New-York tribune., 1900-12-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Profit taking sales and closing of contracts in
cident TO the coming holiday caused irregularity
in yesterdays market. AS a rule. however,
prices were higher at the close. while in many
issues marked improvement was recorded. The
tendency 10 secure profits was pronounced but
the readiness OF buyers and banking inter
ests TO take offerings prevented important price
recessions. 1t generally believed at the
close Of business on Thursday that values would
go lower yesterday, but popular opinion was
again upset by the markets remarkable power
Of absorption. Banking interests active
buyers, the low priced stocks being their favor
ites. Southern Railway, Atchison and Erie
issues were in active demand, while all the
medium and cheap securities made further
progress toward higher level. In the afternoon
the demand became heavier and prices ad-
vanced rapidly, the expectation of a good bank
statement exerting a favorable effect upon
values. Southern Pacific was taken in hand by
the bulls, and advanced two points. while the
Atchison, Northern Pacific and granger issues
showed striking improvement. The market
closed at about the best prices of the day.
The month of December is drawing to close
without a disturbance in the money market
After the extreme activity in stocks following
the November election many professional trad
ers took a position the short side of specu-
lation. while the public withdrew from the mar
ket. the attitude Of the professional and public
trader being based upon the expectation of
stringent money before the end Of the year A
slight decline marked the course of trading for
a time, but the refusal of strong holders to sell
and the steady accumulation of stocks by prom
inent banking interests prevented material
falling off in prices. Call money ruled around ;
per cent. Despite low bank reserves rates were
not put UP, and borrowers found no difficulty
in securing accommodation. Out of town insti-
tutions, believing that money would go higher
sent large amounts TO this centre, and with
this assistance, the local banks were able TO
contract their own loans and prepare for the
January interest payments without causing any
disturbance in the money market. The fact that
money would not repeat the performance of a
year ago began to be appreciated by outside
traders and Wall Street professionals one week
ago. and as all other conditions were favorable
10 bull activity in stocks an urgent demand de-
Veloped, followed by a week of advancing values
AS Yet there is reason to believe that this de-
mand has been satisfied. Banking interests are
still buying. Investors are anxious to increase
their lines, and the January disbursements will
encourage active trading. While the Stock Ex-
change facilities already severely taxed in
handling the current heavy business the predic-
uon is made that a market of 100000 shares
VIII be recorded before the bull movement
reaches Its limit.
The known movement of money in the week
warrants the expectation of a further increase in
bank holdings in to-day's bank statement With
the exception of shipments of currency to New
Orleans the interior movement has been in favor
Of this centre, while Sub-Treasury operations
with the banks have resulted in a considera BILE
gain to the latter named institutions Trade re-
ports received last night show growth in ali lines
or Industry, confidence in business circles and
bull sentiment throughout the country Bank
clearings were heavy. and railroad earnings
presented phenomenal gains over the CORE
spending time year ago The statement can
not be made TOO emphatic that the current
progress of railroad earnings and railroad man.
agement means dividends before long on MANY
non-dividend paying securities and increased
dividends on many issues already in the dividend
list The Southern and Southwestern stocks
should be held for dividend declarations Mis-
souri, Pacific and Missouri, Kansas and Texas
preferred ought to be dividend issues inside of six
months. Their earnings justify dividends. and
the stockholders are entitled after many years of
patient waiting for return on their invest
ments. In yesterdays market the two stocks
named were leading strong features