New-York tribune., 1900-12-31
IFlrh. Low. Dec % Dee. .22IC ICh'gsl sales.
THE WEEK IL WALL STREET.

THE WEEK N WALL STREET.
End Of the year trading in the stock market
reflects enthusiasm the part of investors
over the progress Of business in 1900 and con-
hdence in the outlook for the coming year.
Speculative sentiment is cheerful over the
prospects for an active market in 1901, the
dictionary tendency in prices last week ind-
eating speculative operations in which the clos
ing Of several bull pools, general realizing sales
and quick turns on the short side were involved.
A number Of bull pools were dissolved last week
on account OF agreements extending TO the end
OF the year only. In The year bull
pools VIII be formed, new money will come into
the market and new high prices viii be made.
This, at least, is the forecast OF the most con-
servative interests in the Street. Barring n
radical change in conditions underlying values
market prices should not tend toward lower
prices save on speculative reactions. Money is
becoming more abundant, business continues
good, and political disturbance is not TO be ex-
pected. Speculation has not been wild, despite
the enormous volume Of business. a good part
OF the dealings representing pure investment
transactions.
In the week just closed investment buying Of
the standard shares was a leading feature
Burlington. St Paul. Rock Island Pennsylvania
Delaware and Hudson and other attractive
issues were taken in big share lots by actual in
vestors Medium priced stocks. such as the
Union Pacifics. Southern Pacifcs, Atchisons
and the cheaper stocks, such as Southern Pacific
and Texas and Pacific we're also absorbed by
buyers who do not deal in margins and who are
not frightened by passing. declines in values
Southern Pacific stock shows a surplus for the
year ended June so above all charges, of S., ,253-
OOO and in the current year earnings are con-
sioeraby better net returns in October, the
latest earnings published showing a gain of
over 100000. The fact 4hat the Southern Pa
cific company has issued some bonds, the pro
ceeds Of which to be used for the best in
terests Of the property, places further interest
charges ahead Of the stock; but the stock
nevertheless. viii be benefited by the transac-
ton. The increase in interest charges from the
new bond issue viii amount 10 only S45OOO0
and then the bonds only until 1905 North
ern Pacific, Union Pacific and Atchison stocks
have enjoyed marked price Improvement in the
last two months, and there is no good reason
why Southern Pacific should not also move to a
higher level.
industrial progress in the Southwest has been
tremendous, as reflected in the big earnings of
al the railroads in that part of the country
Inc southwestern territory is growing up TO the
mileage OF the various roads. The Industries
ned and the community of railroad ownership
scheme will soon take in all the traffic com
panies that operate in the various Southern
States 1t VIII pay the investor who is looking
to the future to study the earnings and pos
sibiities OF Texas Pacific, St Louis South
western Southern Pacific. St Louis and San
francisco and Missouri Pacific. The stocks Of
these companies are destined for higher prices.
and the non-dividend payers among them are
slated fo~ disbursements in 1901 Excellent bu,,
ing Of Teas and Pacific was a feature in last
weeks market This stock sells well beIovv
30 ana as its earnings viii show big surnlus
above fun charges price of 80 may not be con-
sioered dear. Good judges predict 80 for Texas
aho racine before the end Of the new year
Banking interests continued to buy Southern
Pacific last week. and the stock acted as If
preparations were making TO mark the price
up considerably. Atchison common WAS we'll
bought. and the preferred continued to % into
investors boxes. Stocks of the reorganiza5
railroads are not at top prices The distribution
OF January interest and dividends should be fol
lowed by further bun activity.
Ihe real value Of stocks cannot be measured
by precedeDts or by the past. New conditions
create new standards and the true valuation
made for securities year ago must be revised
in order to keep pace with the growing business
" As'pv anu Aie prospects Tor 1901 A wear
current market quotations would have been ron
sioered dear But wonderful changes have tal,a,
place since that time and stocks have doubled
IN Intrinsic worth Big margins should he nro.
Tioed In this market. Big margins and CONF.
oence viii weather any bear storm that may de-
Telop. The bear campaign against the marie,
has run into a guerilla warfare and as sucb Il
cannot secure more than temporary success
The money market experienced no disturhanc.
last week. and the chances are that rates u-,
rule at q comparatively easy level for severa
months 10 come. There is good sunnl, -
{. money throughout the country while addition,
are constantly being made from gold productio,
IN the West and in Alaska. from receipts OF col,
from Australia and from increased banknot
circulation while local supplies are fncreasin,
and foreign credits are growing AT a rate Uybic,
never before has been equaled insurine for hi;
country the control Of the money markets Of tb
world. In lS75 the value Of exports from tn
United States was S497 263 737: in the eleva,
months Of the year Of 1900 the total was 81 3os
slS.fsS making the heaviest exports of an,
country In the world.
BANK EXCHANGES; SALES RECORDER
The bank exchanges Of the New-Yorl, C.Iesri,
House and The ~ dats H.