The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-14

NEW YORK, Jan. i3.-But few of the
persons who are actively interested in
Wall Street operations have seriously
questioned the solidity of the prosperity
of the country, of which the great bull
market of the last two months or more
has been the distinct reflection. The i'm
proved conditions are incontestible. Nor
have the favorable factors in general
business, in the material wealth OF the
country, the monetary situation, or the
greatly improved conditions and prospects
in the railway industry diminished par
ticle. On the contrary, all present indi-
cations point to an even greater measure
of prosperity. Exception has merely been
taken to the occasional tendency of the
speculative element to overextend them
selves in their commitments and thereby
jeopardize the permanency of the i'm
proyement in security prices.
Great as has been the speculative ac-
tivity in financial circles at this centre,
as indicated by the volume of bank clear
ings, and this has been the record week
SO far as the volume of dealings on the
Stock Exchange is concerned by far the
largest percentage OF gain in the clear
ings has come from the ever-increasing
activity in trade at all of the great in
terror cities. Railroad earnings almost
without exception show steady increases,
and the result of the long continued and
heavy expenditures for the physical i'm
provement of properties and the elimina-
tion of rate disturbances is shown from
time to time, in such encoura ging devel-
opments as TO the establishment last week
OF the Louisville and Nashville upon a
per cent annual dividend basis and the
restoration of the dividend of so impor-
tant and conservatively managed a cor
poration as the Delaware and Hudson.
Inc incident last mentioned must be re-
saroed as OF special significance, as indi-
caNng not only the radical Improvement
mat has taken place in general business
ana 10 the anthracite coal trade in the
iest three years, but as showing hopeful
ness es TO the future on tho part of in
Nestors OF the largest resources ard BUSH
Ut ana railroad men of wide experience.
Inc marvellous expansion of our foreign
and domestic trade ard the Increasing de- I
pendence Of foreign countries upcn the
United STATES for wide variety OF prod /
ucts and manufactured articles keeps pace i
with the commanding position that we /
have assumed in the money markets of the !
world. At the present time we are about
~ pANN tAe, VHt Oi cur SuperaDQnGance OF Z
gold, for the temporarily urgent require
ments for money at the British capital
The evidences Of the progress that is
making toward the Improvement of the
earnings of the great transportation lines
in the direction Of economies Of operation
and stability of tariffs. which have been
the logical sequence OF the tendency Of
the times toward concentration OF owner
ship. have afforded opportunities in
number OF cases for the circulation of the
widest and most incoherent suggestions /
OF combinations and cancellations that
for the most Fart have only an imaginative i
basis The denials Of some OF these stories
last week had the desired effect of bring I
ing the public, in and out of Wall Street, i
to more rational and businesslike con- /
sideration OF the immediate possibilities, /
and the street. in the closing days of the 1
week, recovered confidence in the stua-
tion. but with a :ruer sense of proper
ton.
The outlook for the coming week in the
stock market is good There is the possi-
bility Of sharp reaction early IN the +
week, but careful students of the situation (
do not have much fear of this They lock
rather for a continued advance for some
time to come varied by recessions from !
time to time which will be the best thing
for the continued strength of the situa-
ton