New-York tribune., 1900-12-29
BONDS.
rHE DAYS oPERATIoNs N sToCKs


The professional element worked for lower
prices in yesterdays market, but quotations
closed with almost as many net gains as losses.
Spectators who may be classed as professionals
nre playing for cheaper values. despite the fact
that efforts TO bring about important declines
have so far been miserable failures Confidence
among genuine holders Of stocks is strong. gen.
eral foundations strong and the market will
doubtless continue strong for some time to
come. Passing reactions take place every day
and realizing sales enormous. Herein lies
strength of technical conditions. As to condi-
tions governing real value no mistake
their tendency. The pinch in money that some
traders expected and hoped for did not
terialize yesterday, call funds ruling at 5A per
cent, with the highest rate per cent. Bear
traders have been counting upon high rates for
money at the end Of the year, but the very pos
sibility Of disturbance in the market has
brought large amount of money to this centre,
while 1t has induced bankers brokers and
speculssors TO prepare for trouble. On the
theory that the best way TO meet trouble is to
be prepared for IT, Wall Street has shaped its
transactions.
The enormous business in stocks In the last
few weeks has. Of course. required the as
sistance OF capital. but the supply Of outside
money here has relieved the local banks Of any
strain. while the character Of the speculations
has inspired confidence in banking circles rather
than fear Moreover. the demands upon the
money market have been light in proportion to
the immense size OF stock market trading owing
TO the preponderance Of investment and outright
buying. Stocks have been taken out Of the
Street in large amounts in the last week, while
the tendency among commission house traiers
has been IN favor OF buying outright on mar
gins that viii protect holdings in almost any
slurup. OF course, the strength OF technical
snc actual conditions does not preclude the pos
sibiiity OF sharp declines. but, according to the
opinion OF the most conservative element in the
Street, the conditions named do stand In the
way Of a prolonged setback In values. A bear
campaign may at times find scme success IN
guerilla warfare against the stock market, but
with all the energies OF the country working In
the direction OF progress and prosperity efforts
70 bring about permanent lower level of
prices must naturally be unsuccessful Ameri-
can stocks are worth holding. and people are
willing TO pay dear prices for things of value
As yet securities. whole. have not gone
above their actual worth
The known movement OF money in the week
shows large gain in cash IN the local banks
the greater part Of which should figure in to-
days bank statement With the exception of
shipments TO New-Orleans the movement Of
money has been IN favor of New-York, while on
Sub-Treasary operations the banks have been
heavy gamers. Money should rule easy for
several months to come
Buying OF the standard shares was a feature
yesterday, ST. Paul, Rock Island Burlington.
Pennsylvania and Delaware and Hudson enjoy
Ing marked price improvement. Efforts were
made TO depress Southern Pacific on the new
bond issues. but sales made were taken by
banking interests. While the new bonds will
place further interest charges ahead OF divi-
oends. they will add value to the company's
assets. as the proceeds from the bond sale are
TO be used for purposes which will increase the
actual worth Of the roads securities Realizing
sales We're heavy, and many pools uouidated
their holdings according to agreements that ex-
pire with the end OF the year In several in
oustrial issues in which prices were recently
advanced sharply big declines took place but
as a rule. losses when made were not important
The real feature OF the market was investment
buying.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs-Ma-ket strong Fsna