New-York tribune., 1898-11-28
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPERATIONS IN STOCKS.
Extensive taking of profits and successive ef-
forts by bear traders 10 depress securities val
ucs have failed 10 make an appreciable impress
sion upon the market. In view Of the enormous
transactions since the election and the practi-
caNy uninterrupted advance. surprise is ex-
pressed in many quarters because no indication
Of technical weakness has developed. because
heavy realizing and bear pressure have not been
followed by substantial declines in quotations
At the beginning Of the current movement IL
was well known that the great supply of stocks
available for speculative purpose was in strong
hands. in the hands Of interests who accumulat-
"a on the decline following the summers bull
market Il is 70; infreQuenty the case that
after a bull movement has been in progress for
several weeks the chief holders Of stocks are
public traders whose margins are small. but
whose enthusiasm is profuse And ii generally
happens that after this class Of traders secures
the nominal possession Of stocks the big men
who have bought cheap and sold dear man
age 20 get back their stocks at the expense Of
the public trader. who neither has the courage
nor the financial backing 70 withstand the press
IRE Of bear attacks and the inevitable result Of
a market overloaded with weak accounts The
question nov arises concerning the Judgement OF
the vast amount Of stocks marketed since the
beginning e the presen, upward course Of val
uos
In every section Of the market realizing has
been heavy both for foreign and domestic
count. 1t is estimated tha, Europe alone has
sold upward of 10000 shares Of the Atchison
and Northern Pacific Issues in the last two
weeks while it is known that the local sales
power of absorption shown in the current
market has surprised the professional element.
that is accustomed TO see a good-sized reaction
after a few days of advancing values II is
therefore. natural 20 make inquiry 10 the
buyers. and 10 discuss the ability of the present
owners and buyers Of stocks to hold the mar
kot against bear pressure and manipula tions In
the first place. the conclusion must be reached
THAI stocks have been taken by the public out
SIDE of Wall Street and that this public is not
made up Cf weakly margined holders. but Of
substantial interests who are powerful enough
10 control The market in opposition 10 the pro-
fessi0nal spectators who are out Of stocks and
who would like t. acquire new lines at cheaper
prices In the second place. it appears that the
present holders Of stocks confident in the
worth Of their possessions and unwilling TO sell
unless they can be made to believe that the
time has arrived to take profits or that coming
developments may be Of a nature to impair con-
fdence in securities. While the many holders
who do not take profits at this period In the
movement expect that they can buy back at
cheaper prices. the course OF values does not in
dicatc any important recession. When one class
o. holders sells new buyers equally strong
ready 10 take all offerings. 1t is not possible to
state the time when the public demand VII! be
choly
confidence. IT looks as if the public would be the
most important factor in the market through
ont the winter.
The strong probability Of Spain concluding a
peace treaty on lines dictated by the United
States. the heavy volume Of business being
transacted throughout the country, easy money
and enormous foreign credits furnish the basis
for optimism in the stock market. So far this
optimism does not appear to have led TO gen
eral overspeculation or the building UP of ac-
counts that are likely 20 fall at the first indic2-
ton of concerted professional pressure. There
are doubtless some weak accounts in the mar
ket Instances OF overtradng and manipulation;
bu-. taken as whole. speculation IS apparently
made up Of strong accounts held by people
WHO intend 20 make-by a long pull, If neces-
sary-the profits on stocks which actual worth
scems 10 warrant. The proportion % invest
mont interest In current transactions IS heavy.
And the actual buying Of low-priced securities
whose futures are promising. exhibits growing
confidence among men who can afford to hold
non dividend paying stocks for unlimited
period. a relaxation in London money rates in
the week was followed by renewed buying for
foreign account. and local transactions for the
five days kept we'll up 20 the average Of the
preceding week. Prices held we'll IN spite Of
realizing and bear pressure. There were no
important new developments affecting the value
of stocks but reports Of anthracite coal trade
measures 10 improve the business helped the
coal stocks. Sentiment was encouraged by the
efforts making TO heal the insignificant differ
ences among the railroads IN the Northwest
and il was reported that more than one bear on
Northern Pacific stocks appreciated the Wis
dom of covering short contracts. Louisville and
Nashville IS growing more popular. owing TO
dividend prospects: also Atchson preferred,
Southern Railway preferred and the Southwest
ern stocks. notably 81 Louis and san Francisco