New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Trading in stocks developed little activity ana
few important changes in quotations yesterday
professional operators were again disposed to
work for lower prices. but with the exception
OF the steel stocks Manhattan and some Of the
spectalties declines were measured by fractions
In the late trading the oversold condition Of the
market led 10 a sharp rally, in the course vi
which many stocks were carried above Tues
davis final figures Current liquidation in stocks
does not come from the substantial market IN
,erests from investors or from corporations that
ars large holders Of securities. Short selling and
Humiliation by inconsequental traders supply
IN. hulk OF the sales 1t is likely that the peo-
nile who are selling now will buy in January
when some of the more important holders VIII
be willing to dispose Of stocks accumulated
throughout the summer. fall and early winter
Ejaculation generally runs this way, ana cur
rent buyers expect to secure their pronts IN the
January market II conditions governing the
actuaI worth Of securities control the market
next month profits viii materialize
Money supplies are not increasing at rate
that encourages bull activity In stocks out IN
january the usual accumulation of funds at THIS
centre ought to take place Money market con-
ditions control stock speculation at present, ana
there are some pessimists IN the Street VINO
contend that the outlook for January Is no more
favorable than It is for the rest OF the present
month. careful consideration OF all the rae
tors In the situation suggests that the chances
are more In favor Of cheaper money ana oearer
stocks In the krst month Of the new year than
they are In favor Of dearer money ana cheaper
stocks at the time named. II the market were
filled with weak accounts bear success just now
would not be limited to insignificant losses
There are Just many bears as there were TWO
,,ontbs ago but they no longer have tech
ntcallv weak market TO attack. A money panic
would induce liquidation. A development af-
,sot,nv adversely National prosperity would be
followed by heavy selling and radical change
IN conditions underlying values would send
prices materially lower. But none of the factors
named are probable and without them the bear
campaign will not be successful. Temporary
lower nrices incident to money market cond-
tions ara possible, but there is nothing In the
situation that warrants the sale Of well protect
ed hrst-class holdings
Railroad earnings are steadily improving. and
while the increased cost Of material and labor
adds to operating expenses, net returns are GER
tainly most satisfactory. Bear traders and
their mouthpieces point to st. Pauls net earn
ings for October. which show considerable
loss from october a year ago. but they fall 10
add that St Paul can spend vast sums on i'm
provements. show decrease in net earnings
right through the year. and still return much
more than 5 per cent dividend requirements
Last year ST. Paul earned II per cent. This
year 1t can afford to show decreases in net earn
ings. But ST. Paul is an exception In the mat
ter of decreases. Look at Atchison Rock ISL
and, Southern Pacific. Norfolk and Western
Southern Railway. Louisville and Nashville
Union Pacific, Pennsylvania and Northern Pa
cihc, which. notwithstanding heavy increases II
operating expenses, exhibit enormous gains II
net earnings. There is little encouragement II
net earnings for the advocates of lower prices
II In the rest OF the year net earnings should
fall slightly final results would be up to tn
record breaking returns OF the last fiscal year
THE DAYS OPERATIONS IN BONDS.