New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-12-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The greater number OF securities made further
progress toward a higher level in yesterdays
market. Investment interest was again feat
ure Commission houses were active on both
sides of the account but the buying was con-
sidered better than the selling Substantial
market interests took the cheap stocks. espe-
ciaIly those issues which represent companies
that figure in community Of ownership schemes.
The Southwestern Railroad securities received
more attention owing, no doubt. TO better
snnreciation Of the value of these issues as
based upon rapidly increasing earnings. For
the second week in December all the roads in
the Southwest show enormous gains In earn
ings. as compared with the same time year
eco and in every case the results contain divi-
dend possibilities that should not be disregard
ed Texas and Pacific VIII earn a big surplus
for the stock this year. Missouri, Kansas aha
Texas has already earned surplus equlNalehl
TO per cent on the preferred stock, and II VIII
show at the current rate 10 per cent Tor the
6scal wear St Louis Southwestern, st. Louis
and San Francisco and Missouri Pacific are DO
ing a record breaking traffic business. Conol-
lions are without a parallel in the Southwest
and throughout the country
The position of affairs in this country has not
set reached the end of Improvement Conditions
are different and comparisons with former
wears are useless as a. basis for predictions re-
garding the course OF stock market trading
The market will not stand at the boiling point
an the time. and prosperity Will not prevent
reactlOnS, but stocks VIII go nlsnei before lneg
fully measure the changes that have taken
place and the changes that current indications
show to be inevitable. The present stock mar
ket is not hOneycombed with weak accounts. II
: "rlCn mans market" and IL promises TO
-etain the character for some time. specula-
tive reaction is due. but without some outside
factor 70 force liquidation the chances Of a big
decline are extremely slim Plans Of the great
capitalists regarding various railway and in
iLstrial companies have not all been published
~ completed. These operations involve many of
The medium and low priced stocks, the market
value OF which will continue to work higher
until their real value has been reached. Present
conditions and prospective changes should en-
courage the holding of good securities.
Realizing sales were heavy throughout the
Say. but the force OF new buying generally sus-
tanned values. while in the final trading il in
auced the bear element 10 beat a hasty retreat
In certain shares which have recently enjoyed
sharp advances reactions Of a. per cent took
place but good part Of the loss WAS recovered
before the close. Total dealings amounted %
mere than l4l5OO shares, while the number Of
Inherent issues dealt in was larger than ever
before recorded-lS5 issues making up the mar
Set The days speculation was broad and ami
mated, with many conflicting movements and
considerable iTegularity. But under all the
changes there was an element Of strength and
buoyanCy which short sales and profit sales
eould not upset
GOVTRNMFN-T PONnS