New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-19
BONDS
THE DAYS OPERATIONS IN STOCKS.

Tho danger and folly Of selling stocks short In
DAYS Of easy money and business prosperity are
factors which should not be dsregarded IN deal
ing in good stocks in stocks or doupuul
merit or even in bad stocks. Selling a STOCK
short is more attractive 10 many people IMAM
buving for the long account but in times ike
.ho nresent when shrewd operators with I'M
,nense resources are cunning for the bears
and when the public appetite for buying STOCKS
for an advance is well stimulated. snort safes
NAV result in extensive losses. TO the lam
MANY politicians who deal in stocks Word OF
warning may be given. II IS true that Man
haitian is no longer an attractive INVESTMENT
ard viii not be until some radical change is
made in the methods Of management ana mo-
Give mower II is also true that this column
suggested the sale Of Manhattan when II was
ouoted Al much higher figures than at present
and that sales made at the time when this sug-
eeetion was printed resulted in handsome profits
10 those who sold the stock short, while the al
vice prevented substantial losses for many peo-
nile who Inundated their holdings at the prices
then quoted Manhattan has had decline that
,ts decreasing revenues warrant Future loss in
value NAV perhaps come from manipulation
hut il does not seem probable that successful
nanipulation can be carried out in "A market
which is intensely publish" Manipulation can
advance the price Of the stock, and Il IN the
future the company becomes a progressive up
to-date transportation line the Nalue OF the
stock will go higher on its merits
No one is permitted 10 know how much Man
haitian stock certain Tammany leaders possess
or more properly speaking how much stock
they do not possess. OF course. some people
may believe that the demand 10y Tamnany mat
the Manhattan company remove lstf from
Battery Park is solely In the interest OF puDhc
welfare and that stock gambling motives are
NOT behind the recent attacks OF the city al
Ininistration upon the company singular as II
may appear however Wall street r. scepu'ai
about the purity Of Tammanys intentions IL
IS even limited in certain well-informed circles
that some men who are supporting pillars "f
Tammany Hall would Ike TO see Manhattan
stock sell below 100. for at that nsure lneH
could II is said get back at a profit stock which
they have sold short The attacks upon Man
haitian carried its price down over one point,
and at the close il showed only the petty loss
Of three-quarter point Bear traders sold Amer
lean Tobacco stock short last week. In yester-
DAYS market Tobacco advanced LA points.
This column is not bullish ON Tobacco as
an investment but it would not advise any one
10 sell the stock short. OF. for that matter any
stock on the list Bears on Manhattan were not
pleased with the course Of the stock Yesterday.
The way that the bears We're punished in
American Tobacco stock should serve as use
fu warning 10 all opera tors who believe that the
leading interests in the market are not genuine
bulls The whole course Of values yesterday
represented an urgent buying demand from
spectators for a rise, and, TO some extent. gooC
investment purchases. both in bonds ana stocks
The actual volume Of business was heavier thar
on any other half-holiday since the record OF
January p. when III21J shares were dealt IN
With the exception Of a few issues price fuctua
tons were not important. but as rule advances
were recorded throughout the list. The hanl
statement showed a decrease in loans Of more
than s. 100000. and a loss in reserve Of 81 13N
coo. Cash holdings increased 81 10000. due t.
gain II S3634 600 in specie and loss Of
81 493 200 in legal-tender notes. Specie holdings
now amount TO 500 10000
II was officially announced yesterday that the
agreement Of settlement between the Contra
Pacific Railroad Company and the Government
had been closed. This agreement provides fol
the payment in full Of the debt OF the company
principal and interest. amounting TO about
SO OOOH. IN twenty equal half-yearly install
ments. running with , per cent interest the
first to mature August |. 1899 The twenty
notes given by the company % correspond viii
these instalments are TO be secured by equa
amount Of first refunding bonds. which are 10 h'
created under the readjustment plan. which vii
be issued early this week OF the notes men
toned Speyer & CO have taken four and have
paid into the United States Treasury $1,000.
600
The usual weekly table of price changes OF the
more active issues follows: