New-York tribune., 1898-11-15
'Ex dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

A large and weu-distributed volume OF ousi-
ness was transacted in yesterday secuiiueS
markets. In the greater part or the u"y p'loe'
ruled strong despite heavy local ana ioreish
roal7ing eales and II was not until the last
bo,r u,ben the demand decreased, that the
heavy selling pressure made any impression
unon values and then fractional recessions only
were suffered A reaction is due ana Inc mar
ket Will not be injured If temporary substantial
losses are recorded. The factors underlying the
market are certainly strong enough to assure
higher prices for the greater number OF stocks
on the list before the end of the winter but it
is absurd TO believe thai the current bull move
ment based upon the elections Will continue
without interruption. 1t is bull year. but
sharp reactions must be expected. And the real
bull movement Of the fiscal year may not de-
velop until January. over enthusiastic specula-
tors who are banking upon an uninterrupted ad-
vance should bear in mind that bull markets
present occasional opportunities for bear opera
tons and that the meeting Of Congress and a
rossible furry In money rates will cut sharp
slices out OF margins
Investors are picking up many low-priced
issues i'm the belief that their market values are
below intrinsic worth This is especially pro-
nounced in the bond department, where the buy
ing represents the operations Of men who are
not concerned with temporary fluctuations. but
who see in business and political conditions
adequate reason for buying and holding Many
operators consider a number OF the standard
shares high enough If their market value Is
based upon dividend yield. And operators
whose convictions run in this channel are gradu-
ally turning their attention to shares like chi
cago Great Western - Louis and San Fran
cisco and the Southwestern stocks In general.
Wabash preferred. Louisville and Nashville,
Union Pacific. Cleveland. Loran and Wheeling
Pacific Mail Tennessee coal and Standard
Rope and Irvine. The present high priced stocks
Al one time we're in the same class as the issues
Just mentioned.
Investors who hold Manhattan stock should
analyze carefully the companys quarterly state
ment printed elsewhere in this page. The road
not only failed to earn its I per cent dividend.
but its interest charges were not earned 10y
$4,000 Manhattan stock advanced yesterday.
but in doing 50 it presented one Of the curious
features Of stock market trading. which can
only be explained 10y the speculative position Of
the stock and manipulation Manhattan is not
a good purchase for investment Although the
selling pressure heavy throughout the day.
the majority Of shares closed above Saturdays
final figures and in certain issues pronounced
net gains were made. In the railway list Atch-
son preferred was again the feature. The In
dustrials were generally strong. American To-
bacco furnishing The only important exception.
London sales were estimated at from 10000 10
10000 shares half Of which was Atchison com
mon and preferred. Local money rates were
frmer. and the European markets again
higher The foreign money situation is worth
watching.