New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-04
BONDS.



The stock market enjoyed healthful reaction
yesterday. Liquidation by operators who had
substantial profits was moderately heavy in the
Rnsrning and its appearance naturally attracted
bear pressure and manipulation for lower prices.
in several stocks sharp maximum declines were
fecorded. while throughout the list the tendency
was toward a cheaper level. Technical condi-
tions rather than news developments were re-
sponsible for the days course Of values. The
current level of quotations represents an adj
vance OF from five to ten points from the low
point of the December market and reaction at
this time is in line with the requirements of
bealthful speculation. London was a heavy
Seller of stocks yesterday, and commission
houses put out large amount of stock for Gus
k0mers who bought several weeks ago. Substan-
tial market interests bought their specialties,
STANDARD Oil and Vanderbilt names being
s1ected with the reports of transactions. The
larger capitalists in New-York not getting
out OF stocks, despite bear reports to the con-
Srary And there is reason to believe that
they will get out of stocks as long they have
confidence in the country and its industries.
The men of wealth are not boarding their money
nor they buying stocks merely to accommo-
Date other people.
Many railroad stocks ought to enjoy extern
five price Improvement before they accurately
measure real worth In this class may be
named the Northern and Union Pacific is
asues Southern Pacific, Norfolk and Western
issues, Louisville and Nashville Atchson is
sEues and Southern Railway stocks. Northern
Pacific and Union Pacific earning
than per cent on their common shares. South
ern Railway preferred is earning the full per
Gent 70 which it is entitled and Norfolk and
Western will doubtless show per cent on its
common stock this year Louisville and Nash
willie is earning enough to pay per cent, with
a big surplus left over. Atchison is doing well;
in fact better than it's best friends recently ex-
pected while Southern Pacific is returning net
earnings that truly wonderful. With SO
many brilliant dividend prospects a feature of
the situation 1t is difficult to follow the theories
of certain persons who argue that the stock
market must soon begin to move steadily down
ward in order 10 measure changed conditions.
What this change in conditions lis no one but
a professional bear explain Industrial &C
tivity is not hating, and railroad earnings are
not declining In some instances net returns
show falling off III comparison with last year.
but this ;s due to the policy of certain prosper
GUS companies increase the physical efficiency
ff their properties out OF earnings That is
bear card.
CAPITAL is looking forward to active employ
rnent in 1900. Business not hauling in
sail. and fnanciers not anticipating the
necessity of locking up their money. In certain
sections of Wall Street there is a wilful mis-
representation of actual conditions in the coun-
try for the purpose of inducing liquidation In
stocks; but the general public is so well in
formed and has made such handsome profits in
commercial pursuits in the last seventeen
months that 1t will not likely be hoodwinked by
the words Of false prophets or the writings of
inspired bear employees. The political campaign
this year will not be menace to investment
interests nor is it likely that 1t will prove
material check to industrial progress.