The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-29
STOCK MARKET GOSSIP.
Investment Buying Continues De
spite the Extreme DulInes.

spite the Extreme DuIIne...
NEW YORK, Jan. 2S.-The dullness Of
last midsummer was activity compared
with the deafness of the stock market of
| he past week. There has been no specu-
| lation, no interest, no auctuation of prices.
a stupid see-saw has taken their place
| a see-saw of half points in the usually
active industrials. and of eighths and quar-
tiers in the railway list.
| There has not been a time in recent
years, according TO some OF the best finan-
! cial and market critics, when intrinsic con-
| ditions were more favorable to q steady
| advance movement in stocks of goodly pro-
| portions. All the railroads continue TO
show steadily increasing earnings and give
promise of maintaining their phenomenal
record during the whole OF 1900. Many OF
the industrial companies which after the
collapse OF the speculative boom OF last
spring were looked upon with great dis
favor by investors as well as spectators.
are redeeming themselves by substantial
| earnings which will result in dividends 10
1 their stockholders and the accumulation
of surplus that will fortify them against
whatever periods of business depression the
future may have In store for them Re-
ports from the commercial world are OF
the most highly encouraging character.
New York merchants report greater vol
ume of business than they have done Tor
years. and most of the great manufactur-
ing plants in the Eastern States have been
forced to recall their drummers because of
their inability TO fill orders. The product
of mos; of them is sold six or eight months
ahead. Despite the threatening cut In steel
prices, which is confined entirely to the
manufacturing of structural iron and steel,
the rolling mill industry, well as the
producers of the ore is still enjoying the
extraordinary thrift which came to Ii at the
beginning OF 1899.
The same is true of nearly every in
dustry throughout the country. Even the
farming sections are prosperous, and as
rule are getting better prices for their
product than they have for years. despite
the fact that the crops of last year were
unusually large and that the supply was
more than ample for all the country's ne
cessities. Coupled with this state of things.
money is now easier than 1t has been for
many months The anxiety has now been
transferred from the borrower TO the
lender Durin- the last week a number OF
the Western banks which loaned money
here during the stringency at per cent
are now finding IL almost impossible to
renew their loans. In many instances only
per cent has been bid, while the ruling
rate has been about 3 Ia per cent. So
much out OF proportion have been the
funds available TO the number Of borrowers
in the market that the banks have been
compelled to look about them for desirable
bonds in which TO put their surplus until
rates become more remunerative-
The only inference 10 be drawn from this
condition OF affairs is that the general
public, whose speculation in ordinary times
average perhaps 300 900 shares OF stock
day. is entirely out OF the market Invest
ment buying has continued all the past
week, as 1t did during the two weeks pre-
vious. but Il has only fairly offset the
short sales OF the bears. so that the net
result has been no change In the price OF
securities II is perhaps needless, how
ever 10 point out the fact that when the
bears are selling short and the investors
are putting stocks in their strong boxes
every day, the result in time is almost |
certain to be disastrous to the shorts.
Intrinsic conditions as yet have not been !
able to help the market but conditions
continue to improve, and In time the lead |
ers will be willing to allow the advance |
movement 10 begin, II the market critics |
are right in their analysis OF the situation. |
The bears during the past two or three |
days have advanced another argument II |
is said now that a movement Of gold TO |
London and Europe may be expected II
money rates on this side decline much |
further The reduction OF the discount |
rate by the Bank of England does not re-
feet any great stringency on the other
side but II can hardly be argued with
much consistency that this country is not |
able TO spare some of it's gold.