New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-12
IHlghlLOw Feb. IOlFeb sIchgsl Sales,
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
The railroads of the United States made record
breaking earnings in the month just passed Re
turns were heavier than in any month since
early last summer, but the character Of the
showing was even better than at the last named
time. inasmuch gains in January were due
TO an expansion in general merchandise traffic,
while IN the a good part Of the traffic
came from a heavy grain tonnage. The move
ment of grain in January this year about 35
per cent less than in the month last year.
but gross earnings were larger by over 20 per
cent. Operators in stocks found in railway
ings good reasons for buying securities last
week. The enormous gains made by st. Paul.
louisville and Nashville. Southern Railway.
Norfolk and Western and other roads were not
encoura ging developments for bear traders. but
they furnished pleasant reading for the believ-
in American securities. After the activity
and advance Of the early week speculation
quieted down at the close, but reactions that
accompanied the dulness did not reflect any
change in the sentiment of the greater num-
Der Of people in the Street
The reaction that developed at the end Of the
week the natural sequence Of the recent
period Of expanding bull account There
investment selling. important nquida-
ton and withdrawal OF the support upon
which bull markets depend; and there was no
adverse change in money or business conditions.
Money did not continue TO accumulate in the
local banks-as in the last few. preceding weeks
on account of a lighter movement OF currency
from the interior and the payment to the Sub
Treasury Of internal revenue receipts but this
was not an important factor as cash and
plus holdings are still on the easy money basis.
II will be well consider the future. especially
the probable position Of the money market
later on in the season, but at the moment there
is little encouragement for short sales in stocks.
The amount Of Treasury surplus, the extent of
the spring demand for money for mercantile
centres and the possibility of gold exports are
factors that should be taken into consideration
by SPECTATORS These factors are likely TO be-
come prominent as bear cards when the present
bull movement is being supported by small mar
ginal traders alone. but they are not of sufi-
Gent Importance to worry investors or holders
who making long time plays in the market.
The country's money supply increased in jan
uary so, 151, 1S5, as compared with the preced-
ing month, and February l the total amount
of money in the country outside Of Federal
Treasury holdings was 81 003 149 355. an increase
of SS4 SIS. 79S compared with the same time
in 1899 The current absorption of money by
the Treasury is not looked upon with alarm, in
view Of the probable passage Of the currency
bill this week which will add S30000000 to the
bank circulation and about much more in
premiums on refunding the bonds held as
security for bank circulation. This will not add
TO the money in actual circulation. as 1t will be
paid from Government deposits in the banks
\ but it will add much to bank resources that
cannot be touched by the Treasury The gen
eral prospect favors a period of comparatively
easy money, and while the spring demand from
the interior may be heavy. there is no reason at
present to expect repetition OF the stringency
of last fall. Accommodation to stock market
borrowers may be curtailed for a time. Weak
holders may be forced to sell and stock values
may go lower. The possibility Of curtailed
speculation credits in the spring and the coming
Presidential campaign suggest that the market
ought to enjoy its best prices in the next few
weeks.
Capital continues TO move into railway mort
gage issues. Bonds returning over and per
cent in demand. and the cheap dividend
paying stocks and the stocks whose properties
indicate dividends this year growing
active II is evident that the attractive medi-
UNI and low priced stocks are being taken by
good class Of buyers on the theory that present
quotations do not measure actual worth. Buy
ing OF Norfolk and Western common is an in
stance Of this character OF dealings, and the same
may be said Of the dealings in Ontario and
Western, Union Pacific common. Federal Steel,
National Steel. Southern Pacific and many
foundation in business and money conditions
and in the character Of the current ownership
Of the majority OF issues Unexpected devel-
opments may upset the calcula tons of the bulls
Tie bears may be on the right side and bull
ideas may be mere fancies But the evidence of
facts does not uphold the bear argument