New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

An enormous volume Of business was trans
acted in Yesterdays market on an extremely
irregular movement of values. Early weakness
was followed by renewed liquidation and bear
pressure but this in turn was succeeded by a
further rally which carried prices for the
greater number of stocks above Wednesdays
closing level. Sentiment less pessimistic
at the close, owing 10 the more favorable re-
ports from South Africa and to the announce
ment Of heavy foreign buying in the local mar
ket The decision OF the Secretary of the Treas
ury to pay In advance January interest on Gov
eminent bonds exerted passing influence upon
early prices but the continued strength or
sterling exchange and the possibility of gold
exports tomorrow outweighed all the favorable
factors in the situation according to the bear
spectators way of thinking The persistent
bear is not yet ready TO end the fight, but the
chances are that a few British victories in the
Transvaal would force him to change his tactics
The aggressive campaign Of the bear element
has forced large amount Of pool stock on the
market and the maturity Of many loans In the
last few days has been accompanied by heavy
liquidation. Certain large speculative pools IN
Sugar Manhattan, Tennessee Coal and other
stocks Of similar character have been badly
crippled this week. but their place in the mar
ket has been taken by stronger financial in
tereets
Bear organs assert that the speculative posi-
ton will not he healthful until railroad stocks
suffer larger losses. Moreover they say that
the bear appetite will not be satisfied until all
the so-called high priced railroad stocks are
selling well under a basis warranted by a per-
manent 6 per cent money market. There is no
good argument that will prove that money will
for
period OF time. And there is no reasonable eX-
cuse for the assertion that good dividend paving
railroad stocks are selling too high. Whlle
money is temporarily high. the tendency or
rates after the first Of the new year should be
toward lower figures. Even at the current rate
of per cent the average dividend paying rail-
road stock is not at abnormal level The
present stock market movement is based more
on the vigorous operations Of powerful specula-
tors than considerations involving the re-
turn on investments Wall Street is startled at
a shadow and the bear campaign is based on
shadows. In the end-and that time seems
dangerously near at present-the spectators
for the decline will overreach themselves, the
result Of which viii be a rapid advance, carry
ing with il as many bear wrecks as the decline
now has in bull wrecks. When trading is made
up o. the actual delivery Of stocks, rather than
of the phantom short sales, stock market pessi-
mists will have TO pay premium or else go
10 the wall
The market is undergoing a readiustment OF
holdings that improves the prospects for future
higher prices. Capitalists may be willing TO
withhold support for a time, and values may
therefore seek a still lower level; but on the
decline, Just as noted far this week, CAPT
talists will be the heaviest buyers of stocks.
When these interests are ready to start an up
ward movement they Will have the support OF
public operators who have made money in their
business this year, and who may be willing to
place their surplus earnings in the Christmas
! bargains which will probably rule throughout
| the current month Low priced industrial and
| railroad securities are at an attractive level,
! especially the cheap anthracite stocks, Norfolk
| and Western. Southern Pacific. Southern Rail
| way preferred, Northern Pacific common. the
| Mexican issues Federal Steel common, Linseed
] stocks Cotton OIL and United States Rubber.
! Commission houses reported buying yesterday
| for their best class Of customers.