New-York tribune., 1899-12-23
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market presented further opportu-
mites for Christmas bargains yesterday. Prices
were soft and weak. with final figures IN the
greater number of active issues at substantial
net declines although above the low point OF
the day. In the final dealings there was a pro-
nounced rally and apparently sentiment was
distinctly improved at the close. People VINO
buy stocks outright at the present level either
as an investment or as speculation nave the
satisfaction Of knowing that the current de-
clining tendency is accompanied by growing
earnings and growing intrinsic value. To the
sneculator who is full Of pessimism. doubt ana
fear The actual value Of securities does not ap-
neal for the experience Of the last fortnight mas
given the poor fellow the conviction that all Is
lost save poverty Nearly every trader IN wall
Street now believes that prices Will go lower
When every one thinks that prices will go lower
nr,ces are quite likely to advance. Stocks are
ceiling well below their actual worth. and in
many cases at prices which are ridiculous
The bank failure in Boston, gold exports and
malicious rumors Of pending trouble in this city
were the depressing factors which created alarm
IN certain quarters Of Wall Street II is well
known fact that number Of substantlal inter-
ests have suffered heavy losses In the coHapse
in the Industrial shares but their losses VIII
bapkrlDt
activity in the country or reduce the worth OF
Investments Despite the losses whch nave
baen suffered: despite the Boer war and its In
huence upon the international money market;
DESPITE the possibility of further Wall Street
trouble the situation is sound throughout the
country. and investment institutions are not
onnrooching a position where they will have to
default on their obligations. Many rich men
become involved j
enterprises of doubtful money making char
acter and certain institutions which financed
sucb enterprises have been seriously affected by
recent developments: but stronger men and In
etttutions than they have taken charge OF the
situation. extending help where help is just-
fed and adopting measures that nave renewed
and strengthened the situation
AS for gold exports. the country has never be-
fore been better able to supply the precious
metal for shipment to Europe. And II has never
before been called upon TO send gold abroad TOT
q better purpose-namely the relief Of market
that exerts so potent an influence upon the
markets Of the world. With money and men
England will triumph over the Beers. and with
that triumph will come the restoration or local
; and foreign markets to a normal condluon
Rear factors In the stock market are disappear
ing. Evil rumors are coming more to the front
as bear ammunition. and their appearance is a
good sign of the approaching collapse of the
bear campaign.
The best buying in the current market is 1or
the account Of people who buy outright. values
may find bottom at lower level but on the
way down stocks will be taken by a good class
OF buyers who buy when quotations are cheap
and sell when they are dear Many well IN
formed Wall Street men believe that liquidation
Is about over. The market closed strong on a
rally.
THE DAYS OPERATIONS IN BONDS.