New-York tribune., 1900-12-07
BONDS
THE DAYS OPERATIONS ~ STOCKS,

etock market trading presented fair degree
Of activity. with a generally advancing move
uent OF values, The railroad and industrlal
stocks were in demand for the account Of buy
ers who considered ruling quotations as bar
gain figures. despite the fact that expert pro-
fessional traders were known 20 he firm be-
hevers in the theory that the current month 5
speculation would be accompanied by cheaper
prices Values may so lower. The fact re-
mains however that stocks are worth more
than the prices AZ which they are quoted
while il is practically certain that securities
riclzed up al the prevailing level and on reac-
tions viii ultimately be carried 20 higher
level Money factors may cause temporary
hesitancy and passing downward price huctua-
tions but only breakdown in conditions gov
ernine the intrinsic value ~ investments can
prevent better prices later IN the season. As
there are no indications Of a change in un-
DERIVING conditions. there is no reason not TO
expect a resumption Of active buying Outside
Investors and spectators are resting, but there
Is large amount Of capital ready for employ
rnent and plenty Of smoulder1ng enthusiasm
thar will again burst forth into flame Of bull
activity
Forecasts on the money situation quite fire.
ouentlv go astray, and, bearing this in mind,
some operators place little faith in the bear pre-
indications. however. point TO higher figures.
There is no uneasiness in carefully posted bank
ing circles regarding the outlook, while it is
generally believed that the demand from the
interior and the preparations for the heavy
January disbursements viii cause only pass
ing furry in quotations. There is no fear OF a
money panic like that which occurred last year
when call rates up 10 $50 per cent. There is
no reason 10 worry over the market and rea-
son 20 sell well protected securities. The pos
sibHty OF disturbance in money serves to
check speculation in stocks and TO place the
financial community in shape to meet any
trouble that may develop People who own
good securities would better lock them up and
pay heed 70 passing money and stock market
fluctuations. unless they wish TO sacrifice their
holdings al a time when prospects OF business
have never been better and when conditions
governing the worth Of security holdings have
never been sounder or more promising. Bonds
that attractive from the investment point
of view are in demand Activity in bonds means
that capital is confident and seeking investment,
and it also means that securities in general are
moving 10 4 higher market level. with lower in
vestment returns on account Of the growing
prosperity and credit of the companies repre-
sented. Trading in bonds yesterday enor-
NOUS.
In the afternoon dealings bear traders made
renewed attacks upon various issues. including
Tennessee Coal and Iron. in which sharp de-
cline took place. Concessions were made
throughout the list. but the greater number Of
issues showed net gains for the day. many
stocks closing at material improvement over
Wednesdays anal figures. The hard coal stocks
were features. and some OF the cheaper issues
were In excellent demand Total business In
stocks amounted 10 75s,740 shares