New-York tribune., 1900-12-27
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market opened strong and excited,
with an enormous volume OF business IN all de-
partments Advances Of two and three points
were common in the initial dealings. but before
the end Of the first hour speculative liquidation
caused reactions throughout the list many
stocks losing good part Of their early improve
rnent The pace at the opening was too rapid
Heavy profit taking sales. however, induced
greater caution among enthusiastic bulls, while
they created a better technical situation and
attracted substantial buying in all the attractive
stock and bond issues. Afternoon trading was
accompanied by a quieter business, but by re-
newed strength throughout the market Peo-
ples Gas was a prominent feature; also Brook
iyn Rapid Transit, which made maximum gain
Of over five points. Both stocks were taken by
g good class Of buyers while in each issue the
short interest forced to beat retreat.
Peoples Gas stock has nothing TO commend 1t
as short sale, but on the other hand, II has
in its favor many factors that entitle the stock
10 higher price. and which now appear TO be
exerting their proper influence upon its quota
tion level It is generally believed that changes
of Importance in the stock ownership Of Brook
lyn Rapid Transit have taken place, but a good
and sufficient reason for the advance IN the
companys shares may be found in growing earn
ings, reduced cost Of transportation and divi-
dend possibilities. All the good stocks were in
active demand in the last hour, with heavy
buying orders for traders who sold earlier in
the day. Striking gains in railway earnings
for the third week in December helped the gen.
eral market. OF the Southwestern roads the
biggest increases in earnings were made by
Texas and Pacific and Missouri, Kansas and
Texas.
Many speculative holders Of stocks will un-
doubtedly convert paper profits into cash this
-he hoe
not universally accepted, that the market will
reach its bull limit by the first CT the new year
and that the reinvestment OF January dividends
and interest VIII mark the end Of buoyancy in
stocks. In well Informed circles IL is thought,
however, that people who buy at the current
level on good margins will be able to weather
any speculative storm that may develop. and
sell their securities at bg profits early in the
new year The bear element VIII take advan-
tase Of the fimsest sort OF unfavorabIe de-
Felopment 10 weaken prices. but. barring some
radical change in the situation there should be
little opportunity for important hear success.
Money will be easy for the next three months at
least save, perhaps, for the rest OF this
week Factors governing actual values will
doubtless continue In favor OF higher prices and
speculative conditions ought not 10 produce
more than passing reactions. The breadth Of the
present market and the character OF buying ap-
pear to insure a continuance OF bull activity for
some time TO come. II sharp declines take
place so much the better for speculation. When
the cheap and medium priced stocks have en-
3oyed the Improvement TO which they are en-
titled by increased intrinsic worth It will be
time TO believe that the bull market is at an
end Meanwhile It will pay to exercise caution.
II viii pay TO base speculative operations on
big margins and 10 refuse to be upset by tenn
porary downward fluctuations
Activity in Southern Pacific was a feature I'm
yesterdays market, while buying OF ell the
Southwestern stocks was a noteworthy develop
ment Of the Gay. Texas and Pacific received q
1air share OF speculative attention While the
railroads in the East. West, Northwest and TO
some extent in the South, have figured in big
deals and In the community Of ownership
seheme. the roads in tho Southwest have en-
3cyeo prominence through growing earnings
alone. II cannot be doubted, however. that all
ahe Southwestern properties will soon attract
greater attention through the extension OF the
concentration Of control idea Moreover. other
developments which viii have a Favorable ef
feet upon Southwestern securities are tbougb,
70 be pending. Dividends are in prospect for
southern Pacific. Missouri Pacific, Atchison
common, St Louis Southwestern preferred and
Missouri Kansas and Texas preferred. Southern
Pacihes stock is now held by some OF the
strongest banking and railroad interests IN the
country, and it is not unlikely that a plan "a
pay dividends in 1901 is being arranged Total
sales were l423.467 shares
THE nAYsS Opup srroN-e -, ,o