New-York tribune., 1898-11-29
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The improving public demand for stocks and
bonds is not surprising Evidence that capital
IS moving into dividend paying securities and
accommodating issues whose prospects for divi-
dends in the future are promising multiplies
daily Temporary sethacks in prices. due TO
technical market conditions. will only increase
the pressure Of investment funds. while reac-
tons Of a healthful nature or those brought
about by bear manipulation VIII not dlslodse
the genuine investment-held stocks. Tne ag-
gressive strength that characterized last weeks
market was again in evidence yesterday 80
much So IN fact that the prophets or mis-
fortune began to throw out their danger sig
nails and predicted a rapid downward move
ment throughout the list A substantial reac-
ton would help the market. Although the com
ing meeting OF Congress contains no elements
suitable for bear ammunition. the professional
traders may scent enough uncertainty over
what Congress will or Will not do to influence
some poorly margined holders TO sell their
stocks And the fact that there are many sold
out bulls in the Street may lead to a mildly re-
dictionary market in December. Many opera
tors -ou'd ike to buy stocks at a lower level
in .ation Of a January rise, but from all
indications there is to be no opportunity for the
buying of stocks at a materially lower range
of prices.
Heavy realizing sales took place yesterday.
The bear party worked for declines and many
outsid, interests kept out of the market in the
hope Of reaction. But values obstinately re-
fused to bulge, except in the upward direction
Stocks appeared to lie we'll held, and 1t looked
as If the professional element had lost its In
nuence on the market. London n heavy
buyer. and commission houses had fair
amount Of orders from the country. Probably
the out-of-town business would have been
larger II the storm had not interfered with
telegraphic communication. a number Of highly
encouraging railroad reports, higher prices
abroad and the acceptance by Spain of the
American Peace Commissions terms were fac
tors all in favor Of an upward movement. The
earnings of the ST. Paul company for October
showed a net Increase Of S3OG.G16. and for the
four months of the fiscal year an increase OF
Sj12.4S0 over per cent on the common
stock. a record Of cheerful encouragement for
the holders Of ST. Paul stock and for the hold
ers OF American railroads in general as the
showing made by 81. Paul is only an instance
Of the prosperity of the railroads throughout
the country.
Certain interests in Wall Street whose In
formation on Manhattan Railway affairs is ex-
cellent stated yesterday that the reports con-
Meeting the Nanderbts with Manhattan we're
based purely upon the fact that the company <
new vice president had held Office in Wander
bilt company. and not upon an actual accumu-
lation Of the stock by the Nanderbilts. The
course Of Manhattan stock since Its rally on
the announcement Of the appointment OF Mr..
Skitt indicates no increase in investment buy
ing while the character Of the selling reflects
that number Of people have taken advantage
OF the advance 10 lqudatc holdings acquired
when the stock dropped to %. Manhattan
above o. not earning its dividends. is too high.
no matter what the prospects of the company
may be The coal stocks were strong on the
reported efforts making to improve the trade