The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-07

OUTLOOK FOR THE YEAR.
A Continuation of Prosperous Times
Anticipnfcd.

NEW YORK, Jan. 6.-The stock market
year opened with the bulk of attention,
perhaps, centred upon the progress OF hos
tilities in the Anglo Boer war. The imam
cial importance OF this question has finally
attained the prominence In interest and dis
cussion that should have been accorded to
IL from the first, and in consequence the
actual progress of hostilities and the
various and varying remuors in connection
with them have come to be among the most
effective factors in the current speculation
For patent reasons the dominance OF such
a question as n financial influence is most
undesirable but II must, nevertheless, con-
tinue to occupy a foremost position in all
speculative apd investment calculations.
Chiefly on account Of the South African
war, the money markets Of the world have
become seriously dersnged, and the conse-
Quent collapses in the speculative markets
at various financial csn.tes have reacted,
and naturally upon the market least direct
ly concerned, namely, that of New York.
Thus, in the present week the improving
tendency OF the local stock market was
rudely checked by the outburst of violent
liquidation for foreign, and more particu-
larly German, account, through which
more than 100, 600 shares of stock will ulti-
mately be returned to this side. While 1t
is true that the so-called open market rates
at the various European financial centres
show some relaxation, il is noteworthy that
the Governmental banks have made no re-
duction in their official discount figures
and such action is hardly probable until the
road OF the British forces 10 Pretoria 10
much clearer than 1t is at the present time
In short, with the relaxation that has taken
place In the local money market, II is plain
that since France will not and Germany
cannot respond to the requirements Of the
London money market, this country must
continue 10 contribute It's surplus capital,
as II has been doing for the past few weeks.
Domestic trade and financial conditions
continue satisfactory. Last years then
unparalleled records in the way of CSr-
porate prosperity are well maintained, and
in many cases bettered. Barring the UNI
certainties in the international money mar
kets involved in the Anglo Boer war, there
is little that is disturbing in the immediate
situation. Later on in the year the argri-
cultural prospects. and subsequently the
opening OF the Presidential campaign, will.
in all probability attain more or less OF
their usual prominence as financial and
speculative factors. In the mean time. it
is gratifying to note that the abundant
prosperity of the past few years has been
utilized for the purpose of unlfying and
solidifying the railway properties of the
country to an extent which should render
them. II not Independent OF at least proof
against the vicissitudes of the future. II
is almost inconceivable that American rail
way securities should ever again decline
10 the status Of, say the early months OF
1897. The important position in the mar
ket for securities now occupied by the So
called industrials, is unquestionably mat
ct ont hut in fNgf aaf
il can only be said that the market is try
ing an experiment. the result-the success
or failure OF which-can be determined only
with tho course of time