New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-16
1u,rn Low IJan.14lJan.7.l ch'ss. Sales.
THE WEEKS OPERATIONS IN STOCKS.


The securities markets were more active last
week than in any ott er week in the history OF
the Stock Exchange Reasons for the broadening
tendency OF speculation are easy 10 fnd and
sufficient cause for predictions of further WIDEN
ng markets ia readily seen In the position OF the
money market and the increasing actual Vaiue
~ railroad and Industrial securities. 1t Is
time when earnings are expanding under the
influence OF legitimate business improvement;
when stockholders may reasonably expect In
creased dividend distributions and investors flnd
wealth and safety In American investment
issues highly gratifying and encouraging
sign Of the times was reflected last week In the
return Of the Louisville and Nashville Railroad
Company TO the dividend column after period
Of suspension Of five years. Incidents or this
sort denote the strength Of the situation. AS
far as Louisville and Nashville is concerned. the
declaration Of a dividend by the conservative
MANAGEMENT Of the company carries with it an
assurance OF permanency trat must be most
agreeable to the friends and owners OF the prop
erty American railroad investments offer an
attractive field for the employment OF capital
while the well-managed industrial concerns pre-
sent opportunities for safe investments that are
constantly appealing with increased force to the
conservative and careful capitalists.
curities was proved in the week by the strength
Of New-York Central. Great Northern, Illinois
Central Pennsylvania and kindred issues In
the bond market the evidence OF good
buying was presented throughout the list. With
the money market In a position Of extreme
ease Il Is natural to expect continued buying
Of dividend aging stocks selling under par. es-
pecially when the investment yield is In excess
Of the current price OF money. And for the
same reason capital will go into the non-divi-
dend- paying shares on the supposition that
their future is sufficiently favorable 10 encour-
age the hope that they. too. must at no late
period receive investment returns The outlook
for higher prices in the cheaper grade OF stocks
is encouraging The standard shares and mort
gage issues are fast disappearing in the tin
boxes Of investors and surplus capital will grad
ually find its way into the low priced securities.
whose dividend possibilities are daily becoming
certaintes by reason Of increasing earnings In
this class may be mentioned the Southern and
Southwestern railroad issues. The transporta-
ton lines in the South and Southwest made
splendid records in 1898 and all indications point
toward even better results In the current cal
endar year Population Is growing In that part
of the country, industrial pursuits are becoming
more diversified and the power of consumption
is rapidly expanding
Speculative activity in the stock market may
lead TO sudden setbacks in prices and heavy
losses TO venturesome traders but the actual
worth OF securities will appreciate as long as In
dustrial prosperity makes progress throughout
the land. Market values will seek the level
warranted by dividend returns and the price Of
money, but the enthusiastic trader should bear
In mind that stock quotations uncertain
quantities and likely TO take a downward move
when least expected. In reaching the level Of
intrinsic worth values generally make frequent
excursions in the opposite direction by reason of
speculative manipulation, selling for profits and
temporary disturbing developments, while. de-
spite the strength of business and money ma rket
conditions speculation may lag or halt pause
Just now would useful purpose. and
lower prices would improve the technical situa-
ton Of the market But on any decline holders
may rest assured that speculative conditions
rather than developments affecting actual worth
arc the controlling factors. and that they can be
Of a temporary duration only. There is rca-
son to be bearish the market. There is. how
| ever. reason 70 expect big fluctuations and
| therefore there is wisdom in big margins and the
buying OF stocks that possess actual worth. Peo-
pie who are DESTROYS of placing their money in
| American investment issues need only 10 refer
TO the current records Of industrial development
In order to learn of the strength intrinsic
worth OF railroad stocks and bonds.