New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-12
-ulgh Low. Dec 10 Dec ch'rs Sales.
THE WEEKS OPERATIONS IN STOCKS.

The demand for railroad bonds last week was
q more important factor in the securities mar
kets than the demand for stocks. and with 'he
execution Of the week ending November -
total sales OF bonds amounted TO the iarees'
figures on record. 1t is not dlficui' TASK ~
determine the reason for such marked actiV"!
in railway mortgage issues There never mas
been a time IN the history or the couhtr! ""e"
railroad bonds offered more a1trac'iveor SAFER
investment than at present why! necsuoe
tho aetna, value OF railroad bonds and their
nroenec.s ror Improvement have never before
,oa, hased unon such substantial business con-
ditions and able railroad management as at
present One OF the more important idCtOiS III
railroad growth in the last year has oeei inc
change IN methods adopted as result Of the
bankruptcies and subsequent reorgahiza'ioiis
fouou,ng the business depression OF several
years ago. Confidence in American railway .
has crown rapidly within the last year. and
that this confidence has not been mlspIaCeu 10
nroved by the dividend assumptions or increases
that are now frequently announced Inc care
IN, MANAGEMENT Of the last few wears has placed
,,e majority Of American railroads in a position
thu. enables the stock and bond holders 70 share
l., tho lsrea current profits. while assurance Is
given the security holders that the legitimate
conditions underlying business Improvements
s,,sran,ee the permarency OF dividend returns
The railroads of the United States have sue
ceeded in making profits for their shareholders
DESPITE the low rates received Tor transpor'a-
ton. and they have mastered the science o'
conducting their operations at lower COSY
without injury TO the property. Fixed charges
have been reduced. and vhe bankrupt properties
Of 1892 have been reorg.inized on the BASIS OF
hard times. TINS insuring-the making or charges
in periods Of depression. while extending 'he
nronise Of enlarged returns to the shareholders
in the DAYS Of prosperity. Another conslnera-
ton affecting the value Of railroad securities Is
found in the growth Of population ana wealth.
in the territory adjacent 10 the roads without
a corresponding increase in railroad mileage
r,,,e II anv. new railroad construction has
been undertaken in the last frye years. ano' as
q consequence. the actual mass If securities has
mot been Increased. while intrinsic value has
baen materially improved Evidence Of railroad
prosperity is found in current earnings IN
creased dividends and heavy investment and
speculative demand for stocks and bonds on
the Stock Exchange and in the open market
this demand being especially pronounced in the
socal,ed cheaper grade of securities comprising
ir great mart the issues OF reoryanized com
panes
The advantage Of buying and per cen
bonds selling under par apparently Is recognized
nv q large number Of capitalists. small invest
ors and speculators. An indication or THIS !:
seen In the current dealings in Issues ike Atom
son adjustment and general As. Central o.
Georgia consol 0s. Chesapeake ana ONO 4'ss
Erie prior As Houston. East,and west IeNas 's
Louisville and Nashville unified as, Misso III
Kansas and Texas As, Missouri Pacihc co'atera
and trust 5s Norfolk and Western consol ~
Northern Pacific general lien IS. New orK' Sus
nuehanna and Western genera! 's' feoi'" al"
Eastern lists, Reading is. ST. Louis anu Na
Francisco a.. St. Louis Southwestern ISIS oa'
Antonio and Arkansas Pass As ana WABASH Aec
ond Is These and other issues are on ''e wa
IN mar. and doubtless they VIII reach 'ha' "sut
&c.. nc o,ber bonds have recently done. notabi
Northern Pacific p.ior As. Union Paclhc -
Southern Railway IS, South Carolina an
Georgia IS and St. Louis and Iron Mountai
general 5s OF the Granger roads Chcaso Urea
Western furnished the most interesting iea'ur
in the week in respect TO dividend announce
rnents its preferred A stock being es'apHshe
unon a per cent basis by the declaration or
sen,i-annual dividend OF per cent. In III
Southwestern group further assurance was give
that Atchison preferred would receive olNloeh
,r January; also that ST. Louis and San FraI
cisco second pTe1erTtu hOulu man "a NN'
&c holders in February. Louisville and Nas'
Vile Is scheduled for a dividend In January an
4, &c thought the coming year Will see NILSSON
Pacific and Missouri, Kansas and Texas pr
terrad IN the dividend column once more.
connection with the St Louis and san fra
cisco an interesting development that VIII az
70 the value OF the company's securities occurr'
in the week when the Sapupa extension OF III
xood 20 Oklahoma CITY was opened.
Actual speculation in the stock market pr
.or,ed a further active demand from the TRAM
n,,hl;c snd IN some cases evidence OF liquidati'
-, suhstsnt,al market interests. 1t was thong
a., so,,a Quarters that the big men were ma
ke,ing their holdings In expectation OF 10"
nricos pending the usual January rise. Out pun
or.erators paid little attention 10 tu"ioi'
uou,da,ion confidently buying and pubhciy
.o.,,,g ,,eir belief that no combination OF spe
u,a.ive forces could cause material ueci'
,,ben stocks were being bought outright al
..oursd nv marginal traders with unlimited Dhl
credit Overenthusiastic traders orten ran III
the error OF believing that good times make
dacline impossible, and they generally lose ti'
r,opov for their belief. Conditions are certain
extraordinary this year. and more stocks ma
heen taken out OF the market than ever Deio
In the history Of the Street but not"lthstah
ing this n decline based on the technical pc
,,on Of the market is not impossible. Perha
n, overloaded condition, which Is inevitably II