| Show WEEKLY REVIEW OF THE FINANCES Advances in Some Products Have Been of a Phenomenal Nature GOOD RATES FOR MONEY Wor Sur Wi Conditions of lit the Special Correspondence New cw York January 6 The Tho market markot partially n covet Cro from the Demor December declIne and has haK I emerged creat greatly strengthened by thAt test test Al All danger dancer of panIc VaIs success successfully tl fully and It will 11 ho be many any months before roro the tho low prices then touche wi will be seen again jS As for Cor the tho rutur future COU course or of the security In 1900 nn any opinions of must I be guided by careful consideration o Taken as S U n whole tm time outlook or the p prent nt year ca Is highly prosperity prevails throughout the tho country both trade industry ort are In fund sound and hopfl condition Thes These 81 are pow factors In n a hul bull market Ind indeed we coull could have none better and were they allowed Cul full 51 sway We might eX cx pt poet active and strong thru hout the ear but there a are 10 offsets to ho considered which conclusions would quickly upset alY any too TO TOO MUCh INFLATION I it la Is VI very unlikely that 1900 1 be ben bea n a repetition ot of Even cn pl has Is item and drawbacks drawback ca S wimon whon cost ot of material and 1 bor ris rise to 0 ii Point that n new w enterprise em 01 leads to overproduction with al alt tho th inconvenient consequences that tol follow ow The rise In many corn com haf I been quito Quite In pig iron tron anti Iron products t the e oil ut vance ha has bt been n simply phenomenal owing to the ot of or chore 01 The clee effect o of thi this is 19 to agaIn all bring Into U use man many obsolete and Ilg dis discarded cUlle carded In 01 nil parts ot of the cotta coun countr tr try which ma may run nm at a proUt profit for Cor II a few tew months or years but must ultimately to the competition of oC stronger and bellr equipped concerns when Prices recede to the normAl normal Ther Timers nr am ama a number or of very er important now held In abeyance because ot of the tho high price G GC Iron entering Into perma neat structures nn and when the rush realm or of orders has been satisfied and aM rm som in th these buyers wi will probably OIl comae Into time the and ond E so prevent nn any rl or too decline but It nt not be forgotten ten t that hn t time present feo roseate ti cOltoM conditions In time the Irn iron tm trade wi wili nut not continue The Time mok stock mu mar market ket Is 19 now more under tIme tho ot of Irn Iron than oer first because f o man many or of that cla ar are now dealt imi here and itt because In various ways t railroad i materially a af An Any marked ot of time tho activity In th Irn Iron trade II is likely to n a to stocks but this wi will not happen lo tar months to conic man on hunt orders thet wi k keep p hint bu busy y tar tor the tho next six months earning lar large Ther There nr are other lines ot of Industry In which It is 19 a quos QUO ton ion It if 19 1900 pro proves I An to good a year as S 19 The rho textile trad trades h have hall n a wonderfully c firn season but pr dent merchants merchants Il are not oYt In view o at th time great slon shea ot of that thu Industry In iii th the South GOOD MONEY INEY Another important clement clemont In the tu fu futuro turo luro is 19 the monc money market There Is lit littie tc tie prospect or of what we usually term rates during the thc present nt year e r Trade is 19 surl sure to be active to make good 0 rates for money practical I certain The chie chief question te Is shall wo we expect undue 01 OF WAi WAlt bre Is enough money available for tor 01 purposes but two disturbing fo Lao to toni JUt must b be t tho war I I and our own defectIve currency system stem Al As foi the first I it Is quie quite evident that Grot Great Britain hal has II a mor more serious un hand imand than at first on ex cx Un Unless lees the Doers Beers surrender which seems against ni all probability the tho war var mi may ho bo prolonged fo for months month b be before fore the tho British lag hag over Pro Pre tupI nees necessItating n no doubt u a largo Is Ise e ot of estimated at not less titan fifty milons millions sterlIng Md and more As this war wi will pre prove a much more expensive affair than thun our ours with SpAin Is its elf effect t upon the money la mar markets or of time the wold world wi will be corresponding correspondingly ly grater greater For time the same reason renson our lurly security markets wi will b be kenly keenly semI Hensl te tive to any battlO battles or events whIch promise to affect the duration ot of the struggle A decisive BrItish victory wi will cuso cause an or a serIous British reverse must cause declines As for tor the tho dlf ull arising from the detects defects ot of our I lO 1 arrangements their only cure rests In intelligent legislation and we ve cnn can only hop for tor conditions which wi vilt not them until Congress takes up time the subject ct In earnet earnest Our war tariff Is yielding n a muc larger national revenue than Is Q a lock lockIng lockIng Ing lp up ot of funds In time the and ond an injury to business that provokes serous serious old and not wel vell directed criticism Some modification of the present scale ot of taxation Is desirable it Ie the wishes to avoid for tor which It Is not responsible Congress however IS not Ikel likely to an any radical changes hanges with u a presidential cn con t Iett t s so co e at hand There Is I a strong desire not to reopen time the tariff question and n a willingness to put the country formally upon a gold basis but no leI ser bus lous to Shoo give the country countr a scientific banking and currency s system although much progress has ben been made In that direction moe The trust rust problem ilI receive wi some attention front from Con Congress ressi but them Is a disposition to 10 go aloI slowly In dealing with fO so intricate n a subject where hast hasty notion mIght do mote more harm than the trusts at their worst wont forecasting 1900 time the political out look Is not mor more Unfavorable to the stock harket market than usual Political con la may cau cause ome some particularly In view ot of I it bIng being B a year or but tut Is no CAuse for tor s The rhe business outlook Is ox ex celen tho lh as rising so go on some ome reactions may 11 a reasonably An event ot of great business importance for or tIme the fu Cu tare turo Is Secretary IOs brilliant sue sua cess In other countries In to recognize th open dor dort door t principle In Chin China As fon soon I as we ro run Into Inlo an era ern or of overproduction again and this cannot b be tar far distant we be begin begin gin to more clearly appreciate the value ot of markets and that China Chinn Is lk likely to soon prove u a valuable outlet for American Concerning the immediate future ot of the tho market wo we lok look for tor advancing priM prIces Much depends as said above on the Transvaal var Stocks are In Itron strong handl hands and thor there wi be plenty of oC mane money for tor investment FA FAVORABLE The new year up with the most favorable Prospects J It Is i rr rare indeed that lust HIp the whole business situation of oC n any country l is In so RO satisfactory n a con comm dlton as we rM find I it hero In the United States tolay today The railroads were vere never neer carrying so 80 much tonnage and that Is a goo good Index to general The he war In Sout South Africa l Is not likely to seriously affect values In this a second time I as seriously al as the reent one I If we rehe receive god good news It 11 be So much to our advantage nd and Ir if the news Is not favorable we will 1 nut not be taken by Therefore I take It that time the disturbance In the has given U us the tho hirl that It Is likely kel to do W We have already d 1450 dollars l gold 01 which hl inta con done considerable cod good In London without doing u us any particular harm As a a moter matter ot of fet fact we hoc have derived considerable benefit b by having benna benefited dero the London mone money maket market b by the gold we 1 have sent there a as our investment Ilo have toW now to bl be rt re turned In consequence Time The holdings or of our securities In speculative In Indol probably never smaller titan they ore are jut just JO now S Sn ther there Is nothing to tear fear from this thle one source under any circumstances I CLEWS |
