New-York tribune., 1898-11-16
BONDS.
TIE nays OPERATIONS IN STOCKS.


Tho stock market again reflected the presence
y, an active public interest In securities. Deal
yrsre not so heavy as on Monday. and in
,hs hond department transactions were not as
'or s,strjbuted. but there was appreciable
decrease in bull enthusiasm. and little, II any,
-n.osiness over the possible break in peace nego-
,,a,ons at to-days meeting of the Peace Com
,,esions There was, however. an irregularity
q prjce movement that indicated steady real
ting sales and continued selling for the Euro
mean account Neither of the factors named
caused material recessions in values. but they
rrevented gains except in certain issues where
special reasons affected speculation or in issues
where manipulation was actively al work. The
)ow-priced stocks exhibited a growing interest
on The part of the public in this class OF shares
II is noteworthy that many commission houses
are advising their customers TO buy and hold
the cheaper grade of stocks for higher prices
which actual merit and prospects for intrinsic
enhancement seem to warrant From specu-
lative point Of view, the so-called second and
third rate issues appear TO offer attractive op-
1ortunities for profits especially for the trader
Of limited means.
Sugar Refining and American Tobacco moved
under the influence OF manipulation. the first
named losing 2is per cent and Tobacco gaining
nearly as much Weakness in Federal Steel Sc
curities was due TO selling by the same persons
Who sold on Monday on the delivery Of certh-
Gates which called for cash payments Both the
common and preferred stock were regularly
listed Yesterday. The railroad list active,
but price fluctuations were generally small. with
last quotations al insignificant net losses in the
Areater number Of issues. Until the last hour
heavy realizing sales exerted no influence upon
values, beyond causing irregularity and the
pressure Of sales near the close, While causing
general reaction, did not establish a materially
lower level OF quotations. y sale Of Chicago and
Northwestern preferred at its highest price on
record was feature Of the day indicating the
character Of the current investment demand
Manhattan sold down = per cent. but its loss
was not significant or in any way effective in
creating sympathetic movement elsewhere In
the list Manhattans balance-sheet for the com
ranv's last fiscal year is a most unfavorable eX-
hibit. showing a net floating debt Of nearly
100000
Europe continues to defer payments due to this
country on merchandise balance. and at the
same time continues 10 take our staple products
on an enormous scale, as reflected in the month
ly foreign trade statement, which is printed else
where on this page. Should the local money
market become aDnormally active. instant relief
may be secured from the international exchange
market The value Of merchandise exports in
October showed an excess of exports over i'm
ports Of SG631203S against an excess in Sep
tember Of $40 24J4 429 SILICA 500 in October,
1891 and S63 Oi9 261 in 1896. Since January
the balance in favor Of the United States on
merchandise account amounts in value 10 $i6O.
30G S02 against >219 24S IA in the same time In
1891 and S2O7 O22 S6S in 1896. This country is
row lending large amounts Of money in Europe
Foreign money rates are high and European
llukng circles Will exert every influence to pre-
Vent withdrawal Of funds for American ac-
count. bat they cannot prevent a movement Of
iou this way if he metal is actually needed.
just at present there appears no necessity for
drawing upon foreign balances Legitimate
Trade den ands ard stock-marke, activity will
doubtless cause dearer rates here. and al times
sreculators may have margins wiped out by
s'N1- incident to temporary nu~ries in money.
.lf ltl heavy supplies # funds throughout the
,.un.r aud N enormous balance abroad the
c..-ss1 # strins,ncy is prccluded