New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-11
dividend
BONDS.
THE DAYS OPERATIONS IN. STOCKS.

Bear traders are actively engaged in cam
paign for lower prices, and for the moment
they apparently believe that they have the mar
ket well under their control Short sales. how
ever are not particularly attractive to the spec
ulators who are well informed regarding the
technical market situation. In yesterdays mar
ket vigorous attack made upon Sugar Re
f1nlng stock, and the sensational break that
companied the dealings in this issue materially
exerted sympathetic influence upon the rest
of the list Declines. however, were not large,
and they were recovered before the close. The
failure of the big decline in Sugar to carry the
rest OF the list to an important extent merely
shows that there are few stocks for sale. In
other words the general market is full of weak
accounts with the ownership of securities CEN
tired in strong hands. The bear control is
apparent than real. In the last hour the general
list was strong and dull. while Sugar, Federal
Steel and Brooklyn Rapid Transit, which suf-
fered from earlier bear attacks, enjoyed ad-
vances, the two last named making up a good
part Of their loss, and Sugar recovering several
points from its lowest mark. The railroad stocks
as a rule closed at net advances, with especial
strength in the Baltimore and Ohio issues
The professional trader knows little about the
future. The bear operator, however, is sure
that the outlook favors diminishing revenues.
falling off In exports exports from this port
last week were IN value 100000 more than
In the same time last year, and general
action In trade Grade reports show continued
industrial Improvement that he is counting
o year Of bear success In stocks. When stocks
were from 10 to 80 points above the
rent level the professional bear said that all
past and future favorable trade developments
had been discounted by market values. And yet
the fact that values for most stocks now
below their actual worth makes no difference
sn the bear argument. The bears argument is
that prices are too high, the future is
certain and values are way above the level OF
eighteen months ago" The bears forget to add
that the actual worth Of stocks to-day is much
greater than il was eighteen months ago. These
operators take, for example. stock such as
Union Pacific preferred, compare its present
price with that Of two years ago, and conclude
that because it is now selling at IA, against 80
many months back, it's price is too high. The
argument is "clinched" by the able statement
that two years ago Union Pacific had a dividend
prospect, and that 1t has now reached the
dividend class it ought, in view of the "uncer-
tain future, to sell back to it's original level!
This sort Of argument may appeal to excited
operators who never think, but it does not carry
weight with intelligent men Union Pacific pre-
ferred per cent stock, is selling under it's
actual worth at "A.
Business will not sink back to the level of
panic years unless something happens to change
the conditions governing the economic and
financial position of the country. There no
weak features in the situation and there is
nothing radically wrong in underlying condi-
tions. Certain market interests hope for bust
ness depression, but it is more than likely that
their expected profits the short side of the
market will be turned into losses by advancing
prices based continued business prosperity
As pointed out in this column yesterday morn
ing. the extraordinary trade activity Of last
year may not be equalled this year: but, grant
ing that this may be the case, that does not
carry with it the assertion that falling off in
trade will lead to trade depression. The coun-
try can be exceedingly prosperous with a smaller
volume Of business than reported in 1899 Con-
ditions may arise that will bring about lower
securities values; but based on current earnings
and the known prospects for the year, security
quotations in The greater number of in
stances below intrinsic worth, despite bear
gument to the contrary. So many false statements
arc put out in Wall Street 20 depress values
and brighten investors that the operator should
he extremely careful in current transactions
The very fact that the future of market values
IS promising encourages speculative efforts TO
secure stocks at cheaper prices.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT RON-DS Market weak Final