New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-24
rur FINANCIAL MARKETS.
cr0CE VALUES LOWER
ION DEMAND FOR DoNDs-RAILRoAD
EARNINGS.
sunday. January 23-p. m

..,, North more than passing notice
oorn,ry Is able and ready to absorb all
ha' ,o~,can securities offered in the market.
=, &c additionally interesting to note mat
An' o.;can people who have money 70 in
u" are not to he fooled into holulhs 'heif
YES. idi,ness or selling securities already
80 merely because professional Uaoe's on
o"", CT Exchange are i'll at ease over the
~ ..,,on Of the Cuban and silver questions 10y
@, legislators Despite the ease with which
9 - the majority o. stocks responded to
F ,,eninulation last week, there was no
' - uouidation Of the dvidend-payers. Nor
.no snprcciable restriction in stock dealings
u'N any hesitanCy on the part Of investors In
Nd market Transactions in railway and
''' r,,Aous bonds last week were heavy. with
'"' generally higher The substantial inter
~ wall street. who cOnfne their operations
'..s.,,ents do not share in tho approhen-
" .o.,,inelv felt by stock market traders over
s.,onr,ents in Washington. There Is ade-
'"- r.aso, Cor this confidence among invest
business conditions warrant the placement
ore,, in railroad mortgages Stock market
....,,a,ions will not iniure the intrinsic worth
Itch grade bonds. nor will they cause I'M
...,sss or loss Of confidence on the part Of peo-
- rho base their operations on facts rather
- theories An illustration Of the current
,",.h n. The American people in American rail
- Investments was furnished last week in the
,..s sale n the Illinois Central, by which $15.-
ooooan IN bonds were placed. 10 yield ; 11-lG
-. con, I'm less time than called for in the ad-
..,.snent And the greater part Of these
,as was taken by domestic buyers.
80, Investors were active IN the bond mar
-. .hs-e was also evidence OF strong specula-
.,,.o interest as reflected in the transactions in
.o,,. lov--r~iced issues that have favorable
..os,ec,s - higher values This was alsO pro
...oaa j., the issues If certain companies in
..s,o, developmerts affecting the companies
.oo-o5 ~ h. under way, notably in Seattle.
-. cbora and Eastern first receipts. Wiscon-
,'~ Central frs, receipts. Union Pacific. oregon
CIV. line and Oregon Improvement issues
=. .bs last TWO weeks Seattle. Lake Shore and
r,.s.o,, Arsts have advanced 34al points Wis
.ors,, Central irsts l0l2 points. oregon Short
,,,s consol IS and income AS 2es and ~ points
.os,ec,,velv and oregon Improvement consol
:. 1o1. minis knowing the bright outlook for
~ ovrnriced issues and in many cases hav-
,,e inside information regarding contemplated
Aa-ces IN tho control Of companies. it is not
s,,-,risinr that SPECTATORS look 10 the bond
market ss q fair field for the accumulation Of
rroe+s The fact remains. however. that out
side Of this temporary speculation in bonds
heavy investment demand is the controlling in
fuence in bond market activity. 1t is not re-
,,srkabie DESPITE the confidence in the bond
market that there has been a falling off in
nuhnc interest in stocks and that prices have
shown a declining tendency. A declining stocK
market is not always evidence Of a depressed
condition Of affairs in the business WorIo
Stock SPECULATION requires two movements, anu
a healthful speculation demands reactions both
WAYS Professional stock market operators are
not phnanthropists They do not buy ana sell
stocks for the enrichment or pupilc opera'oi u, -
and they do not take into consideration the
probable gains or losses Of the public In market
transactions Technical conditions nave as
much 10 do with speculation as business con-
ditions Professional operators employ various
methods in acquiring profits. and they have
the advantage over the public in knowing that
successful speculation requires trading lor d
decline as much as trading for an advance. and
that an operator who persistently sticks TO one
side AZ all times is almost certain TO end a
loser. When the professionals are In control
~ the market prices are susceptible TO the
slightest adverse influence an example OF which
was presented throughout the last week. The
nervous organism Of stock speculation is dis
turbed by the Cuban and silver agtators IN
Congress and in consequence traders for the
decline are encouragd to operate for lower
prices Public buyers who trust small mar
gins 10 tide their accounts over the repeated
attacks ~ bear operators are not AZ the present
time in an enviable position. and 1t is encour-
aging 10 note that outsiders are beginning 10
exercise greater caution in times when the
bears have powerful weapons with Whlch 10
work Until last week stock market prices en-
oyed practically uninterrupted advance since
Novemher =. Heavy speculative interests have
doubtless taken their profits and are now wait
ing for some development or series Of develop
nents 10 bring on a lower range OF values.
u been over
sore. principally in the local traction stocks and
he Northern Paciics Many conservative in
arrests in Wall Street believe that the expected
Xlondike traffic has already been discounted In
the so-called Klondke group Of stocks, and for
his reason they look for lower prices These
same interests believe that ultimately the whole
list viii sell higher. and that some time THIS
year there will be a market boom OF larger pro-
portions than the bull movement Of last summer.
They encourage the purchase OF stocks on reaC-
tons 20 hold for much better prices than those
now current. but they do not advise operators OF
limited means 70 entertain hopes Of growing rich
20 long as the Cuban and silver questions
are under debate No one familiar with facts
and conditions believes that the debate on the
Teller silver bond resolution Will result in any
change in the financial policy OF the Govern
ment Neither il there any fear in conservative
circles that the Cuban question VIII provoke war
between Spain and the United states Discus
zion Of these questions. however serves as a
timely influence for stock market bears. Money
market cond tons both at home and abroad, are
reaching a position OF greater ease. Inc move
ment % money 10 this centre is heaNE' M. the
demand for commercial loans Is eApdhulhs.
Trade conditions are heavily in this country's
favor and there need be no fear Of gold exports
or foreign demands for the settlement or ,rade
claims Railroad earnings are heavy anu the
volume Of general business is ~ per cent larger
nan year ago. and 10 per cent iai ''"" az
he same time in lS32. - 1919. 80,
The movements Of the CHIEF active s,oChS anu
bonds last week are given III '"e ms