New-York tribune., 1899-12-22
BONDS.
THE DAYS OPERATIONS IN STOCKS

The stock market was irregular, feverish and
generally lower. There were no actual domestic
news developments responsible for the decline
but the professional element and nervous hold
ers sold the weakness in the foreign mar
kets and on the theory that speculation was
still surrounded with many uncertainties and
monetary clouds One Of the elements of un-
certainty involves the question as to the posi-
hility OF a settlement Of the gas war through
stock market manipulation. Some gossip is
afloat regarding the alleged connection Of Stan
dard oil interests with the weeks break in val
ues and in certain quarters wild rumors are
circulated that Mondays stock decline was
caused largely by the interests named. and that
the same kind OF tactics will be used until the
people who are fghtng the Consolidated Gas
Company are brought to terms. These rumors
will hardly stand the scrutiny OF unbiased
Street opinion. The advance by the Bank Of
France IN It's discount rate to Az per cent was
not an influence in the local market but the
weakness in American securities in London was
in great part the cause OF the early declines
here. The unsatisfactory condition Of affairs
in South Africa has plunged the London mar
ket into a condition Of severe depression, and
1t is probable that foreign operators are looking
forward TO some unpleasant developments at
the next regular fortnighty settlement.
The malicious attacks upon the financial
standing Of the Brooklyn Rapid Transit system,
the unwarranted and wholesale condemnation
in certain quarters of industrial securities, and
the reports that the gas war will be settled
through the power of stock market manipua-
ton naturally create uneasiness in the minds Of
some people. and in consequence exert de-
pressing influence upon stocks. They do not,
When a stock market reaches a point where evil
methods employed to undermine confidence
IT is time for the Stock Exchange authorities to
search out the offenders and punish them
Stock values have discounted all the so-called
bad features in the situation. and the greater
number Of dividend paying securities are SELL
ing on a level below that warranted by interest
return and current money rates. The non-divi-
dsnd paying stocks are intrinscally more valua-
BILE than when they sold at their best prices Of
the year. and those issues that are rapidly ap-
preaching the dividend column are many points
below the prices to which their prospects en-
title them The campaign against Brooklyn
Rapid Transit and the steel stocks has gone
beyond the limits OF sense.
Selling of the Pacific shares has not been
based on the condition Of the properties, and, as
a matter Of fact, little Of the recent liquidation
has been due 10 the question Of value. II stock
quotations are 10 be the measure Of value they
will have to sell many points higher.
Heavy shipments Of gold will be made to-mor-
row. but the country easily afford to send
the metal. II the United States helps Great
Britain with money, the United States indirectly
helps Itself. because the two countries are so
closely connected in trade and commerce that
disaster or favorable developments to one coun-
try naturally react on the other. Few people
doubt the nature Of the final result of the pres
ent South African trouble. British arms must
eventually triumph, and when that triumph
comes its effect upon securities values should
Re far greater than has been the influence Of
recent defeats South africa will send more
gold to England after the is over than II
has sent in the past while the value OF the
Transvaal In a commercial sense will increase
to the benefit Of Great Britain and the United
States as well. Investors who take long dis
tance view Of the situation in South Africa will
find no spot so dark that time will not brighten
This Is not the time TO convert ones securities
into cash. The readjustment and digestion of
securities incident 10 the weeks decline may
be accompanied by a sagging market. but peo-
pie who can buy stocks and pay for them need
not become alarmed.