The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-08
STOCK MARKET GOSSIP.
The Outlook Considered Favorable
by Important Critics.

by Important Critics.
NEW YORK, Jan. "A policy of OK
IRENE conservatism has been followed by
important interests generally in the stock
market during the past week. and there is
excellent reason for believing that this
policy viii not lightly be given up. The
professional people have controlled the
fluctuations of prices largely, and as the
surface news and gossip has been some
what disquietng. the result has been a
cessation of the advance in prices and in
some cases declines. 1ntrinsically, how
ever, the situation Is sound and strong,
with its potentalities all in the direction
of better things. Conservatism is whole
some af er such break in prices as oc-
CURED three weeks ago. II lays a founda-
ton for q fine recovery from the pros
perity panic of 1899
The local situation has been subjected to
severe strain, especially last week, from
foreign affairs, and the ease with which
that strain has been borne should convince
all the doubters of the markets underly-
ing strength. Sales for foreign account in
the week aggregated $50. 600 shares. all of
which were absorbed by this market with
out material effect upon quotations. There
are uncertainties in the situation that
make careful men cautious, but there is
nothing TO offer encouragement TO con-
tinued short sales In stocks.
The foreign money markets do not re-
feet uneasiness in financial circles over
possible diplomatic complications. Money
in Berlin and London is easier than at any
time since November.
Experience in the past shows that ac-
tual hostilities are never, or almost never,
brought about by the seizure of neutral
ships by belligerent during time of war,
II foreign bankers (who il may be re-
called are in close touch with inner politi-
cal circles) saw trouble ahead between
England and Germany, Russia. or any
other power. the money mirket would re-
fleet it. The foreign situa ion looks bet
ter. despite bear doubts. When the for
eign situation clears entirely, London will
buy the stocks that il is now forced to
sell. and operators who sell at the current
level will be glad to buy back ten points
higher.
Henry Clews says of the situation:
The new year opens up with the most
favorable prospects. 1t is rare indeed, that
the whole business situation of any country
is in so satisfactory condition as we find
it here in the United States today. The
mage. and that is good index to general
prosperity. The war In South Africa is not
likely to affect values In this country a
second time as seriously as the recent one. !
If we receive good news IT will be so much
to our advantage, and If the news is Tot
favorable We VIII not be taken by surprise
Therefore, / take 1t, that the disturbance !
in the Transvaal has given us about the
worst shock that it is likely TO do. We
oil
which has done considerable good in Len |
don without doing us any particular harm. |
As a matter OF fact We have derived con- 4
siderable benefit by having benefited the |
London money market by the gold we have |
sent there, as our investment securities 4
have ceased now to be returned in conse
quence The holdings of our securities in /
speculative hands in London were probably |
never smaller than they are just now. So |
there is nothing 10 fear from This one /
source under any circumstances.
Concerning the immediate future of the |
market. We look for advancing prices.
Stocks are in strong hands, and there will
be plenty Of money for investment.
The Financial Chronicle" says that "the
prospect as to easier money has been an
uncertain feature but the large interior
movement to New York this week would
seem TO afford a promise that the flow
has been reveTfed. This reversal of the
interior movem mt may. however, TO some
extent at least ne a result Of the internal
revenue payments into New York deposit
tory banks. However that may be, as
long as about a million pounds sterling
gold seems 10 be leaving us. for London
weekly there Will continue TO be some
question as to the outcome. We say
weekly amount of a million pounds APP
pears 10 be leaving New York, because
our cable yesterday from London tells US
that the arrivals at that point from New
York the last two weeks have reached
60 044 00f which seems TO be somewhat
in excess of the announcements of ship
ments on this side for the corresponding
weeks. At present. however, with the in
terror flow. as indicated. this way. and
while the Treasury is diverting the Gov
eminent internal receipts TO the banks.
the reserve Of the clearing house institu-
tions ought to be an, increasing quantity"