The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-06
51rAroIlI AND oo~Arno11L.
SATURDAY. Feb. s

The Developments In the market for securities
dnoo the FIRST OF tho year have manifestlJ
disconnected professional operators on the
Stock Exchange. Tho Investment demand
for both stocks and bonds, particularly
the latter, has surpassed nl records, and
It shows no signs Of abatement. Tho large
amount OF money seeking Investment and
the refunding schemes that have been
announced, and In many cases accom-
plishod, have lod investors to accept lower
rates Of interest than thoy have hereto
fore obtained. In consequences there has been q
phenomenal demand for interest and dividend
paying securities OF all KINDS. Within the
last few months an extraordinary reduction
in the hxed charges or important rail-
way systen,s has been erected. a logi'
cal sequence Ia higher prices Tor sccur'
tiles that will yield 3 or GIG v cent on tho
amount OF money invested ana an increasing de-
mand for non'interest and non-dividend paying
securities in expectation OF an advance In prices
that will take the place OF hxod income.
Tho influence OF the money market upon val
ues does not seem to DO fully appreciated by tho
purely speculative clement In the stock market,
for many who make up that contingent fail 10
appreciate that the market 10 more nearly q
natural one than they have witnessed In many
years. transactions In stocks OF nearly half O
million shares q day and in bonds OF
over $o.OOO,OOo par value arc not largely
tho result OF manipulation as they wero
some years ago, when half q dozen operators
with the resources OF vanderbilt, dould, Wocr-
ishofer. and others wero active In the market.
As Q matter OF fact there ore no operators OF
approximate magnitude In the market to-day.
Besides, certain interests that are known to
DO largely interested In various impor'
tsnt corporations arc neither adding TO nor
diminishing their holdings. The statement can
therefore. DO made without rear OF contradic-
tion and In race OF COMPLAINTS oy unenterpris-
ing ana impecunious brokers. that the pubic Is
In the market, and that the market Is an un-
usually natural one. 1t Is no longer a &C.
cret In Wall street mat operators VINO nave
eudesvored to shape the course OF prices during
tho last rev weeks nave not succeeuea IN ooing
80. They have tried, apparently. 10 make nue.
tuations conform TO their preconcoiVed notions
OF the market. but changes In circumstances
ahecting values and IN the temper OF investors
have thwarted their programme.
The deaiinge to-day were on a tairly large
scale, with u, b. and quincy leading IN respect
to activity ana also scoring the great
est net advance. other noteworthy move
ments were In Pennsylvania Haiiroad' General
Electric, sugar henhing, ana metropoltan
Railway. Tho last named sold at the highest
price 1t has yet touched. of the less active
stocks r., C' I. ana 81. LOUIS common
was most conspicuous, at q net advance OF
IL y cent. Tho stocks OF all the trans
portation companies operating IN tho middle
Western States were strong and Lake Eric and
Western preferred closed ga v cent higher
than yesterday. Tho advance in C.. b.
and Quincy was accompanied by a re-
vival OF the report that the company has
cold $30,ooo.OOo or ZIG " cent. reminding
bonds to a bankers syndicate. III this transac'
tion has not been made. 1t certainly is only
Q question OF time when the company will
follow tho Lake Shore, New York Central,
a.n,o. ~ rad,,oina to rY"a nharao. Th.
.avanca in GeneraI Electric "a exnlained nv The
increasing demand for electrical appliances,
particularly from transportation companies.