New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-12-18
sEx dividend
BONDS.
THE DAYS OPERATIONS IL STOCKS,

THE DAY - OfEhA llO-Ns -
Advancing prices on enormous volume OF
business marked the course Of stock market
trading yesterday. Opening quotations showed
many gains Of from 10 . per cent over Satur-
DAVIS final figures. and although profit taking
sales were heavy closing values presented sub
stantial Improvement. extending over a long list
IF active securities. Commission house business
was large Orders from all parts Of the country
were executed throughout the day, while local
interests including capitalists Of worldwide
reputation were steady buyers The Paclnc
shares the grangers, the coalers. the local trae-
ton and steel issues were leading features but
trading was not confined TO any one group OF
stocks nor did IL represent the operations OF any
one set Of market interests. Transactions were
wen distributed. Small traders and big traders
were i'm the market. some buying stocks Tor
further rise and others selling for the profits
that the last three days Of advance have de-
veloped The buying was better than the SELL
ing and disappointed shorts were active factors
in helping the advance. The bear element has
been grievously disappointed by the course Of
the market as il was taken for granted after
the big November advance that prices would
seek q much lower level in December, with, per-
hals sharp breaks on account Of money mar
l5ct conditions. This view was held by many
traders other than the professionals. but the
movement Of sales in the last two days OF the
week just closed and yesterday completely up
set all calculations.
The big coal deal changed sentiment and GER
tain conditions. while the failure Of money rates
10 advance 70 prohibitive figures in the face of
low bank reserves removed all fear Of money
market disturbance. Sharp fluctuations in
money are yet possible. and it may not be well
10 count upon an uninterrupted advance in
stocks until the end Of the year. The bank
statement last week proved the ability OF the
lending institutions TO reduce their loans with
out causing disturbance in the money market.
There are many people who believe that the
same thing could have been conducted last year
without the money market panic that accom-
panied the calling Of loans and loss in reserve.
but at that time, il may be recalled, it suited
the plans Of certain powerful interests TO have
declining market for stocks. Just now the
most powerful interests in the Street are en-
gagged in operations that would not be favor
ably affected by disturbance in money and
stocks. The best judges in the Wall Street dis
trict believe that stocks are a purchase at the
ruling level and all reactions. that the money
market viii not advance to rates that will force
heavy liquidation Of securities, and that the
general tendency Of values Will be upward in
the next sixty days. Big margins are suggested
Investment buying was noted yesterday, and
an excellent demand was reported for the cheap
and medium priced issues. Heavy realizing
sales forced recessiOns from the best figures OF
the day. but the close was firm, with few stocks
not showing net advances.
The stocks of the roads in the Southwest are
being bought by insiders and people who have
good information regarding the railway and in
dustrial situation in the Southwest Earnings of
the roads in that section Of the country have
made remarkable increases In the last two
years, while the current volume OF business Is
heavier than in any corresponding time in the
history Of the companies. The progress made
by the Atchison stocks viii be followed by ST
Louis Southwestern, st. Louis and San Fran
CISCO Texas and Pacific, Missouri Pacific and
Missouri Kansas and Texas issues Texas and
Pacific and Missouri, Kansas and Texas stocks
have received less attention than the other
members Of this group. but il now begins "a
look as If these two stocks would also sttrac,
considerable public favor. Both roads are in ex
oellent physical condition. and the respectiy,
arrangements propose &c reduce the cost Of
operating 10 an extent which will be OF material
advantage 10 net earnings. The percentage ~
expenses 10 gross earnings has been high but
the Improvement that has taken place In IN,
properties now makes a reduction in EXPENSE.
possible without injury 10 the physical posit,o,
or the companies. Net earnings Of the Texa,
ano Pacific for the year ended December q
VIII II Is estimated. aggregate about $4,000 900
10 pay interest on the first and second mort
gage bonds viii take 100000. leaving q s,,r
plus for the year OF 100000. II is the REMOTE,
intention OF the directors TO declare the fuu
per cent on the second mortgage bonds NJ
souri, Kansas and Texas earned in the frs, O.,
months OF the current fiscal year over 2 nar o.r
on it's preferred stock.