New-York tribune., 1899-12-02
RONDS.
THE DAYS OPERATIONS IN STOCKS.

Sock speculation was quiet on an irregular
movement of prices. The advance in the Bank
Of England's discount rate TO & per cent was
resDonsbe for bear pressure at the opening
but the absence of liquidation offset bearish SEN
tjment and sales. while after the first half nour
of trading quotations began to move In the dl-
rection of higher prices. There were no sensa-
tional movements and few features AS rule
transactions were small and of no especial sig
nifcance In Chesapeake and Ohio the effect or
growing Vanderbilt influence in the AFFAIRS or
the road were reflected in a steady buying move
rnent of the stock, and in Federal Steel the pres
ence of substantial buyers was apparent. some
of the cheaper stocks were well Dought parucu-
larly American Linseed issues. which have re-
Gently come into prominence owing TO the TACT
that the company is making big surplus Tor
the common stock in excess of per cent on the
preferred. Northern Pacific issues ana Manhat-
tan were strong. New-York Central rights"
were traded in for the first time at 41sQ512
At the close small net losses outnumbered net
gains.
Dealings in the low priced stocks promise to
increase Candidates for popular approval are
coming to the front quite frequently. and the
outlook encourages the belief that in the course
OF the next few months all OF the cheap stocks
of merit will receive considerable speculative
attention The greater number Of low priced
stocks possess equities whose values greater
than generally known. AS the country con-
tinues to grow in wealth these equities will pre-
sent greater dividend possibilities, and In the
case of many dividends are actually being
earned Norfolk and Western common On
tario and Western and Linseed common present
instances Of dividend earners selling below 80
Ontario and Western earned over per cent last
wear and at its current rate Of earnings 1t ought
TO show per cent this year on its large cap
italization Considerable disappointment Is felt
in the Street because the long promised reclassi-
hcation of the Ontario and Westerns capital
stock has not appeared, but holders MAINTAIN
great faith In the property and In an ultimate
return on their investments. Norfolk and west
ern common is earning per cent, and IT is likely
that a dividend will be paid next year. Ameri-
can Linseed stock which has just advanced from
10 TO 16. is one Of the best 6f the cheap indus
trial stocks on the list.
Instances cited could be supplemented by an
extensive list Of cheap issues which conserVa-
tive buyers are holding for higher prices In
the middle class of stock speculation fancy ap-
pears to be running in the direction of the Pa
cifc issues Baltimore and Ohio, Louisville and
Nashville, Federal Steel, Brooklyn Rapid Tran
sit and Southern Railway preferred IL sloch
operations continue on the present moderate
scale there ought not to be material reactions In
prices in the current month. Some traders are
uneasy over the foreign monetary position,
which they believe will attract gold exports
from the United States. Gold exports will indi-
cate the strength Of financial conditions in this
country and they will reflect foreign loans and
not payments due But the chances do not favor
O ,oovenent Of the precious metal from this
side The money market was comparatively
easy yesterday while sterling exchange was up
In response to higher foreign discounts.