New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-13
'Ex dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS

Tho stock market was irregular, and at tunes
feverish. but as a rule final prices We're A'oNe
MONDAYS closing. The rally ought u ~
fur,ber II however. the market follows prece-
dent IT will work back again to the low level
before starting on a decided upward movement
7, will doubtless be some little time before the
public will come into Wall Street, as It's con-
Ndence in the market has been shaken ana us
nocketbook has been unkindly treated. Mean
while traders may work for lower prices Whlle
important market interests will accumulate the
scattered offerings. Elsewhere in this column
# Is shown how certain powerful capitalists are
now buying for future rise in values Inc
early weakness in the market was followed by
n sharp rally, but near the close renewed pear
pressure and profit taking sales caused recess
sions from the best prices Of the day In Ten
nessee Coal and Iron and Sugar Refining marked
declines were recorded.
The bear element in the stock market has been
successful 1t is in strong financial position
and It is enthusiastic over its victories. Further
attacks upon values may therefore be expected
and it is likely that many bear traders will
maintain a position on the short side until
starvation stares them In the face. Wall Street
bears are persistent and obstinate animals.
They never know when to stop. 1t would seem
the promising business conditions and maintain
ing a position on the short side merely on none
tary conditions that are not permanent could
not be as successful in the future as II has been
in the recent past. The market is no longer
honeycombed with weak accounts. stocks are
concentrated in the ownership Of a few people,
and investors are not disposed to sell their dvi-
dend paving issues in DAYS OF National pros
perity In a certain speculative quarter ii was
said yesterday that the bears were in for a
twelve months campaign The prospects are
that the bull element also will soon begin to
figure on a long campaign. and it is likely that
the last named will be able to upset bear ex-
pectations before the end Of January.
The market has suffered a severe decline, espe-
cially in the industrial shares. The decline may
go further before monetary conditions are suffi-
GENTLY improved to support bull speculation;
but IT Is just as well to note that number of
large capitalists buying stocks at the pres
ent level, and that they expect to dispose of
their holdings at a higher level. A group of
large market interests came into the market on
Mondays decline. and in order to take the full
est possible advantage Of the opportunities Of
fered they made arrangements by which certain
January dividends amounting to millions OF
dollars were anticipated in their favor. In other
words they secured a large amount Of money fol
the purchase of stocks. As the interests re-
ferred TO the strongest in the Street, 1t is
quite important in selling stocks short to bear
in mind that a number Of powerful capitalists
buying stocks. A permanent bear cam
pagn does not appear promising. The decline
in the ndustrials has gone beyond the limits o.
reason. A reaction in their favor will come. an(
II is more than probable than the operators whC
sell the industrials now will be anxious to buy
them back at advancing prices in the next bul
market. The expansion in bank loans inciden
70 the flotation Of industrial stocks and th
early year speculation in these issues has beer
swept away. and loans now S15.O00,000 les
than at this time year ago. The greater mum
Der Of industrial companies are ably managed
and they are making money. Industrial stock
are in a favorable market position. and after IN
backing and filing of the December market the
ought TO enjoy an advance