New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-20
BONDS.
THE DAYS OPERATIONS IN STOCKS

The speculative community regained It's equ'-
Ihrium Yesterday. Sense and reason appear e0
20 govern the DAYS course OF values OH TIC
ctock Exchange while facts, rather than IAN
cies seemed TO play more important part !"
shaping sentiment After the hquidauoh oi
few accounts that failed to RESPOND 10 over
night calls for additional margins. the "iioie
,arle, moved toward a higher level, and WIN
-. minor recessions worked to a better level
On the greater part Of the day Money rates
which AT first were as high as 30 per cent edseu
of m 6 ner cent under the pressure or pahK
offerings and before the close accommodation
was freely offered on stocks which In MONDAY
excited speculation were considered almost
worthless In the final dealings the ADVANCE
n prices was rapid, and IN many ISSUES
net gains were as large as MONDAY net ue
clnes The most potent factors IN the DAY
recovery were the Treasury's proposal 10 allow
internal revenue receipts 10 remain on ueposi'
with the banks and the action OF the banks III
altering another S1OG10OW for security loahs'
When the full significance OF the treasury >
rractical measure of relief was appreciated peo-
ple who threw over stocks on MONDAY were
t,,st as anxious 10 buy them back at advancing
prices Big breaks are often followed oy shdi
elites and then by a further saggng move
me
precedent NAV not govern the present market.
II II does however. II will furnish further OPP
portunities TO pick up cheap stocks and afford
the money market better chance to fortify
itself more strongly for the requirements Of the
next active bull market
The stock market cannot recover in a day
from, the shock of panicky liquidation; but ju-
dicious and WE'LL protected purchases are now
advised nv conservative brokers. There is moth
INC wrong with the actual value Of good railroad
and good Industrial stocks. and the sooner this
fact is thoroughly realized by the speculative
community the better for it's peace Of mind and
pocketbook The money market situation is
improving and. with the assistance OF Govern
ment deposits and receipts of currency from the
interior. the local banks will be perfectly able
10 handle the situation in the best interests or
speculation and general business And they
will also he able 10 help London. Despite the
heavy loss in cash resources in the last six
months the banks hold an enormous amount of
ready money. while the action Of the Clearing
House yesterday indicates that borrowers with
satisfactory collateral will receive all the &C
commodation to which they are entitled. The
money supply and the monetary standard are
not In jeopardy and the country Is not on the
verge Of bankruptcy and ruin. The situation
outside or wall street is Ciedr Inc ldCt mat
for the moment real values have been lost sight
OF in Wall Street does not reflect that real
values are declining The market has reached
n point that invites investment buying. and as
men in commercial pursuits have made hand
some profits this year, the chances are that
advantage will he taken Of the current level OF
stock quotations by rich men TO buy the cheap
stock goods OF fine quality.
Various arguments asserting that stocks must
GO lower were heard yesterday and they will he
heard again but no argument can prove that
stock values are now the measure of actual
worth Based on investment yield, the greater
number Of dividend paying railroad and in
dustrial securities are cheap and we'll under the
level warranted by general business conditions
II the high prices Of the year discounted cur
rent business prosperity high prices may not be
expected again. unless industrial prosperity con-
tinues As however, there is no indication of a
LET up in business activity but well defined in
dications Of further expansion throughout the
coming new year. IL is reasonable 10 assume
that the market will go through another pros
nerity discountng process, and that the high
nrices Of 1899 will not only be reached but ex
ceeded. in 1900 Stock values will not remain
at an abnormal level for any length Of time
when conditions governing values suggest an
other level and in the present case IL is only
the blind who dare to assert that ruling condi.
t,ons do not warrant the expectation Of ad
vance.
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BoNDs.-Market firm. Fins