New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-17
SEX dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The volume of business was small in yester-
days market and the price movement was IT.
regular Bear traders were inclined to be more
active. owing to the absence OF public buying,
but the general course of values did not reflect
important selling. Stocks cheap at the cur
rent level, and holders not willing to sell
Early prices firm, and for time traders
We're active the bull side, but the failure of
commission houses to come into the market led
20 renewed operations for the short account, in
the course of which quotations became heavy
and moved fractionally lower. mild rally took
place before the close, but as a rule, final
changes showed small net declines.
While the general public is not active
factor in current speculation, interests which
appreciate the strong industrial position of the
United States are quietly absorbing securities.
The earning power of the railroads in the South
IS gradually becoming more fully appreciated
and the buying Of Southern railroad and South
western railroad stocks by excellent class of
investors is a feature of the present market.
And In the industrial list there is ample evil
dence that the good stocks going into in
vestors' boxes People who realize the earning
power Of the Federal Steel Company, the Amer
lean Steel Hoop Company and other conserva-
lively managed steel companies are accumulat-
ing the securities of the various concerns. in the
confident expectation Of higher prices and steady
investment returns. The bear attack on United
States Rubber stock has not deprecated the
value OF Rubber securities as investments, nor
has the report that Pacific Mail will pass its
dividend injured the investment value of Pacific
Mall stock Industrial prosperity has not been
checked and there are indications in the
business outlook that the current year will show
any noteworthy falling off in business profits
from the prosperous season of 1899.
Railroad earnings increased in January about
20 per cent over the record Of January, 1893
and in the first week of February about is per
cent. The gains have been due to continued
heavy traffic and higher transportation rates.
1t is not at all likely, as some bears suggest
that the big increase in gross earnings will be
swallowed up in operating expenses. and that
net returns in 1900 will show poor results. Con-
tinued efforts Of the professional element on the
Stock Exchange to bring about an important re-
action naturally suggest the wisdom of taking
profits when in sight, but they do not warrant
investment liquidation pessimism over the
future of values. The most conservative in
terests In the Street believe that the current
year will see higher prices than the best prices
recorded in 1899, but they advise the small
trader ito "sen on the jumps and buy on the
slumps" In yesterdays market traders were
uneasy because OF the probable bad showing
that will be made in to-day's bank statement
The banks have doubtless lost money in the
week, but their reserves still heavy, and
there is money stringency in sight. The pas
sage Of the Senate Currency bill and the Englist
success at Kimberley had no effect upon loca
prices in yesterdays market. The market CLOSED
dull and steady.
THE DAYS OPERATIONS IN BONDS.