New-York tribune., 1898-01-28

manipulation Is an important factor In stoct
speculation And IL should also be rememberah
that prices have advanced for three days with
out reaction. As far as can be learned m.
public Is not heavily interested In the stock
market. except in the investment departroen,
Substantial speculative interests do not fayo,
the public with the details OF their transactions
but ii Is a self-evident fact that these interest.
are not engaged in creating a market for ths
sole enjoyment OF the outsiders. Having
learned this by experience last fall the publlc
is not so eager to respond 10 the present invita-
ton. There must be limit to the buying n,
bull pools and for this there IL yet hons
for the shorts" who have been 80 severelv
punished in the last three days. Wall Stree,
gossip intimates that number OF importan,
speculative interests went heavily short OF the
market on the Teller silver resolution and tho
recent Cuban developments expecting a heavy
break in prices; but they were upset In their
arrangements by the sudden determination n,
certain other powerful speculative interests 70
send the market higher Business conditions
the money market and a number ~ maturing
developments in the affairs Of large COMPANIES
helped the ast-named interests ~ make a sue
cessful raid against the Shorts. az reflected in
the big appreciation in values since Tuesday
morning
Outside of manipulation and purely speculative
Transactions. there Is z strong demand for 90
curties of merit from investors Including 10
days operations in the bond market. the salos
for the tWenty-Sesen days Of the month ara
larger than in any full month in the history q,
the Stock Exchange. To-day's business In bonds
was heavy. with 4 good inquiry for lcw-priced
issues. Stocks whose prospects are bright for
incre 1seG dividends were IN excellent demand
from legitimate buyers Speculative buying
covered n wide range. and price movements
were in the direction Of higher level in aimos,
every issue traced in NcW-Y0rk Central vas
again the leader in point Of activity and gain
am png the active railroad stocks. the announce.
mcnt IN The Tribune this morning regarding a
probable closer union Of The Central and Lake
Shore properties stimulating a fresh demand
for Central stock. and FOR the stock of an ~ the
s)-callcd VANDERBILT group. Rock Island pas
biz up on the publication of The company's re-.
funding scheme, while all the Granger shares
enjoyed renewed strength and activity. Man
haitian and other Gould stocks were features
The favorable outlook for Missouri Kansas ard
Texas preferred. and lnsid" support. sent the
preferred stock a. its highest price of The year
and throughout the list there the same gen.
eral improvement. In the Indus,riais Sugar Re-
hning was strong and active. Total sales In all
issues amounted TO 5l6.2Jl shares II which
NewYork Central, the leading Grangers Man
haitian. Union Pacific Kansas and Texas pre-
ferred, the Northern Pachcs and sugar Refining
furnished 225OOD shares. London sold
stocks in this market. In view Of the hardening
discount rates at that centre. it's sales of secu-
rites were not surprising. In the late trading
proiit-taking sales were general throughout the
list foreshadOwing, perhaps. the elimination u
the present upward movement The Erie state
ment for December. given our after the close OF
business. showed a net increase OF SlO16l9-a
very favorable exhibit.
Last prices for the principal active stocks
compare with yesterdays final quotations az
follows: