New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-14
Fourth assessment paid.
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Transactions in yesterdays stock market were
the heaviest since the Reading panic on Febru-
airy 20. 1893 when total sales reached 143S9ll
shares, of which Reading stock supplied o1',-
055. The dealings yesterday were confined to
stock. in the Reading market Of ls.3
and therefore practically the largest for
any day record. In the early operations
prices doomed. but subsequently enormous real
izing sales and bear pressure in leading specu-
lative favortes caused irregularity, and in some
stocks decided declines Commission house
traders. however, were all on the bull side.
Every body apparently a firm believer In
the story that current transactions are but
mere reflection OF what will be accomplished in
the market this winter. and few operators cared
to assume that the extensive enthusiasm in all
quarters Of the Street might be a good reason
for taking profits. The small dealers laughed at
the suggestion Of a setback. 1t Is as we'll TO
bear in mind in this season Of market buoyancy
that prices cannot go in the same direction all
the time that the substantial spectators have
a habit Of turning paper profits into cash in an
advancing market and that the big bulls may
throw their holdings the market when the
smaller people and the pubic in general have
more stock than they can carry. 1t is n good
time for caution. despite the magnificent indus
trial and financial outlook. And upon set
back due to technical causes it will be a good
time for shreWd buyers 10 come into the market
Those who afford to buy stocks outright
have nothing to fear from technical changes,
and purchases Of this sort made at the current
level Will doubtless show handsome profits
before the winter is over
No better advice can be given investors than
that contained in the letters Of representative
bankers who advise the buying Of railroad
bonds Of merit selling under or slightly above
par. and stocks Of similar character. OF the D
per cent bonds Of attractive outlook, based upon
growing earnings and able management Sus-
Quehanna and Western general mortgage,
Southern Railway rs Central Of Georgia consol
rs, St Louis and Iron Mountain IS, Missouri
Pacific trust IS and Wabash second rs are in de-
mand and highly recommended. OF the per
cents may be mentioned the Atchison general
and adjustment Is. Erie prior Is, Kansas and
Texas first Is. Norfolk and Western consol As
Northern Pacific prior Is. Union Pacific is and
st. Louis and San Francisco Is Investors are
steadily adding to their holdings Of railroad
mortgage issues, while spectators who appre-
ciate the real value Of many bonds as COM
pared with their present market value are i'm
pOrtant factors in the daily large totals OF bond
market transactions. The business in bonds
yesterday was enormous, with dealings dis
trbuted large number of issues, in which
especial activity was noted in the Atchson ad-
justment is and Missouri Kansas and Texas
In stocks Atchson common and preferred
were again leaders. the total sales OF the pre-
ferred amounting to more than the sales Of any
other stock on the list. Manhattan. Union Pa
cific and Northern Pacific issues Missouri Pa
cihc. Missouri, Kansas and Texas preferred
other particularly active features The
whole list, however was animated, and while
the advance made at the opening did not hold
throughout the day, the close showed net gains
in the greater number OF issues. sugar Refining
was a weak feature, and in some of the stocks
In which We-known operators are supposed to
be interested, there was a certain irreguarity
highly suggestive Of important liquidation. \
loss Of per cent In Sugar. 2l2 per cent In To-
bacco 1as per cent in Missouri Pacific and nearly
1 per cent in Metropolitan Street Railway indi-
Gated heavy speculative selling. The close
active, but unsettled under the influence Of
realizing sales Total sales In all stocks 93f, 800
shares.