The times., 1899-12-25

NEW YORK. Dec 23.-OpjniCu among
Wall Street people generally has under
gone q marked change for the better since
Z thursday and Friday OF last week. Two
clear reasons are assignable FOR this Sec
retsry Gage has been in conference with
!. PieTpOnt Morgan. considered by many
the greatest fnancier OF the country. and
j. is believed that this conference means
that The efforts Of the financial king and
the head Of the Treasury Department viii
ba combined 10 turn the tide strongly to-
ward better things in Wall Street Heavy
buying Of securities yesterday by the most
Important men in the street reflects this
belief. il il does net In a signal way show
IEe beginning Of the work Of Mr.. Morgan.
The second reason for the new sptimism
lies in the fact that intrinsic financial con
ditiCns are gradually righting themselves,
irrespective OF outside aid. The ease Of
money ia New York last week, the flow
81 cash from the interior and from Canada.
and finally the fine showing Of the bank
statement all indicate this.
As TO the future OF the market ii is not
believed that the end Of the recessions
has come. It seems now that there is like
ly tC be a sharp recovery this week, lasting
perhaps two or three days. But the effects
OF panics are never dispeIled instantly.
Probably there viii be an unsettled market
Tor two or three weeks yet or even longer.
Il is pointed out that every panic has its
after effects of unsettled conditions and
declines. The faith CT careful and inn
pOrtant people in the ultimate triumph
OF the general magnificent conditions Of the
country at large is not shaken, however,
and il is predicted by them that the COM
rrrrv mill Da in r7rfr IN
its early months, and probably before its
close much higher prices than those OF
1899 10 many securities.
in this week in which Wall Street suf-
flIsd It's RCTst days in years, the country
showed TO failing OF in its Industrial pros
perity Commercial sgzEcies report larger
business than ever before recorded at TINS
llH,e Of the year. Bank ciearings were SO
Per cent larger than in Inc same week last
yssT, and 50 per cent larger than in the
corresponding lime in 1892 All lines OF
industry show expansion and financial
soundress. There is no lire Of trade that
shows even 8 suspicion Of UnsoUndnSss.
The great decline In the steel stocks has
not becn due % trade conditions, and If any
one doubts this statement reference should
be made 10 the trade records and 10 the
dividend records OF the stocks. The Federal
Steel Company has already declared q full
years preferred stock dividend Of c per
cent, and in January tbs commoa stock viii
be placed on the dividend list The AmerI-
can Steel and Wire Company has declared
four dividends On the preferred CT "a
per cent each. The Pressed Steel Car Com
psny has declared ard paid Z per cent on It's
preferred stock; the American Tin Plate
Company, 5 Ia per cent on its preferred.
the National Steel Company three dIyI-
dln5s on its preferred % I 81 per cent each;
The American Car Foundry Company, two
dividends on its preferred Of 81 per cent
each. The American Steel Hoop Company,
TWO dividends On its preferred Of ! "a per
cCEC each, and The Republic Iron aud Steel
Company, one dividend Of I 81 per cent on
us preferred and all Of the companies
are showing a big surplus for the common
stock. Real values are Increasing, and
stock values must soon prove the true
measure o. the Intrinsic worth OF securities.