New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-05
THE WEEKS OPERATIONS IN SToChS'

,,,,,, v.rcK.s OPERATIONS IN STOCKS.
The operations in the securities ii'a'Ne' '
week reflected the presence OF d IAN -"
,.o.,, .o- stocks and bonds. but a reduced IN
curry from public spectators TOT ''e "',' go
,ssres whose prospects based upon actual worm
are promising Realizing sales were hea''
t,r,uehout the week. and bear operators eN-
limited renewed and at times savage acuN-
CIV lint the force Of the buying pressure lroii'
,,.,..ors nreventea material reactions. Whlle
,he refusal Of genuine holders TO sell maze I'M
,,or,a,t declines impossible. Arguments teho-
,rc 20 nrove that stock market values have ell
tovad an advance beyond that warranted oy
ac,uo1 conditions are regularly made by the
boar element every day. but according 10 ''e
huus the force of this discussion loses us power
because the arguments fail TO credit the uh-
usual conditions prevailing and the uhpre'e-
dants1 prospects FOR the future. 1t is true 'ha'
the market has made a substantial ADVANCE ""'
the favorable conditions underlying 'he "'
proye ment are something more than eNlue"'e
Of temporary business growth and expansion
while the character Of the buying apparently
&c not OF the kind that can be turned INTO Iqu'-
dation on every appearance of bear manipula-
,io, From all Indications such as can De
gathered from the business Of the larger coih-
mission houses the available floating supply Oh
stocks is growing less every day. owing 10
demand from wealthy people. who are lncreas-
ing their investments or buying to hoId 1or 'he
nroA,s which they believe will he possible be-
fore the end Of the current fiscal year. lhis
class OF buyers does not expect material reac-
ton. but If hve-pont break should develop
its holdings would not be disturbed
IN 20
lative situation the Street is divided over the
immediate outlook for values But the Street
is unanimous in believing that the current rs
cal year will see prices higher than the highest
ever reached In the present movement While
there has been strong buying by wealthy peo-
ME and while all material Indications point to
further Improvement. the current level Of values
may measure the extent 10 which investors are
willing 10 buy. If the good demand for stocks
suddenly ceases the chances Of bear operators
reducing values will be improved and there are
not a few people in the Street who look FOR
temporary withdrawal Of investment buying and
substantial support. and, as a consequence
readjustment of values 10 a lower level lndi-
cations which impress many people with the
idea that reaction is at hand are reflected In
the reduced volume OF business in the standard
shares and increased activity and enthusiasm
in the "specialtes" Then a lighter demand
from commission houses is presented by some
observers as conclusive evidence that the end
Of the bull movement is at hand. 1t should be
observed. however. that while many people are
out Of stocks and waiting for a reaction; while
q powerful bear party is endeavoring to depress
prices offerings are freely taken. and IN many
cases operators who want lower values are
forced TO buy back their holdings at higher
quotations. From the bull point Of view the
situation Is so extraordinary that the present
market cannot be judged by the usual stand
ard Of speculative procedure. The bulls point
70 the willingness Of capital 70 move into Sc
curities. despite the advance already made. and
they contend that the expectation OF an indus
trial revival unparalleled IN the history OF the
country Is sufficient excuse for maintaining a
strong position on the long side of the market
Investors are probably not much concerned
over the immediate course Of values. Their
holdings represent great intrinsic worth. and
the current ordinary records OF business growth
show the strong foundation upon which con-
fdence In the future OF values is based. Note
the comparison Of railroad earnings and bank
clearings with past years. and then consider
whether or not the intrinsic value Of securities
does not warrant the advances made in market
quotations. In November the bank clearings
VI Ni!e country amounted 10 sos 10 i34. doc. the
largest total for any month record, while for
the eleven months ended November 30 the total
reached figures unsurpassed for the correspond
Ing period OF any preceding year Stocks have
been bought by people who know something
about their intrinsic worth
Louisville and Nashville was bought in the
week by prominent banking interests who know
something about the companys dividend pros
poets. Pacific Mail was bought because It's
October statement showed splendid record OF
Improvement. And the same reasons apply TO
about every attractive stock on the list The
October reports for railroads in 1897 exhibited
marked Improvement over 1895; but look at
the earnings FOR October. 1898, St. Paul gave
an increase in net earnings over 1897 OF SO6 677;
Burlington. S19S518: Atchison. S227 437: Union
Pacific. 1907. and Louisville and Nash willie,
&l9294l. Statements Of this character are suf-
hc!ent inducement TO attract good buying of
American railroad securities.