New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-15
BONDS.
THE DAYS OPERATIONS IN STOCKS.

A large number of operators took their proAu
in yesterdays market, and bear traders made
further violent efforts to reduce values The
result Of the days business was final price
level, with more net gains than losses. When
the extent Of the selling is taken into considera-
ton 1t will be seen that the markets power OK
absorption is enormous and that those opera
tors who are intent upon depressing prices have
a strong and confident buying movement from
the public with which TO contend AS yet there
is no visible sign that the public speculative
appetite is satisfied. On the other hand, indica-
tions multiply daily that the desire 10 speculate
is extending far and vice, embracing not only
the regular clients Of the Street but large
number of people who hitherto have not dabbled
In stock market trading. To this class OF specu-
latOrs the market is most attractive II knows
that conditions governing the intrinsic value OF
securities sound and promising. and II be-
lieves that market values must therefore ad-
vance without interruption. 1t forgets however.
or perhaps does not know. that market can be
overbought in good times just it can be over
sold in bad times, and that the philanthropisu
OF Wall Street are generous sellers whenever the
unknowing public wishes 10 buy stocks
When the inevitable setback in values comes
the small trader will doubtless be as usual. the
heaviest sufferer But Of this time no heed is
apparently taken at the present II may even
be out Of place TO turn the danger signal now.
for the market has not yet reached a position
Of fictitious values Of senseless speculation.
Actual holders need advice, but the over
enthusiastic small trader would better take
small profits now rather than heavy losses later
on. Investment buying. both in stocks and
bonds. was again feature yesterday. In
tofa1
record made on Tuesday. and in bonds corre-
spending falling off noticed. In both de-
partments. however, there was every indication
Of active buying by the public and, after the
early reaction, by sold-out bulls. The bear
party at present consists Of sod-out bulls
London prices were lower, and foreign houses
sellers for profits in this market The
coal stocks were strong and active on the ad-
vance in coal prices Consolidated Gas stock
was not materially affected by the accident OF
Tuesday night, despite efforts to put 1t lower.
Missouri Pacific, after an early loss, recovered.
advancing to 46l. and closing at net gain Of
rs per cent NJ ssouri, Kansas and Texas pre-
ferred was active and we'll taken on the recess
sion There has been little speculation in Kan
sas and Texas issues in the last year and
their market value is below the actual worth Of
the securities. The preferred stock will be In
the dividend list at no late period and from a
speculative point of view the common stock is
very cheap. Atchison issues active. but
heavily sold for profits. Atchson common at 10
is no nearer dividend than Kansas and Texas
common at II or St. Louis and San Francisco
common at =. In the last hour aggressive
buying movement developed throughout the
list. with especial interest in the so-called Van.
derbilt stocks Lake Shore making the extraordi.
nary advance OF Is points TO 2l5. Federal Steel
securities were strong on heavy dealings.