New-York tribune., 1900-01-25
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was firm a small volume
of business. Contrary to the expectation Of
bear traders there were few stocks for sale
despite the uncertainty over the South African
situation, while London prices also disappointed
expectations by coming in strong and higher.
In the absence Of selling pressure the trading
element covered, and incidentally discovered
that the slightest demand had an apprecable
effect upon values. Stocks are now so well held
that big demand would result in striking price
changes The refusal of holders of stocks to
sell in the face of scare headlines about
ported British defeat and the remarkable gains
in earnings by the St. Paul and other companies
doubtless impressed the trading element with
the weakness of the bear position. and It most
certainly suggested TO their minds, as reflected
in the days dealings. the wisdom OF caution.
Strength and dulness the chief features
throughout the day
The investment absorption of bonds natural
ly induces confidence in the probability OF lower
rates for money. A few weeks ago investors
began to buy railway mortgage issues, and as
a consequence it was taken for granted by we'll
informed observers that money would soon rule
at an easy level. Facts have borne out this
surm;se Money is easy and growing more abun-
dant every day Investors continue to absorb
bonds, and in doing so they are laying the
foundation for active speculation in stocks.
The present strength in railway bonds is sus-
tanning all classes of securities, and in the end
stocks viii grow active and advance rapidly un-
der the influence Of current investment absorp-
ton and easy money 1t will not pay the opera
tor in stocks to base his transactions on the
probability Of Boer victory. The real factors
in the situation ought to be taken into con-
sideration, and the operations Of important cap
italists as reflected in the local gas and traction
companies manoeuvres, should not be disregard
cd. Standard Oil control means that some Of the
most powerful capitalists in the country are
working together. It means that large capital
lists have confidence in values. The entrance Of
the Standard Oil interests into the Third Avenue
Railroad, and the practical absorption of the
big electric light and power combination by the
Consolidated Gas Company, are factors in the
local situation which worth careful study
by spectators.
The concentration Of control tendency is Wig
orcusly al work in local gas, electric and trac-
tion affairs, and ii would surprise no one If
announcement were soon made that all the gas
electric and traction interests in Manhattan and
Brooklyn were under the control of the chief
money interests in the country. Railroads
throughout the country are benefting from the
consolidation and the well managed Industrial
combinations are increasing the country's in
dustrial prosperity. Capital is at work. and
when capital works its operations are based
on confidence. The stock market was thorough
ly cleaned of weak accounts and speculative in
hation in December, and Boer victory at the
present time ought not to exert more than a
passing influence upon values. The bears are
banking the Beers, but they would better
build their hopes on something more substan-
tai Easy money and big railroad earnings
with stocks in strong hands, are factors which
bear operators will be unable to fight success
fully for any length of time