New-York tribune., 1900-01-29


feet stagnation in trade and commerce. In
dustrial activity continues, and the dUlness in
stock speculation indicates no weakness in
technical market conditions, adverse factor
in the money situation, no interruption to busi-
ness expansion. Many big operators and many
small operators were severely hurt in the De-
cember market and in consequence they have
not been able to resume operations or con-
tribute to market activity. Many unfortunate
affairs were left in the hands of bankers in the
December market, and the readjustment Of
these matters has restrained speculative activ-
ity. Then the Transvaal war has been in
vested with an Importance to which it is not
entitled a market factor and naturally the
tinid public has refrained from making vent
ures on the long side of stocks for fear that
Boer victories will drive prices lower. And the
few public operators who favor the short side
are not inclined to enter the market for fear OF
British victories. Meanwhile, however the
technical position has been growing stronger.
money has been growing easier and holders Of
stocks have made up their minds that they can
afford TO wait for their profits.
Wall Street would do well to throw off its
South African mantle of uncertainty. There is
considerable independence in the financial and
commercial position Of the United States, and
the country suffer little from developments
in the Transvaal adverse to British arms. This
that England may be forced TO sell in order to
raise money, but it should be observed that the
universal decline in the price of money is
clear proof that the larger financial interests in
New-York, London, Berlin and Paris salts
fed that the ultimate result Of the Boer war
must be based on England's wishes backed by
English arms. The Beers making desper-
ate struggle. They apparently have their entire
fighting force modified while England and her
hay oaIx- ~ ,alr
available male population in the field England
is not in the struggle TO lose. despite the cost
and this is good point for spsculzt0rz 20 bear
IL mind. And it Is also well 70 conztzer another
feature of the war situation as = faczor FOR eur
industries. A continuation Of TIE war
means decrease In English competitor n rhe
merchandise markets OF the world, which VII
work in favor Of this country. and an Increased
demand for American food products
The stock market was generally firm last
week, and the retreat Of the British forces from
Spion Kop did not result in liquidation OF well
held stocks. The character of the current own
ership OF stocks furnishes one Of the strong
points in the present market There is not a
large supply Of stocks available for bear opera
tions. and ruling prices are certainly no induce
ment for holders to sell The surplus of the
associated banks above legal requirements is
increasing at rate that suggests $4,000 OOO
surplus before many weeks. The prospect of a
period OF easy money is reflected in the return
of capital to railway mortgage issues in which
the opportunities for investment and speculative
profit appear most promising. There is a large
amount of money in the country and a big
movement of funds toward this centre is now
under way. And this money will not remain
idle in the banks Barring some radical change
in the situation, there ought TO be a gradual in
crease in speculative and investment operations
Confidence among capitalists in the country and
its Industries is growing stronger every day
and when the more important market interest.
have acquired fun lines of stocks they will M
doubt be anxious u work for higher prices
Bear opinion that gains in gross earnings viii
be entirely absorbed by operating expenses th
year is not shared by the persons who are bes
acquainted with the railroad situation. Railroad
earnings for the first three weeks in January
have returned phenomenal gains the heavJ
receipts Of a year ago, when the grain move
rnent was 80 per cent larger than at present
The real controlling factors in the situation ar,
not in South Africa. They may be found a
home. and more careful consideration should
be given them. The operations of important cap
italists. reflected in the local gas and trac
tion companies man9uvres should not be dis
regarded. Standard Oil control means that som,
Of the most powerful capitalists in the countr,
are working together. It means that large car
italists 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 combin alton by
the Consolidated Gas Company, are factors II
the local situation which worth careful
study by spectators. The concentration of con
troll tendency is vigorously at work in local gas
electric and traction affairs and it would sur
prise one IL the announcement were soor
made that all the gas. electric and traction In
terests in Manhattan and Brooklyn were under
the control of the chief money interests in the
country.
GOVERNMENT BONDS