New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-31
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market closed the year strong and
moderately active with prices from five to tf-
teen points above the low figures Of the Decem-
Der panic An excellent demand for first class
railroad and industrial stocks was feature or
the final dealings yesterday, commission houses
being liberal buyers for the account of substan-
tial interests Baltimore and Ohio issues ana
Norfolk and Western were again active, the
character OF the buying in each class OF stock
rejecting something more than operations for
turn only. The Street apparently believes that
the upward movement in Baltimore and Ohio
and Norfolk and Western foreshadows impor-
tant developments in the affairs OF both prop
ert.es Irrespective of possible favorable devel-
opments the issues in question are entitled to an
advance on their earnings and dividend posi-
biitier The bank statement made favorable
showing. although the gain in reserve was less
than 81 100000. In view Of the heavy gold ship
ments included in the statement the changes in
holdings were significant and reflected the de-
cided improvement that the banks are begin
ming 10 enjoy as a result OF interior receipts
and Government deposits. The stock market
closed in the main strong and quiet. In another
column Will be found the usual annual table Of
Stock Exchange transactions and price changes
for 1899
At the close Of the year Wall Street sentiment
opinion is quite general that in the coming year
the country's prosperity will be more fully meas
ured by securities prices. Prosperity has placed
a hea!thful check upon rash speculative vent
ures and the new year therefore opens with the
speculative situation clear Of weak material.
with the banks and stock market in a strong
technical position backed by active and sound
business conditions. The countrys industries
have been advancing at record breaking speed.
and there is indication that they vii! be
checked for a long time to come. Some inter-
IN
1900 by election excitement. but the Presidential
campaign should not depress business. The
silver question is practically dead. and the
course Of events in the last year has proved
conclusively that the country is not willing to
adopt the views of Mr. Bryan. The most i'm
portant element OF business development is con-
idence. and it is safe to say that the business
community has never before enjoyed so much
confidence and peace of mind over affairs po-
litcal. financial and commercial.
Certain Stock Exchange traders look forward
TO stock market and business unsettlement In
1900. but their views are not representative of
the banking community. Bankers and business
men in general have unbounded hope and con-
fdence in the prospects for 1900 In Brad
streets" summary of the year In business at
tention is called TO the fact that prices in gen.
eral after their great rise are apparently steady
at the new levels, and in consequence possible
source of business unsettement is therefore
avoidable The last year has been notable
one because of the tremendous rise in prices of
most staples And the significant feature of
the advance is found in the fact that there has
ency and that il has not been due to the arbi-
trary actions Of trade combinations. The
greatest rise has been in manufactured goods
and products OF industry not related TO agri-
culture. Cereals began TO advance in 1896 and
reached. in most cases, their highest prices in
the grain boom OF 1898. or all classes of staples
breadstuffs virtually alone now lower than
they were year ago, the decline, according TO
'Bradstreets" being about per cent. Metals
are 80 per cent higher. Raw cotton and wool
have made noteworthy advances. and the tex
tile trade has al last developed into one Of the
busiest OF which there is record. Coal and coke
have shared in the industrial prosperity, and.
with the exception OF breadstuffs, there is hardly
, a department Of trade that has not shown Won
derful price improvement.
Stock market traders who believe in bust
ness relapse in 1900 should extend their inyesti
cation into the subject beyond the walls of the
Exchange. By consulting manufacturers they
will find that order books filled for from
three to six months. and in certain branches OF
trade for q year ahead. The volume Of domes-
tic and OF foreign trade in 1899 was the largest
ever reco ded. and the advance in prices was
based on the familiar law Of supply and demand.
For the economists the result Of the years
course Of prices will be more than satisfactory,
as il has been in accordance with their eXpecta-
lions Stock market traders Will do well to bear
in mind that business shows no disturbance or
reflects any weakness that might develop into
disturbance The dividend perod-that is. the
resumption Of dividends payments on stocks
that have never received dividend. and the in
creases I'm dividends-is by no means over In
fact II has just begun.