New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-15
THE WEEK IN WALL STREET.


were confined in great part to professional
transactions. The bear success in the Deem
Der market has apparently turned the heads of
operators for the decline, who are moving on
IN the same course as noted in December re-
CARELESS of conditions, which have made striking
changes since the last month of the old year
The larger bear operators have succeeded in
making the smaller bear operators believe that
the country is beginning to go down hill and
that stocks must sink TO the level of business
depression days. The larger bear operators are
so impressed with the strength of general con-
oitions and the prospects for business in 1900
that they are anxious to cover their short lines
and assume position the long side of the
market This statement does not correspond
with the published remarks Of big bears or their
advice 10 the public, but it represents their SEN
tment nevertheless Powerful operato are
short Of stocks and they want to cover at a
lower level The very fact that big bears are
working so hard for lower prices proves that
certain interests are anxious to obtain a line
OF long stock at a lower level in order to take
advantage OF the advance which is inevitable
The Sugar Refining incident Of the last week
was an instance of the campaign for the ac-
emulation Of stocks
Success attended bear efforts the greater part
of the week in the more active speculative
specialties but the general list exhibited a re-
lying strength. The market has apparently
been sold TO standstiIl. Conditions governing
actual values and speculation are moving in
favor Of higher prices, and the most competent
authorities believe that the shorts will not be
able TO cover at lower prices. The bears have
hopes but the bulls have facts. And the bull
element is made up Of the most powerful in
terests in the Street. Stocks are in strong
hands. The floating supply is small and the
short interest is large Money is easier the
world over, and conditions which brought about
the December panic no longer exist. The bears
hope for British defeats in the Transyaal but
they forget that Butler is moving that Roberts
and Kitchener are in harness. and that more
British troops are arriving in South Africa every
week. The South African situation is more
promising for the British and the bulls, and the
monetary situation has ceased TO be a disturb
ing factor.
The trade reports for the last week make
cheerfu reading for investors Business shows
disposition to sink to the level of panic wears
There are weak features in the industrial
situation. AS pointed out in this column in the
week the extraordinary trade activity of last
year may not be equaed this year; but grant
ing that this may be the case that does not
carry with it the assertion that falling off in
trade will lead to trade depression. The coun-
try can be exceedingly prosperous with small
Conditions may arise that will bring about lower
securities values; but, based on current earnings
and the known prospects for the year, security
quotations are in the greater number of in
stances below intrinsic WORTH despite bear ar
gument to the contrary. The bear control in
the stock market is weakening as proved by
the course Of values at the end Of the week. and
the arguments put out by the bears are so
fimsy that the weakminded traders alone con-
slider them.
Railroad earnings received last week for the
first week in January were uniformly good
Increases over January year ago were general,
and the fact that roads able to show i'm
provement was especially significant in view of
the enormous earnings reported in January,
1899. The Chicago, Milwaukee and st. Paul
company showed for the first week a gain in
gross earnings Of SI,464 over the same time
last year. The fact that ST. Paul and other
companies are showing a smaller percentage of
increase than several months ago or in the cor
responding time of 1899, compared with 1898
reflects, according bear literature, a falling
off in the railroad business. AS a matter of
fact, it reflects nothing of the sort. When last
years figures, compared with the figures of the
year before, carefully examined the conclu-
sion is forced that the railroads of the country
doing wonderfully large business. Com
parsons are now made with record breaking
periods a year ago, and 1t is almost surprising
that the roads are able to show any increase
at all. Take st. Paul, for instance: In the first
week of January last year gross earnings were
S6S1,O2S. against SJ04,l20 in 1898, increase of
$116.902. This was a record breaking week, yet
in the same week this year gross earnings were
S6SS 1872, an increase Of 81 AGA over 1899 From
July ], ST. Pauls gross earnings have increased
s., 263, 1856 over the same time year ago. Sim
ilar comparisons may be made for almost every
road in the country.
The money market is relaxing in all the fnan-
cia1 centres Of the world. The Banks of Eng
land, France and Germany reduced their dis
count rates last week, while In the local market
both call and time funds were decidedly easier
The bank statement showed gain in surplus
of 81, 949,625.