New-York tribune., 1901-01-01
LOCKS AND MONEY IN 1900

s-f
81 trisr w n,er tremendous speculative and invest
81 ...stasua controlled the securities mar
Il GET el-.ss for single day transactions We're
4 KS - - number of different issues traded
q t-ossh - than ever before known, and the
4 Hss .r,,estnnent buying was heavier than in
4 .Iisnl wear. Progress was made in digesting
~ s,y 041,,s -so,,s stock fotations of 1899, while
<ltse e. the place of water in many indus
n value s,,es The crash in industrial stock
uia .son occurred a year ago, and the last
sge'A-,o,,bs marked a readjustment in hold
Il fs"'S Gaines that created a sound speculative
tass - n separtments Of the market. In the
4 tass = o.+ual worth OF securities has increased
4 year -. -roor,s degree, but the current quota
. y - does not fully measure the improve
15n r,.,,-oads have increased their dividends
I nsl| companies whose stocks have long
SD - l--1roauctive are making returns to their
fseA recognizing the value OF American
oNAN-- oD5 Industrial investments the great
a. -, nUllic has made liberal purchases of
- y.audard issues, while taking also the
." - sssres that have come into the ranks
s'-s5srs possibilities. The appreciation in
% - 20 stocks that few years ago Were con-
Faiue ,ritrout merit has been striking feat
=. u the stock market in the last two months,
Y ,,,Iess a radical change occurs in conditions
s.,1arlying values the new year VIII see many
-.-+s aided to the so called cheap and medium
! r-,css stocks and bonds.
large number Of stocks made new high rec
i * IN 1900 Standard Oil shares advanced 10
4 coz and a price Of $1,000 a share is commonly
~-.s;..e5 for this issue. Stocks such as Penn
J -, New-York Central, ST. Paul. Burling-
/ =, and Northwest sre held in as good repute
srv Government bond in the world. The
s-,-,ssring into the tin boxes Of investors,
! raus many recent speculative issues have
-,s.nss the rosition Of substantial investments.
conservative spirit prevails in Wall Street,
r..,i;e the enthusiasm in the speculative mar
s,.s and the tendency is 10 discourage unwise
-,-.urss. The year 1900 will always be men,
,-.b,e in the banking community. as in other
,.vtres OF business activity. What the future
y r1n hiring forth no man may say, but all men
az. rossessed with the element Of buoyant con-
ssence in the outlook for the new century.
While failures were more numerous in 1900
,ban in 1899 the significance of many business
eollauses was without any bearing UPON the
underlying position of trade and finance. Staple
rrices reached high water mark in January
war ago Iron and steel led the downward
movement which eliminated in the summer.
Raw materials. with the exception Of cotton,
suffered. But the decline in products wac sur
uisiugy small in view Of the great advance in
lsA and it may therefore be correctly as
sume5 that this advance was warranted 10y the
lsw q supply and demand. Following the low
HEel Of the summer, prices for products began
10 rise. and in December they reached a range
only about per cent under the high point of
ssruary, iron prices, however. being an excep-
.on as the level was about % per cent lower.
lr1n and its kindred trades have now passed
trun depression to activity, and the leading
interests in the great iron and steel companies
lEeiict year of unparalleled prosperity. The
Increase in failures in 1900 is of little imror-
isnce when il is borne in mind that upward Of
ihirty-ive thousand men entered new business
pursuits in the year. When il is considered
that business was checked by two great indus
trial conflicts. the building hands strike at
Chicago and the coal miners strike in Penn
glTania, and by election uncertainty the re-
suits appear extraordinary.
Next TO the election influence perhaps the
INST important stock market factor in the year
sss the acquisition of the Pennsylvania Coal
Company for the account of the Erie Railroad
This deal not only involved the establishment
Ct the anthracite coal trade upon a permanent
money making basis. but. it disclosed the fact
mad interests were actively engaged in the work
q soiafying the entire transportation business
q the country. The economical MANAGEMENT
o railroad systems and an harmonious under
y standing among all the great roads with stocl.
ownership interest in the smaller companies
means much to the value Of American railroad
Investments Efforts 20 guard the rights of in
Fesiors are conspicuous developments OF the
present situation. Another feature Of interest
10 Nah Street was the advance in the price Of
Stock Exchange seats. the record for the year
being $4,000. as against S17,500. the low record
OF 1893. In the last twenty years Stock Ex-
change seats have sold as low as $4,000, and
the recent advance 20 $4,000 will, it is believed,
be supplemented this year by a still higher
nsure. The prediction has been ventured that
"lthin the new year a price of $4,000 will be
pala Tor this form Of investment. Consolidated
hAcnanse seats have also advanced in value.
a Is not always safe 10 make forecasts, but
1As's are lew men in Wall Street who hesitate
I" predict better prices for stocks in 1901 than
es recorded in $500. The last century was one
v progress. The new century will not be
foAg backward affair. unless the habits and in
e4aauons OF the people have changed: unless
tAs law Of progress is to be upset by some un-
A-'sh FACTOR Of which we are now in ignorance.
THE MONEY MARKET.
A"7 course Of money in the last year reflected
-. .-e growth Of trade; commerce and speculation
N-''e me Presidential campaign checked busi-
- eAa speculation for time. bank clearings
ae aVler heavier than in any year on record, save
A''s. The gain over 1898 was % Fer cent
1857 90 per. cent. and over 1896, also
- RESIDENTIAL year. 6S per cent. Compared
-" 1873 there was loss of per cent
- iaea OF the business done in the coun-
- u lJvo may be gained from the fact that
ea9k clearings Of all cities aggregated
- sooe'ooooco. IL the clearings Of New
clty ar" deducted the total shows a gain
- tAe preceding year. Credit in 1900 WAS