New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-27
high Low. Feb. IS Febls Gags. Sales.
THE WEEKS OPERATIONS IN STOCKS

TIE WEEKS OPERATIONS IN STOCkS.
The stock market doubtless will be a genuine
bull affair throughout the year. 1t may pause
at times. and suffer sharp setbacks but in the
end prices probably will seek higher level.
for reasons which must he obvious to everybody.
II Objectionable manipulation. such as that wit
messed last week in American Tobacco stock.
could he eliminated as q market factor il would
be saf 10 predict no important decline In prices
in the current year, and II may be that the
manipulation mentioned Will not exert a serious
influence upon speculation, owing TO the IN
trinsic and basic strength Of the market ana
tho willingness of substantial interests TO pro-
toe, nr,ces against the baneful influence Of un-
scrupuIous market schemes and schemers the
bull activity and good buying and the renewed
public interest noticed on Saturday week ago
did not continue in the week just closed with
that force and vigor which indications led many
people to expect The failure Of hearty puphc
speculative and investment buying TO respond to
the natural conditions in favor OF higher prices
must be ascribed to the fear that the manlpula-
tion IN certain stocks would hurt the general
market and make legitimate speculation dan
gerous If not absolutely certain 10 ie'N.' -
loss.
Such spirit Of caution Is TO be commenced
Naninulation OF the character that has black
ened the reputation Of American Tobacco STOCK
contains elements Of great danger In ordinary
times. or in the corresponding period year or
two ago violent manipulation similar 10 'ha'
exercised in the movements or American ~
bacco stock would have most disturbing ell
feet upon values. Fortunately the present mar
ket and the conditions underlying the mar
ket have been sufficiently strong TO onset tne
influence of manipulation. as far as prices air
concerned but public trading has been represent
and uncertainty and uneasiness nave peeH
aroused In the speculative mind. Sometimes IN
Jury as a result OF aggressive manipulation ue
velons SLOWLY and the work Of the shrewd ana
cunning Tobacco gamblers may therefore YET
ennear as a bear card in the market win
atocks held SO strongly Gy investors and I'M
,or,ant banking interests. and with business
conditions so promising. the harm that manlpu-
lation and thimblerigging may DO cannot now
ever be lasting Moreover. the fact mat ms
line OF 'speculation' is confined To a few STOCKS
I'm which the general public is not Interested
makes the outlook more cheerful than II Wouid
be II the general list were mixed up IN tHe
gambling schemes Of the Tobacco crowd and the
political pool headed by Mr. Croker Inc at
tempt of the political Boss 10 become a factor
in Wall Street is distinct misfortune 80 far
politicians nave suffered lhc ilo9' '"N 49,
appearance Of such element in the street mas
had an unsettling effect upon sentiment
The real important event Of the week in the
investment field was the announcement OF the
plan for the readjustment Of Central Pacihc
affairs and its proposed transfer to the southern
Pacific Company. Perhaps the most Significant
feature Of this transaction--which is already as
sured Of SUCCESSES reflected in the disposition
of the controlling railroad interests In the South-
west to bull. up existing lines rather than 70
create new ones. thus enabling the stockholders
20 receive richer returns on their money whiie
affording the assurance that their investment Is
permanent and secure. The Central Pacific re-
adjustment plan Will increase the intrinsic ana
market value Of the securities Of the roads con-
nected with the scheme. and doubtless it Will
prove 10 be one OF the most comprehensive inan-
c,al establishments in the history Of American
railroads And the controlled roads Of the
Southern Pacific, such the San Antonio and
Aransas Pass. will have their positions i'm
,,enseIv improved as q result Of the plan now
being carried through. Regarding the last
named company. II is interesting TO note that
its per cent bonds have sprung into market
prominence and are being actively absorbed by
innnortant interests. The road. unlike many
roads in Texas, is in splendid physical condi-
ton. and is kept up in equipment and repai N
limos similar 10 those followed by the Southern
Pacific while its earnings irrespective of the
advantages which will accrue from the read
tustment plan. warrant a higher market price
for its per cent general mortgage bonds, which
are guaranteed Internationally by the Southern
Pacific Company Bonds OF this character sell
ing under par shrewd capitalists are picking up,
for IL is generally conceded in banking circles
that The deys of ! per cent bonds under par are
numbered and that in these days Of cheap
money and prosperity per cent bond should
certainly sell above par The San Antonio and
than the per cent bonds Of several other rail-
roads whose bonds are quoted higher. and the
fact that investors are learning more about the
rpad and its prospects under the Central Pacific
plan will carry the price good deal higher be
fore the summer.
The National political situation, barring the
trouble in the Philippines. is satisfactory. The
business situation is increasing in strength and
prosperity The demand for consumption is
growing every day. Money market conditions
are almost perfect far as the money supply
IS concerned A loss I'm surplus reserve or in
cash holdings and a change in rates at this
centre will not reflect any unfavorable develop
ment in the monetary situation. Exports from
this country continue heavy. despite the fact
that this is the season Of the year for reduc-
ton in the export movement. Railroad earnings
show a constant gain in traffic revenues. AS a
matter OF fact the situation Is unprecedented.
Look at the great iron and steel industry, for
instance. II Is an industry which properly is
called the barometer of trade. and in its present