New-York tribune., 1899-12-30
BONDS.
THE DAYS OPERATIONS IN STOCKS

co,siderabl. irrcgularity marked the course
r., stock market quotations yesterday. harIy
strength was followed by renewed bear pressure
hut this in turn was succeeded by advances that
left the greater number Of issues at net gains
as COMPARED with Thursdays hnal prices
Traders professed great disappointment over
the November report Of the Burlington system
which showed heavy decrease IN net earn
inps ST Pauls report, which was receINeu
The dav before also returned decrease III net
results and the two statements were ahalEZeu
nv the trading element as bad. AS matter VI
.oot neither statement was bad. The falling
off in net revenue was not due to decihe III
+rafBc but to increased expenditures upon the
nropertes Both roads are earning much more
than dividend requirements. and the heavy In
oroose IN onerating expenses is justified by the
nas+ and current earning power of the respec-
five roads Companies that can pay ana V
nor cent dividends show big surpuses and make
large expenditures for physical Improvements
ont Of earnings are solid investment institutions.
II is not likely that investors will sell either
ST Paul or Burlington, or any other good s'och
which represents company that can AFFORD 10
nut a large amount Of its earnings INTO 'le
nroperty. In the last hour the entire list ex-
hibited marked strength. with rapid advances
in many issues. Baltimore and OHIO common
and preferred, and Norfolk and Western issues
were prominent among the railroad STOCKS
Federal Steel and all the so-called F1oWer
stocks were strong and active. There was
good demand for bonds, and. although the gem
eral market was dull, the character OF buying
was excellent.
The money market year practically CLOSED yes
terday and it's last moments were free from the
d,sturbance which earlier in the month had
OF
soueeze two weeks ago. and even the rate
OF 1S6 per cent. or y Of ! per cent DAY
was not the result of actual monetary con-
ditions In the early new year there ought 10
be a further Improvement in the market and
excent in the event OF an accident rates doubt
,ess will work easier" despite the fact that
Nev-York is now financing London. Gold VIII
continue to go out until the international none
tary equilibrium has been restored, but the erect
of shipments upon local supplies Will not De ma
terial as receipts from the interior and Govern
nent deposits With the banks Will more thah
offset gold Withdrawals. Gold eXp"rts al tiilf
time furnish a pleasing commentary on the
strength and resources OF the United states
Gold exports early In the summer were ho'
forced from here, and they are not forced now
The idea of gold exports generally eXerts pdo
effect upon sentiment, and the present instance
has been exception, but the actual shipIleh
of the metal II is now taken as a matter OF
course will have 10 real adverse influence upof
the local money supply. Wall Street had
blue Christmas, owing TO the heavy losses SUI
fered in the recent crash in values Inc ne"
wear offers much encouragement in the way o
recovering losses and II is likely that the January
market will e as cheerful affair as was las
January's market.
The distressing incidents which have ATTENDED
the greater number of stock market panics hn'
no comparison in existing conditions. The panic
has not been followed by disturbance outside o
wall Street Business is just heavy as /
~ was before the panic, railroad earnings are jus
az large and actual values Of securities ar
Ivorth inst as much The old year will carr
with il the memory Of a panic, but II Will no
leave for its successor the business and financia
wrecks which have been features OF panic
caused by financial and commercial collapse
The outlook for 1900 is cheerful. Trade report
reflect sound and solid conditions all over tn
country Despite the recent scarcity or none
al this centre there is more currency in circu
lation than ever before on record. and the dc
]ayed movement Of funds toward this centre ha
at last developed.