New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-13
THE DAYS OPERATIONS IN STOCKS

The securities market was strong. active and
buoyant with marked advances IN many issues
and enormous dealings throughout the list Of
stocks and bonds. The fact that realizing sales
were heavy. and selling by substantial holders
excessive. had no restraining influence upon the
smaller traders who were enthusiastic buyers
on the advance. did the mass OF selling
orders that came upon the market make any
noteworthy impression upon values. 1t was n
bull day Everybody optimistic and APP
narently willing 10 buy stocks on the confident
belief that prices would continue to move higher
for weeks and even months. to come. In the
mast an excess Of enthusiasm in Wall Street &C
companying a market like that OF yesterday
has not infrequently marked the end Of a bull
movement Bat conditions are different this
wear and presidents cannot be applied to the
current market The day will come. however,
when technical market conditions Will cause n
sharp decline in values. and at the present level.
with record OF six weeks OF practically un-
interrupted advances II requires considerable
courage to buy stocks on the theory that set
back is not yet In sight.
II the activity current yesterday continues FOR
any length OF time. the money market may be
come a potent factor in disturbing the accounts
OF the small marginal traders. who Insist that
n downward trend Of values is an impossbity
Not that there will be an actual dearth or
money, but because the requirements by the
banks incident to the heavy January interest
and dividend disbursements will cause greater
discrimination in stock market loans. and pos
sibly reimbursement OF loans that may be
followed by a temporary furry In money rates.
There are times when some operators IN STOCKS
are forced to sell. and the money market may
cause this forced liquidation before January.
OF course. there Is little possibility OF high rates
for money beyond spasmodic furries, for the
supply of funds In the country was never larger
and the credits abroad on foreign trade ac-
count were never heavier For investors In
stocks for people who can buy securities out
right, the situation presents nothing but prom
ise but for the marginal trader Of slender means
certain factors in the influences now controlling
speculation should suggest caution.
The best feature Of Yesterdays market and
of the market in the last few weeks was the
actual buying Of stocks and bonds for invest
mcnt account. De alings in bonds were again
extensive especially in the issues selling under
par. In stocks speculation was well distributed.
with a good demand for the standard issues
and those whose prospects are uncommonly
encouraging. or the latter class may be
10 above 30 and furnished the heaviest deal
ngs In the list; Chicago. Great Western pre-
ferred A. General Electric. Louisville and Nash
Vile, Missouri Pacific. Kansas and Texas pre-
ferred Norfolk and Western preferred. North
crn Pacific issues, Southern Railway preferred,
Tennessee Coal and Iron. Union Pacific issues
and Wabash preferred In addition to the in
SEPARATION afforded by the bull remarks and in
terviews from well-known speculative sources
traders had the encouragement OF foreign buy
ing the signing OF the peace treaty. and long
list Of extremely favorable railroad earnings
upon which to base their purchases for the
long account. The movements OF stocks In
general can be accurately Judged from the
regular detailed tables printed elsewhere on
this page. The close was buoyant. with prices
generally at top quotations. Sugar Refining
alone presenting notable weakness. This stock,
however is Independent Of the rest Of the list.
and furnishes basis for market judgment.
Total dealings amounted to nearly 100000
shares, the largest transactions for any one day
since September 81, 1897.