The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-12-17
FINANCIAL AND connrnRC1AL.
FRIDAY, Dec. 10.

dealings or the Stock Exchange to-day were
calculated TO convince even the most skeptica
observer OF affairs In Wall street that genuine
bull market is under way. To be sure. the
transactions in stocks were smaller than yester.
day, and they have. in fact, been upon a de-
creaslng scale since Tuesday. Nevertheless
they were unusually large and the dlstribu-
ton and shifting OF the business shows q
growing interest In securities resulting
from increasing satisfaction with all the
factors influencing values. Confidence. which
Is the basis OF every business situation. Is re-
viying and bids fair TO develop TO n degree that
may be characterized as enthusiasm. That,
however. seems to be some distance In
the future. The falling of in activity
during the last two or three days
can naturally be attributed TO the irregu-
larlty In prices resulting from extensive profit
taking by various interests early In the
week. It ia worth noting. however. that
the reaction is confined chiefly to issues In
which there has been extensive speculative
buying and that at the same time in
vestmont securities have not only held
their own. but have advanced materially. While
there was a falling of in the dealings in stocks
to-day. there was an increase OF nearly $1,000
900 par value in the transactions in bonds. cir
cumstahces that indicate a confident feeling on
the part OF investors in tho face OF profit taking
by spectators.
The reaction In the stock list occurred late
in the day. and followed a very strong market
during the first hour or two. when some OF
the highest prices yet recorded were made
for a number OF stocks. notably Brooklyn
Rapid Transit, Federal Steel issues. Denver
and Rio Grande preferred and Union
Pacific preferred. Speculation in Union Pacific
shares was stimulated by prospects that the
company may obtain control OF the Chicago
and Alton Railroad. thus extending its
lines from the Pacific coast at Portland to
Chicago. In spite of the afternoon reaction.
Federal Steel common. which again led the
list In respect to activity. closed TX per cent.
higher than yesterday. The extraordinary
activity In the iron industry and the con-
stantly advancing prices OF iron products
amply account for the strength OF the
market for all OF the shares of the com
panies engaged in producing or manu-
featuring iron. Though the net declines were
largely in excess OF the advances recorded.
none OF them was significant. They were
brought about in the main by market condi-
lions which n few professional operators and
their following were able to emphasize during
the middle OF the day. At the recession buying
orders came into the market and their exc
cution brought about a recovery from the
lowest prices.
Tho professional element will. doubtless, as
heretofore, endeavor to take advantage Of any
enthusiastic buying OF securities. but the re-
actions thus brought about cannot impair tho
value of two or three unprecedented fac
tors In the general business situation. Chief
among these is the fact that the United States.
for the first time In it's history. is now trans
acting an enormous business with its
own capital. Specie payments were resumed
I N rua1y an fNrairp hNrr1urinra orI tLa
development OF our railway system fol-
lowing that event was also largely de-
pendent upon sales Of securities abroad.
Within the last eight or ten years the United
States has been a steady buyer OF American Sc
curities from Europe until the supply from
that quarter seems to be well-niGh exhausted.
Within tho same period exports OF NOR
have increased and ~latterly i'm
ports have decreased. until now Europe is
a borrower Of money in this market to pay for
the necessaries Of life. In spite OF illiberal
legislation affecting the transportation indus
try Of the country and the incompetency OF
many traffic managers. the earnings OF
the railroads are in the main satisfac-
factory. and hardly a week passes that
one or more stocks are not added to the divi-
dend-paying list or dividends increased upon
others. For once Congress is not a disturbing
factor. and the chances of a reagitation
OF the currency question seem to have
been materially diminished by the pros
perity that prevails and by the constant
influx OF gold from practically all quarters OF
the world as well as the increase from our own
mines. The situation in many respects is an
ideal one. and the market for securities indi-
Gates that this view is held by those who own
or control in the aggregate an enormous
amount Of money.
New Yo rk Stock Exchange-sales Dec, 1s
UNITED STATES AND STATE BONDS I'm 81. oo0s),
8 ts5s.o Var deb Gas
1~O6k01O6Al OF 1901. ..... 80
10 Us Is. c. 1p25l2Shl4O Va es d,trs.. 7kO7N
CLOSING PRICES OF UNITED STATES BONDS.
Bid. Asked. Bid. AIked.
IN st2s r. I'm st 4s,c
htpl ofG e9h - 1e25....l2sk 12sA
n 6aa IQO6- IIfp CO q.