New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-13
THE FINANCIAL MARKET
HEAVYINVESTMENT DEMAND.
SECURITIES PRICES HIGHER-CONDI-
TON OF THE FEDERAL TREASURY.


Sunday, December 12-p m.
Improvement in the securities markets is JUS
tilted by the condition OF business and political
affairs substantial advance has taken place
IN the stock market, and there are many excel
lent reasons for believing that the general course
of values will he upward until some positive ad-
verse development OF over speculation checks
the movement. Optimism in the financial COM
munity is based on substantial facts. Reactions
must be expected. for they are the accompanl-
ment of bull market. and the decline on FIJI
day reflected speculative conditions alone SmaH
operators are timid They have reason to DE
So The majority of then have had experiences
They prefer at present to take the pTohts III
sight rather than walt in the expectation oi
heavier gains by holding their speculative pun
chases for longer time. Big Operators ''i.
figure out handsome profits on lie" P0i"''
advance, owing to the magnitude OF 'he'i oPe'@
lions It would be difficult 10 find iesi'ihdtc
reason for dulness and depression N the Seeui4-
ty market Political affairs are on inost prom
,srg has,s Freedom from excessive agitation
over international questions is PROMISED Iar'l
legislation is behind us. Certain misguided per-
.ors ,,s,s+ that II viii be necessary 10 legisate
,,r.bor on the revenue question. To their dis
or5sred minds no better tonic could be ADMIN
,s,sr.d Than q careful reading and digestion or
M D,ngley's speech, delivered Friday, on TINS
question His remarks show concluslVey lh@'
the present law will fulfil all Its promises ana
that next year the country Will see the revenues
again exceeding expenditures. AHeauy the
revenues are increasing, as shown by customs
receipts for the first eleven days or the current
month The Presidents Message Is document
encouraging peace and Cancellation IN the urea
ment Of international questions ana pi % the
and prosperity In the domestic an 81 ,nr
country The Message was received WITH laNoi
in the stock market. az, -. bust
Political conditions are closely allied 10 pus s
r.sS nonditons Business conditions show the
infuaIce OF the improvement III pollOaa ,'aot
but they also show vast Improvement, "Ie S -.
i've Of notifies 1t is only necessary 10 point 10
nant roilrood earnings and bank clearings lor
proof And. in view Of the fact that tnIS - -
The season OF usual dulness IN trace ctmClr 49,, -.
is extremely encouraging TO note an lInproNt5
uent in demand for most products Inc soou
features in the situation can be seen IN aillost
countless numbers but to find the bad features
would REQUIRE amicroscope. The buying OF bonds
and dividend paying stocks is naturally stliiu
lated by the approach of the PERIOD lor annual
interest and dividend payments. but the FACTORS
underlying the buying are the recognluoh OF
the actual worth Of securities and thouShLu
consideration of the future. The INVESTMENT ue-
mand for railroad bonds last week was thoi
mons transactions amounting in par value 10
$40 S24. 600, and for the last two weeks 10 go
10000 1t follows that confidence is strong II
financial circles and capital is anxious 10 IN"
nro6tabe EMPLOYMENT. Home investors are
buying bonds. Foreigners are coming INTO thIs
market for large supplies Of FOOD producls' anu
Il is rot unlikely that they VIII continue 10 puS
for long time 10 come. Such conditions place
the stock market in q most favorable position
for speculative transactions especially al UNI
when money is cheap Railroad earnings, botn
net and gross are showing a uniformity OF gains
that is unusual and extremely gratifying ,foV
the last week in November returns received by
The Tribune give for sixty fourroads an increase
in gross as compared with the same time year
ago, Of S2474074. or POI per cent, while Tor
the month of November The returns compiled by
1.-THE Financial Chronicle" show an increase OF
SS0S1 AS or 20.19 per cent.
The declaration OF a quarterly dividend Of
per cent on the preferred stock of the reor-
eanized Northern Pacific Railroad Company Is
an encouraging sign Of railroad prosperity ana
Of economy and efficiency in railroad manage
rnent Railroads are better handled than ever
before in the history OF the country. They are
managed in the interests OF the owners. Econ
oIny and efficient management. are the watch
words.
The following tables show the movements Of
the chief active stocks and bonds in the week:
STOCKS.