New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-22
BONDS.
rYr DAYS OPERATIONS IN STOCKS.

Pear traders are gradually finding out that
,osers O, stocks 90 not care 10 part with their
osssssions at the current level OF prices. And
he professional element that formerly was ac-
.rs,ored 70 control market movements is
.,owly but surely realizing the power Of genu-
i,s puhlc support In stock market based upon
sosv money confidence and prosperity The
best reason that be advanced for the fall
u-s q, the market TO decline IS found in the
,,creasinc ownership Of stocks that is. the
hrv,,s outright" Of stocks by large and small
dealers who are confident that the future will
furnish better opportunity for taking profits
than the present furnishes. In yesterday g
market further efforts were made 10 depress
vaIues. but as a rule the more active stocks
snd others that recently have been brought TO
the front closed at substantial net gains as
eonpared With Tuesdays final figures. Evil
dence that stocks are constantly approaching
in intrinsic worth IS furnished by the return. OF
prope-ties 70 the dividend column and in the
urgent demand for the securities Of the recently
reorsanized railroad companies. like Atchison
and Union Pacific. Union Pacific preferred was
placed upon dividend basis last summer.
Atchison preferred received its first dividend
ves,erday-1 per cent-this doubtless TO be fol-
lowed by regular quarterly payments hereafter.
Northern Pacific. Union Pacific. Atchison. three
mighty systems bankrupt in 1898 and all pay
Ing earned dividends In 1S0S-a record of which
holders Of American railroad securities may
well feel proud.
Because the Atchlson directors ala not de-
clare IL 1er cent certain traders sold Atchi-
son securities. but buyers were ready and will
ing to take ali offerings at prices as low as
traders wished to sell. The result Of this at
1t
cent for tire common and IA per cent for the
preferred. Federal Steel securities made fur
Their violent progress toward a higher level.
their advance being accompanied by renewed
predictions that the common would reach %
and the preferred sell at par before January.
It IS said that the iron and steel industry is
50 active that the larger companies are turning
away business owing TO lack Of resources TO
handle IT, This is an encouraging condition Of
sTairs. for activity in iron means activity in
the general industries. according 10 the old
theory that the iron business is the country s
trade barometer. The demand for high grade
bonds and for the sO-called cheaper issues IS
pretty fair reflection 90 trade conditions, and
L Is only necessary 10 point 10 market activity
and bank loans and deposits to convince the
unbelieving that current operations in stocks
ard bonds are based upon something more sub
gtantial than speculative manipulation or fan
cy Central Pacific active feature on
heavy buying, While good demand for Pan
Handle was followed by an advance in that
stock Of rs per cent Evidently there is very
little Pan Handle on the market and the
chances are that the supply Will grow still
smaller. minority holdings are. 1t is thought.
gradually being absorbed by the Pennsylvania
company The roads November report. issued
yesterday. showed q surplus after charges OF
NG3Sl3, an increase over November 1897. OF
1908, and for the eleven months a surplus
sl.l73164
Last-hour trading buoyant broad and
booming Nearly every stock on the list
shared In the upward movement increased
speculative and investment buying being slim
-aied by the continuing ease of money on
ne verge OF the coming holidays and the
PERIOD II heavy interest payments. In addition
70 the stocks already named. Union Pacific. Bal
urore and Ohio, Lake Erie and Western Is
sues, Texas and Pacific. Southern Pacific, In
tefnational Paper, Chicago and Alton and Man
haitian were prominent strong features. Ac-
WHY In Union Pacific, Chicago and Alton and
baltimore and Ohio was helped by reports
which said that the final disposition Of the
Anon company would favorably affect Union
'dclnc and Baltimore and Ohio.