The times. [volume] (Washington [D.C.]) 1897-1901, 1900-02-26
STOCK MARKET GOSSIP.
A Continuance of Developments Fav-
orabIe to Higher Prices Noted.

NEW YORK, Feb. 25.-The present stock
mistic suggestion heard on the street so
frequently of late. that prices decline on
good news and advance on bad On the
surface, something very like this is oc-
curing. During the past six days there
has been the intelligence of the first real
British advantage in the South African
war, thing that. il was said short time
ago. all Wall Street was waiting for
There has been as a result fairly good
buying OF American securities by London
investors. Money has continued cheap
Additions of Importance have been made to
the fine record of increasing railway earn
inss. The Currency bill, so dear to Wall
Street, has been pushed forward rapidly
toward its inevitable passage Nothing
anywhere adverse, except to particular Sc
curities or small groups. has developed.
But, despite these facts, there has been
continuance of the apathetic professional
market with no successes anywhere ex-
cept for the bears.
1t may be suggested. however. that the
professional element is temporarily the
only active party in the market The pro-
fessicnais do sell on good news and buy
on bad. 1t is one of the professional
maxi,hs. and when no one else is active
they move prices In their own way The
puoiic is largely out of the tradings. and
the market leaders are doing nothing
When the bull leaders the important peo-
pie, begin 10 work again. as they win I'M
doubleday in the near future the public
will help them after a few days of advanc-
ing prices. And then the professional will
cat very small figure
IT is not believed by any careful market
people that the prosperity of the country.
and especially of the railways and the iron
and steel trade and the coal companies. is
to continue without having its full effect
on the prices of American securities In
vestment in stocks and bonds will con-
tinue, and the fact that these securities
represent every month greater earning
power and capacity for dividend disburse-
ments is certain TO carry them to proper
uonately higher level. Bigger dividends
and new dividends on securities that have
never paid any before or for long years
past will inevitably result in heavier de-
mand for stocks.
Henry Clews, In his weekly market let
ter. says: The railroad situation continues
eminently satisfactory, for earnings are
showing steady gains over the increases
Of last year, and every indication points
W Tue maintenance OF INls improvement
for long time 10 come. General trade is
in excellent condition, and this week is
Witnessing the largest rush of buyers to
New York that was ever known The
wholesale stores and hotels are filed with
representatives of big interior business
houses, who are here enthusiastic over the
outlook in the West and South and ready
buyers at advancing prices for merchan-
disc. In the dry goods market there is
oftener scarcity of goods than of buyers
This means a large westbound traffic for
the railroads during the next few weeks
Last weeks eastbound traffic was the big
gest on record. During the last five weeks
the eastbound tonnage aggregated 79S 900
tons, against $4,000 tons same time in
1899. and 49, 900 tons I'm 1888 better
bull argument for railroad stocks could
not be conceived We still believe that
many of the medium and low priced rail-
road issues combine the greatest profit
and safety OF any on the list There are
now no class of properties better organ
lied, better managed. in better financial
condition, in better physical condition. and
with greater stability OF earning power
than the railroads of the GIFTED States.
The high priced issues are now so COM
pletely absorbed by institutions and rich
men. or held at such figures. that they Of
fer no attractions to the ordinary investor