New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

rb. stock market was strong and active in the
morning and reactionary in the afternoon. the re-
suit Of the days price changes being frac"onai
net losses In the greater number OF Issues Inv
Street continues as aggressvely puihsh Dc a.
any time In the current movement anu uPo
every indication OF reaction new buying appears
while the attempt Of sold-out bulls 10 oePlesS
values meets little, II any. success suooeh
furry In money rates would shake OUT many
weak holders. but the possibility OF a permanent
change In money rates is so remote tnat the
larger interests are little concerned IN 'he 'eii-
vorerv change In quotations that January dis
bursements may effect When call money d.
chicago rules at IL per cent there Is no need
for worry over the amount Of funds In the west.
When a foreign trade statement shows balance
An this country. favor Of S579 1873 for eleven
months Of the year. there should be no discus
sion as TO the strength underlying the money
market The situation is phenomenaly brilliant,
and while technical market conditions and pass
ing influences may afford opportunity for sue
eessful bear pressure and force the liquidation
Of weak accounts. It cannot be said that prices
have reached the best figures that Will be seen
between now and the spring Of the coming year
"A sharp reaction is possible, however, and small
traders should operate with caution.
In the opening dealings the Federal steel
stocks monopolized attention, the common sell
ing as high as IS In the first transactions. and
the preferred at Sis heavy buying from
commission houses and substantial interests
Sugar stock was put higher on an absurd story
TO the effect that the trade war among sugar
refining interests was fictitious, and that aoso-
lutte harmony prevailed in Sugar circles. This
tale was palpable scheme Of manipulators. and
for a time frightened the shorts. but in the late
u,if
list. closing 27s per cent under its best figure
Of the dav All Of the Flower stocks were feat
ures while the Vanderbilt shares and Union Pa
cifc were well taken. The last-named became
active and strong about noon on wen-dehned
report that the much Alton deal would
be completed. with Union Pacific the buyer. 1t
will be good for Alton. and still better for Union
Pacific. II the negotiations result as ntimated
by current rumor. Last prices were at recov-
cries from the lowest, and in some stocks net
gains made.
In the reference that made in this column
yesterday to the Central Branch Union Pacific
Railway. the fact that under the reorganization
the annual fixed charges were reduced to S100,
600 should have been mentioned. Prior 10 the
reorganization the net earnings Gor 1890 were
1898 S34. while the existing bonds. namely. the
Atchisor and Pixies Peak first per cents and
the Central Branch Union Pacific funded per
cents. were, under the reorganization, converted
into new first mortgage per cent bonds. thus
saving in interest charges upward Of $4,000 a
year. In the current year the company earned
IN eight months 10 October 10. a surplus after
all charges OF S120.S03, which furnishes sui-
Gent reason for the current demand for the
bonds. Pittsburg and Western frsts were active
In response TO the notice published yesterday
morning requesting holders 10 deposit their
bonds with ]. p. Morgan & Co., in view Of the
reorganization and for the protection Of the
holders interests in any reorganization that
might be planned. Missouri. Kansas and Texas
issues continued active especially the seconds,
buying Of which was encouraged by the excel
lent statement Of earnings for October The
general bond market exhibits no sign Of imme-
date reaction Of any importance. and, so far as
the attractive investment issues are concerned
there certainly is reason for expecting a
lower level Of values Conditions underlying
the value Of railroad mortgage issues warrant
point of the advance and
there is still wide margin, in the issues selling
under par, between actual and market worth
Whatever reaction these issues may suffer will
come from speculative selling but their future
market quotations will reflect investment buying
and ownership.