New-York tribune., 1900-01-08
lHlgh. Low. Jan. 9. Dec. 80 lCh'gs. Sales.
THE WEEK IN WALL STREET.

The stock market has not started the new
year with a boom, but II has furnished suffi-
cient evidence of underlying strength and re-
hected in manipulation for lower prices the de-
sire OF many people to secure stocks in expec-
tation of boom later in the season Traders
and commission house customers who make up
the daily congregation in brokers' offices have
found the usual number of dark clouds in the
last week; they have made themselves miser-
able over foreign affairs and they have rushed
into fever OF dangerous excitement because
the great peace loving" nation Russia has de-
cided to mobilize certain troops in certain quar-
tiers where, in the interest Of peace, 1t is good
thing 20 have troops mobiliZed. Traders revel
in scare headlines, and in case they do not be-
Ieve what the type says they try to make
others believe st. and nine times out Of ten they
are successful There is a good deal Of Jockey
ing for position going on in Wall Street at pres
ent and while IT may lead to further declines
It only tends TO show that shrewd men see high
er prices ahead, and are endeavoring TO buy
stocks cheaply in order to secure the biggest
profits in the next upward movement
Englands war in the Transvaal has a more
favorable appearance for the British, and the
end may come sooner than expected The
money position abroad is already better. and a
few decisive victories will be factors of wide
spread influence in the international money
market The London market is better than 1t
has been at any time since the middle or NO
veunber: the tension in Berlin Is relaxing, and
the local market is in q position of comparative
ease The return flow Of currency from the in
terror was larger last week than in any corre-
spending week since 1897. while deposits of
internal revenue receipts were moderately
heavy. The two factors which caused the fall
stringency in money have been eliminated from
the stuation-Covernment Withdrawals and In
terror shipments Gold exports are only i'm
portant as showing the wonderful resources and
financial strength of the country. and It's will
ingness TO help London at a time when help
is needed. And in helping London New-York
helps itself.
Berlin was heavy seller Of stocks in the
local market last week. and large amount OF
local and foreign held stock that was carried
by brokers through the December panic came
on the market. Selling in the week was not
reflection of any change in the situation. The
more important interests are satisfied with the
course Of the curr ent market. They believe that
prices are getting ready to move in the direc-
ton warranted by underlying conditions. Stocks
are in strong hands This is one OF the most
important factors IN the speculative situation
and il ought to be seriously considered by all
traders who are tempted TO follow the seductive
invitations Of bear operators. Bear traders hope
for assistance from Albany and Washington,
but the outlook is not bright in either direction
Failing railroad earnings are predicted, but
decrease from the heavy increases Of last year
will be no bear factor. inasmuch comparisons
viii now be made with record breaking periods
a year ago. In December. 1898, railroad earn
fngs were enormous. yet in December, 1899
suits were, with only few exceptions, far bet
ter. The railroad situation is stronger to-day
than il has been in years, and the prospects for
the current year favor increased dividends on
roads that are already in the dividend column,
and the return to the dividend column of stocks
which have long been unproductive.
January disbursements will soon begin to fig
ure in the investment markets. Increasing
money supplies at this centre will be a powerful
bull influence, while continuing industrial pros
perity viii find its proper position a market
factor. If England should win a few decisive
battles-and such results certainly will be ac-
ccmplished sooner or later-the local and foreign
market would go up fast that bear traders
would never be able to catch ii. The year of
1900 doubtless Will be a profitable one for capt.
tai Holders Of money will not lock up their
funds when they be profitably used in the
channels OF trade. and money disbursed in Janu-
ary will find its way into the general investment
field. Buying last week OF New-York Central
stock foreshadows, it is believed, an important
railway deal Involving the Vanderbilt properties
The current year may witness some enormous
financial transactions in American railroad prop
critics and Wall Street men who have good
sources Of information are looking forward TO
important developments in the near future The
traction situation in the city Of New-York now
presents opportunities for guessing year of
great railway deals is good year for holders
of stocks. and buyers at the current level appear
confident over the outlook.