade factors; but investment accounts should
not be liquidated because Of the coming Presi
Dental campaign. The immediate outlook IA
vors resumption of the bull movement that
was checked last week by bear attacks realiz-
ing sales and the digestive process incident to
all periods of advancing values. Brokers
not carrying stocks on weak margins. and the
current class Of buyers show disposition to
speculate, except upon substantial bank ac-
counts. The people who buying stocks at
present strong financially. Bear traders
are opposing a powerful combination OF capital
and the punishment given Third Avenue shorts
may be repeated in other stocks before the
moneyed interests Of the Street satisfied
with their operations.
The banks showed a large gain in cash and
surplus resources last week, and there ought
to be no uneasiness over the money market
situation Gold exports talked about pos
sibe. but movement OF the precious metal to
Europe would not be of any particular sgnii-
canoe Large amounts of gold will be ar
irving the Pacific Coast from the Klondike,
and any amount that may be shipped from here
to Europe will be more than offset by receipts
\
money market stringency is now out of the ques-
ton as the new currency law Will protect the
situation against the heavy demands from
camille sources. The West and Southwest are
better supplied with funds than ever before on
record, and in consequence the inquiry for money
here incident to crop movement necessities ought
20 be brighter than usual Bankers are pleased
with the monetary outlook. and important in
terests are expanding their speculative and
business operations in expectation Of easy money
for long time to come The general financial
postion of the country has been much I'M
proved by the passage Of the gold standard act
that a falling off In bank holdings at this centre
,s NOT likely TO upset the security market
check the movement Of capital into investments.
Railroad earnings all over the country are in
creasing over last years record breaking re-
turns and dividends stocks that two years
ago appeared improbable are now in view. The
cheap stocks are improving in actual worth
along with the high class securities and many Of
the low priced issues dividend certain
ties The establishment OF recognized invest
ment Issues upon a level commensurate with
their real value is proceeding rapidly. and a sim
liar process will follow in the case OF the cheap
securities Norfolk and Western common. Mis-
so,,rf Pacific and Southern Pacific common
annroacftng the investment level and the move
r1ent will extend TO stocks such as Wabash pre-
ferred Atchison common ana Erie first pre-
ferred.
GOVERNMENT BONDS.