New-York tribune., 1898-11-11
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Wiki both branches of Congress Republican
the political tension under which Wall Street
has laborei fer many weeks is entirely re-
moved Legitimate influences bearing upon the
real value Of securities should therefore reas-
sert their power as stock market factors, af-
fectng with energy the movement of prices and
insprins enthusiasm among all classes OF mar
ks. operators. The condition OF the money mar
Ist railway earnings and the volume of bust
ness. reflected in bank clearings now have
s.cear track in Wall Street. Whether or not
they viii induce a continued movement Of money
into securities or influence the speculative mind
sufficiently to maintain an active bull specula-
ton are questions that will be answered better
later on in the season, but to judge from yes
tsTGays market the factors named are finding
their proper position as market arguments and
are creating sentiment favorable TO speculative
activity. Wall Street for a long time has ar
sued that the only obstacle to higher prices has
been the election uncertainty. and II is now
establishing record for consistency in putting
into practice ante-election theories that were
based upon expected sound-money victories
The transactions yesterday were heavy and
distributed over large number Of issues. A
good commisson-house demand backed with
active bull speculation and investment buying
advanced prices throughout the list last quo
tstiOns in the greater number of issues showing
substantial net gains. The market was too ac-
tive 10 admit OF detailed discussion Of indi-
vidual stocks. but an accurate idea Of the day s
movements may be formed by reference TO the
regular tables printed in another column. 1t
the most activa market that Wall Street
has experienced since the summer There
neemed 10 be an outburst of speculative en-
thusissm long pent up because OF election un-
certainties and to the uninitiated speoulator, as
We'll a. the old-tmer. prices appeared TO be NOV
ing with an impetus that disaster alone could
check. Of course there will be substantial re-
actions, and the advance may not continue so
long as certain optimists would like. and al
though the prospects for values could hardly
be better small traders should not trust to
shoestring margins to carry them through the
natural setbacks which accompany all bull mar
kets. And small operators should also bear in
mind that there are no philanthroplsts on the
Stock Exchange. and that powerful interests
have bad habit Of buying cheap and selling
dear al the expense Of the so-called public Il
may be early to give advice. as 10 the outsider
the advance has just begun, but a little eau
tion in a bull market IS an excellent pre-
ventive against overconfdence and overspecu-
laron.
Outside Of speculative activity Yesterdays
market indicated a marked revival OF invest
ment interest This pronounced in the
standard shares and in the bond department.
whore tOia. sales amounted including Govern
ment issues. 10 over S1OVJO0pO par value, the
heaviest dealings for any one day on record
Local buying was assisted by good foreign
demand for stocks. and in the first three hours
Of trading advances ran from ! 10 per cent
Near the close heavy proft-taking sales were
!ndulgtd in. but offerings were easily absorbed.
while prices ended near the best figures Of the
day