New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-15
BONDS.
THE DAYS OPERATIONS IN STOCKS,

Tho axhibition of strength presented In Mon
s,..s market was lacking in yesterdays spec
ulation Weakness was not feature Oh 'i'7
market but irreguarity caused by realzhs
sales and renewed operations for the snort ac
count created a heavness in quotations tna'
ended i'm small net declines in the greater NUM-
Ter Of issues. Traders and small commission
house operators were the chief sellers "hie
substantial market interests were liberal buyers.
The fact that good import engagements were
NOT announced led many professional traders to
take the short side Of the market. but thelr sue
cess IN lowering values was measured by frac-
tions. Gold may be engaged for import pelore
the end of the week. but spectators should not
consider gold imports certainty. Europe VIII
keep the precious metal at home If possible
Local bankers do not appear particularly anx-
ious for a movement of gold this way at present.
hut the increasing pressure OF bills on the mar
ket and the constant addition to this country
trade credit abroad may leave bankers no al
tentative save gold shipments from London or
Paris Moderate receipts Of gold from abroad
would materially improve local monetary condi-
tions.
The general financial situation contains no
element Of disturbance and outside OF the rates
for money there is no factor that is acting
against higher securities values. AS an efecuVe
bear card on stocks current monetary conditions
have evidently Outlived their usefulness. Stocks
will not decline on high money rates after
Uouidaton Of weak accounts has been thorough.
and they will not decline indefinitely on FACTORS
that present the same appearance every day
1t will not pay to sell stocks short after the
market has been sold to a standstin any more
than ii will pay to go long" OF stocks after
the market has been overbought It is true that
money market conditions are not improving
RAPIDLY; but the most serious features have been
eliminated and the crisis, II 1t may be called
one has passed without any real disturbance
in the security market Marginal traders nave
been hurt but the investment situation has not
suffered The money market has interfered
with the investment business to the extent Of
curtailjnx brokers' commissions. but the loss in
commissions incident to tight money will be off,
set by the demand that will arise just soon
as money begins to return TO this city. The
whole period Of tight money has not lessened
the market level Of the standard shares to any
material extent while actual values have in
creased under the influence OF growing indus
trial activity.
The cheaper class OF stocks is being bought
by substantial interests, who evidently realize
that the earning power Of the companies con-
cerned warrant the expectation Of dividends In
another year. Southern Pacific and Norfolk and
Western common two prominent members
OF this group that making active bids for
popular approval. Both issues have been in
good demand for London account in the last
few days. while transactions in Southern Pa
cihc have been active for the account of i'm
portant local banking interests Southern Pa
cifc's earnings warrant the expectation that at
least per cent will be earned on the stock this
year and Norfolk and Westerns returns indi-
cate 4 per cent on the common after a per
cent on the preferred. There is no imitation in
the greater number of stocks the list The
equities in the cheap stocks are increasing in
value every day. and barring some radical
change in the business situation market values
will certainly reflect in higher prices the i'm
provement that is taking place in actual
work.
THE DAYS OPERATIONS IN BONDS
cnVERNMENT BONDS-Market strong. Fina