New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-16
BONDS.
THE DAYS OPERATIONS IN BONDS

The stock market continued highly active
with a further tendency toward better prices
In the earlier dealings there was much irregu-
lar;y and continued profit-taking sales in the
more active speculative favorites but in the
afternoon the entire list became moderately
strong. with final quotations at net gains in
the greater number Of issues The stocks which
have recently engaged pronounced activity were
somewhat rcact.Onary under heavy realizing
sales. while attention appeared TO drift more To
the stocks that have not been so animated. The
eo-oalled Vanderbilt group conspicuous
example Of this tendency New-York Central.
Canada Southern omaha and Michigan Central
making striking gains. 1t was reported that
the Vanderbilts would secure the Alton. bat no
confirmation Of the rumor received. In the
late dealings Pan Handle" common rose per
cent on small dealings. In tho industrial list
Federal Steel securities We're active, strong feat
ures on good buying while Tobacco was heavy
and Sugar Refining higher The close
strong with prices near the best of the day.
Indications Of fresh support were given on all
reactions and small traders continued to buy
Jeckessly
The bond market again presented scene OF
great activity, in which the demand for at
trac;ive issues selling under rar marked.
Investors are anxious to secure bonds Of merit
AT comparatively cheap prices, but al the cur
rent rate Of price appreciation the better issues
OF the class selling under par Will soon be num-
bered among the more expensive securities
That the demand for bonds is expanding is
proved by the appearance Of activity in issues
that have long enjoyed comparative rest
reflection of this was noticed yesterday in the
Central Branch Union Pacific first per cents,
which traded in to the extent of Slll,OW,
par value. II may be interesting 10 followers
Of the market and investors who are seeking
safe issues selling under par TO recall the fact
that the Central Branch Union Pacific first
4 per cent bonds. selling at 81. are secured by
mortgage which constitutes a first and only
mortgage lien on the railroad extending from
Atohison to Watervle, in Kansas, formerly
known as the AtchisOn and Pixies Peak Rail-
road and now the Central Branch Union Pa
cifc the capital stock of which is owned by
the Missouri Pacific Railroad. The road never
failed 10 earn its interest charges, ana Tor the
eight months ending August 81 the company
showed a surplus after all charges OF Sl2oS o3.
The more recent earnings OF the ROAD nave peeh
Of character TO impress bond experts FAVOR
ably with this issue, and the Street has appar-
entity just awakened to the fact that this bond
current value presents another eXcellent chahce
for profit All Of the low priced issues are
going higher. and it is not surprising that the
bonds Of the and . per cent variety, now
blow par which net more than and - per
cent on the investment are being widely bought
Missouri Kansas and Texas frsts and seconds
exhibited striking evidence of this Yesterday
The current bull stock market is based in
part upon the cOuntrys trade WIN loreisli ma
tons showing an extraordinary balance In faVor
Of the United States, and record-preaknhs
total as compared with preceding years me
official figures OF foreign trade in November
show an excess of merchandise exports over
imports for the month in value OF 10 b.
against excess a year ago OF S64.3l',6a4 ana
1882 OBS in the preceding month For the
eleven months Of the calendar year the N"Iuc
Of merchandise exports over imports amounts
to S5S7s37O4 against 1888 363.s1s IN ,rd 1he
same time in 1897. Exports IN NoVeiiIpei ~ on
all monthly records. An interesting feature OF
the present export movement is ths increasing
percentage Of manufactured arucles, laIi
H.. % mitch con he gathered from the state
men, OF domestic exports. including breadstuns,
provisions. cotton and mineral OILS. printer oi
TUESDAY and the full statement received yes,
terday The value of the exports just nance as,t
Is $50 $50 321 while the complete s.a aH Irjtb
shows total Of S129 1882. Compared win
November. 1897. general merchandise exports
Increased s131111s7 and agricultural proouoai
alone Increased SO. 33s 500 so that the actuai
increase in manufactured products over NoVgrno
her. 1891 would be close to SlVoooo19W Ua,s, rv
showing is most encouraging TO home ihousry
and the opening up of new markets LOT Ai"e''-
can manufacturers.