New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-22


The stock market has been attacked and
abused by bear spectators, but the campaign
for lower prices has not made material Roadway
in the last two weeks, prices a rule remain
ing firm, and in many instances considerably
higher There has been activity in the mar
ket on the bull side, but the course of values
proves that stocks in strong hands; in the
hands Of people who are able TO hold their in
vestments through all bear storms. While the
market is dull and bear oracles are preaching
. lower prices conditions governing the actual
and speculative value of stocks moving in
favor Of higher quotations. Business is good
and money is again easy. Returning in
money is reflected in the increased dealings in
railway mortgage issues. Money recently en-
pIoyed in the loan market is returning to the
bond market and from the bond market the
movement will extend TO stocks. An active
bond market generally foreshadows an active
stock market, and a dull stock market generally
presages decided movement one way or the
other. It looks if the next movement would
be Of decided benefit TO the bulls
Wall Street has not admitted the possibility of
British victory in South Africa. 1t has, how
ever, sold stocks short the confident belief
of further defeat for Englands arms, and it
therefore follows that a decisive Boer defeat
VIII find stock market traders short of stock,
which they do not own and in consequence a
tory has been discounted. British victory has
not. big Boer success would not have an
imp ortant effect upon prices, owing to the dis
counting process that has been in evidence for
several weeks. The influence of the relief Of
Ladysmith speculative sentiment would be
hard to measure. Wall Street has invested the
Transvaal war with more Importance as mar
ket factor than it deserves. but in the end the
fact will work to the advantage of the advocates
Of higher prices
The change in the money market has helped
many interests who otherwise might have been
forced 10 the wall by the superior strength of
others. The scarcity of money has been an i'm
portant aid to the plans of certain capitalists
who have been seeking to get the better of other
people. and the easing of rates has practically
exhausted the ammunition of the party recently
in control of the situation. Wall Street inter
ests viii bury the Ratchet before long. if they
have not done so already. The bear element has
firmly closed its eyes 10 real business conditions
because il is intent upon fostering a belief that
industrial activity is on the wane that railroads
will not be able to maintain diydends-in a
word, they want to make every one believe that
industrial and financial conditions are about to
undergo q radical change. All reports from
mercantile centres prove that there is no ground
for pessimism. Railroad earnings are running
away beyond the big records Of a year ago. de-
y
ings large and foreign trade is largely in
favor OF the United States.
AS to railroad earnings returns are truly re-
Darkable, especially in view of the fact that
comparisons made with period of extraor-
binary traffic receipts a year ago. Take the st.
Paul company. for instance: Earnings of this
read for the second week in January were better
than in any corresponding week in the history of
the company Total gross earnings in the second
week in January in 1889 were S6S4 929 an in
crease Of Sl44,300 the same week in 1898
In the second week this year earnings increased
he fa04 fhnff he
grain and farm products was considerably less
than ii was year ago. People who are harping
on the agricultural position Of the country the
lighter movement of food products and cotton
and the prospect for lighter foreign demand
this year forget that the American railroads no
franc receipts. Traf.c is becoming more di-
Nefshed in the West and South, and crop fail
utes are not the menace TO the railroads that
eney we're a few years ago. The railroads will be
aDle TO spend more money en- improvements this
year ana operating expenses Will be heavier,
owing to the higher prices for materials and
iapSt, nut net earnings will be more than suffi-
lent 70 pay dividends to increase dividends and
10 restore TO the dividend list companies which
nave long been out of ii
Earnings in the South are eoor, ,-s,,-
'S mestern for instance, gaining for the sec
- week al the rate Of 81 600 a dax PaIlroods
VII receive more for their work tl3ss -. -
l.eSolceIration OF control plans win res,,7t a.,
<S a..is III operation that will 20 far toward
onsetting the increased cost Of rnata,o wv I9
labor. Great economic prohler,s aeaial ana
WORKED out in the railway and Industrial ,o,ss
@io poiltlcal enorts TO oppose them Will rnt -
more successful than have been the effort CO. o o
oppose the Introduction Of labor saving ~
ehinery. is ma