New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-08-25
BONDS.
THE DAYS OPERATIONS IN STOCKS

Tho tome OF Yesterdays securities market was
ono ~ comparative strength the greater putt
NJ the day. but continued proft-takins safes
md hear pressure In certain stocks caused IT.
regularity IN prices At the close sma'l chanses
were shown. net losses predomina'lhs' i"e
material factors in tho situation rennaheu
strong infuences in commission house trhoihs'
orders from this source being moderately heaV'
on the decline and sentiment among customers
confident over the future Of values. In 'he
afternoon the reactionary tendency was more
decided the greater number or stocks shatins
IN the movement and the selling for short ac-
count showing a visible Increase. The extern
s,on OF the short interest in the last two days
furnishes an excellent prop for the active re-
sumption Of the bull campaign. and contn-
uance OF the downward movement a rev points
further would be welcomed by all the conserva-
tive brokers In the Street. while supplying new
life 10 prices and extra inducement for pubic
onerators TO renew and increase their holdings
pevs Of reaction are needed in a bull move
ment and according TO experienced observers
they should he taken advantage OF 10 purchase
stocks II Is bull year.
Manhattan was again the notably weak feat
ure on liquidation and bear pressure SeH'ng
OF Manhattan goes on. despite the fact that
Mr. Sage makes specious promises about the
future value Of the railroad. Mr.. Sage IS
shrewd fnancier. but surface road competition
and poor elevated management have caused
considerable thinking on the part OF investors
in Manhattan stock The Northern Pacific ana
Union Pacific issues we're strong features; also
Chicago and Eastern Illinois, which was taken
in hand by powerful interests who are hrm be-
Nevers In the property. The shorts covered IN
Ponies Gas. which closed l per cent above
Of
steady. and the Changers lost fractions. The
afternoon attack upon values forced small re-
cessions only while the stocks sold were easily
absorbed by strong interests. The chief selling
in the day came from small traders and bear
operators and the result Of their sales left
stocks in stronger and better hands.
The greater number Of people IN Wall Street
speak favorably Of the low-prced stocks. and
II is generally conceded that before the current
bull movement runs its course there VIII be
heavy speculation in securities OF the cheaper
grade This has already been instanced 10
small extent In Chicago Great Western. Amer
lean Cotton Oil. Tennessee Coal. Texas and
Pacific Atchson preferred and Southern Rail
way preferred. In yesterdays market st. Louis
and San Francisco exhibited evidence OF APP
preaching activity. the price OF the common
stock in comparison with that OF the first and
second preferred doubtless recommending It's
purchase. The first and second preferred are In
the dividend list and the market value OF the
common Is altogether out OF proportion TO its
actual worth based upon the companys earn
inss and ability to pay dividends on its prefer
ence issues. ST. Louis and San Francisco com
mon Chicago Great Western and Texas and
Pacific will. 1t is estimated In quarters where
information does not come second-h hand, sell
hcF ha Fall
Standard Rope and Irvine stocks also
active among low-priced issues. while the bonds
OF the company made noteworthy advances on
large transactions.