New-York tribune., 1900-12-21
BONDS.
THE DAYS OPERATIONS N STOCKS.

Further strength and activity marked the
course Of stock market trading yesterday. New
high records were made in many issues. and. de-
spite recessions from heavy realizing sales, the
greater number Of securities showed substantial
net advances at the close. The medium and low
priced issues again features. In Northern
Pacific common the market had its chief sensa-
ton hut in A number Of other stocks there were
movements which were followed by sensations
Of keen disappointment among the operators for
4 decline Sugar Refining worried the shorts; so
did Missouri Pacific, Erie and Union Pacific.
Buying by prominent banking interests ac-
counted for a large part of the days dealings,
while the chief selling came from commission
house customers who considered ii wise to take
profits on the advance. In the last hour the
force of reaIiz ng sales checked the rise. and in
number Of issues sharp reactions carried prices
well under the best of the day. Northern Pa
cihc. which made maximum gain Of nearly
per cent, lost than half the improvement
before the close, while all the active stocks suf-
fered proportionately.
A large amount OF stock available for specu-
lative purposes has been taken out of the local
market this week, owing 10 heavy shipments
Of securities to Europe. The greater part of the
stock shipped represents securities bought for
delivery in London against calls made last
month. while incidentally it represents heavy
losses TO a number Of foreign operators who did
not count upon the remarkable advances that
have taken place in this market since the cleo
ton. Several long headed American operators
who were in London last summer got on the
right side Of these option contracts. and they
have in consequence made handsome profits
out Of the operations London buying yester-
day showed considerable falling off from the
business Of the two preceding days, and local
commission house transactions reflected heavy
selling by operators who doubtless thought that
prices were near. If not at the top. The charac-
ter Of buying. however. did not confirm the sug-
gestiOn that the bull movement had reached its
limit There some stocks which are sell
ing on level fully commensurate with their
actual worth, but in view of the changes that
have already taken place in this country's trade
and commerce. in the factors in general gov
erning the real worth Of securities. and in view
Of the changes TO come. stocks. a rule, are
nos selling AZ their intrinsic valuation. Many
stocks still under the best records made in
1922 Total sales yesterday We're 1:554 9S2
shares The heaviest day on record WAS No
vember 10. when over 100000 shares were
dealt in
Railroad earnings for the current month COM
pare well with period year ago when the
traffic movement throughout the country was
heavier than in any corresponding time with
an increase Of 10 per cent over the same month
N 1898 This fact makes the receipts for the
hrst two weeks in December this year Of the
greatest significance, showing the wonderful
and unparalleled progress that industrial ex-
pansion is making. Results for the second week
N December present long list of heavy gains
over the same week last year, improvement
being confined to part OF the country
but particularly pronounced in the South and
Southwest. Some of the more important in
ereases for the second week were made by Mis-
souri, Pacific Missouri, Kansas and Texas
Southern Railway, Texas and Pacific tan In
crease Of 30 per cent?. st. Louis Southwestern
Chesapeake and Ohio, Northern Pacific and
ST Paul Earnings OF the non-dividend payinf
roads VIII soon begin 10 assure returns to tn.
stockholders. In the last few years current non
dividend paying roads have enjoyed prosperity
hut earnings have been put into improvement.
rather than dividends, and in consequence III,
various companies have attained a position O
physical excellence which has already been ef
fecttve in increasing net earnings and addinl
value 10 the securities. The greater number o
roads have reached a position where tn
outlay the property out OF earnings may b
reduced without injury to physical conditions
the benefit of which viii go TO the stockholders