New-York tribune., 1900-12-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong in the greater
part Of the dav on moderately heavy volume
of business Commission house buying was
again active. while substantial market interests
took stocks throughout the list. The character
OF buying so far this week indicates that there is
q large amount Of capital seeking investment
and that there is large number Of people anX-
ious 10 accumulate stocks with the expectation
Of selling at p profit in the course Of the next
sixty days Active buying in the face Of declin-
ing bank reserves reflects supreme confidence In
speculative and investment circles in the situa-
ton. Based upon conditions governing their
actual value, securities are not dear, and real
ization Of this fact. together with an active
appreciation Of the tendency Of industrial af-
fairs. naturally creates ;he desire for speculation
in all parts OF the country. Money market pos
sbiities are in favor Of higher rates, yet it is
known that no actual stringency can occur and
that the advance in lending quotations viii be
only temporary development. Passing huctu-
ations in money. however. may cause a few
hours Of uneasiness among weakly margined
speculators, and il may be well, therefore, for
intending buyers az this level TO supply un-
usually heavy margins
Wall Street is looking forward to active
market in January. The very fact that ad-
vances are predicted induces buying going
prices. despite the possibility OF liquidation due
10 a sudden advance in money. Stocks are at
tractive The outlook is certainly most encour-
aging. and unless radical change takes place
in conditions underlying values a substantial
appreciation in market quotations ought TO take
place before the end OF January. Wall Street
may begin to discount the expected reinvest-
ment Of enormous Jsruary- disbursements, but #
viii doubtless be forced TO test its strength with
a.
oessful December campaign TO make profits on
the short side in January. When public buying
IS once thoroughly started the bear element can
make little headway against it, an instance OF
which is afforded by the records Of the Novem-
her market, showing how certain traders of
local renOwn made unsuccessful efforts to check
the advance. The demand for good industrial
stocks for the hard coal shares and for some of
the cheaper issues was the leading feature in
yesterdays market A belief pretty well found
ed too that the buying of Erie issues is signifi-
cant Of important changes in the anthracite coal
trade has created a good market for all the coal
shares in the last few days, and il is generally
believed that the Reading and Ontario and
Western issues in particular will sell much
higher. The Southwestern Railroad stocks were
also in demand, good buying being reported in
Missouri, Kansas and Texas common and pre-
feITed. Patient holders of these securities will
not lose their money
The Industrial stocks We're well bought yester-
day the steel issues being especially active Il
Is generally believed that the attractive indus
trial shares viii be market features in the next
few months. and able Judges Of values encourage
the purchase of the securities that have as vet
failed 10 share 10 any noteworthy extent in the
upward movement. Stocks. such as Republic
Steel preferred. American Car and Foundry pre-
ferred and International Paper preferred possess
merit that is not measured by current market
values. Republic Steel and American Car and
Foundry preference issues pay : per cent and
return more than 10 per cent at present prices
Neither company has bonds ahead Of the pre-
ferred stocks, and both companies are earning
far in excess Of dividend requirements Interna-
tonal Paper preferred is a 6 per cent stock and
IN the quarter ended September 30 the company
showed nearly per cent for the quarter on the
common stock. The preferred industrial stock,
dealt in the Stock Exchange are not dear
while their prospects promise a gradual appre.
citation in market quotations. In the last hour o.
trading there was a general tendency to tax,
profits and in consequence prices eased OFF from
the best prices Of the day. A break in Tennes
see Coal and Iron encouraged. short sales but tn,
closing showed few important losses Mone,
market conditions indicated a further deman,
for funds from the interior Sterling exchang
was heavy
THE DAYS OPERATIONS IL BONDS.
GOVERNMENT BONDS Market firm. Fina