New-York tribune., 1899-12-29
BONDS.
THE DAYS OPERATIONS IN STOCKS.


The stock market was supported by good
class OF buying yesterday. and throughout tne
greater part OF the session prices exhioiteu
.rorg,b with many substantial net advances
at the close In the early dealings traders SOLO
an tho theory that the rally had gone too far
but the absence Of liquidation and the retusal oi
nr,oes ~ respond 10 bear pressure made snort
sale. unavoidable which in turn induced
ranid covering movement and sharp advances
The shorts were punished in the traction shares
and in other active issues. Perhaps the uruo-
hing received by the bears In Brooklyn faP'u
Transit and Metropolitan was foreruhher Vi
the treatment that may be administered 10 'he
shorts in the January market. 1t should serve
at least TO impress upon the bear eienlehI 'he
danger OF continued short selling after iohs
neriod Of liquidation, and at a time when s'ochS
are In the hands OF capitalists who are hoiulhs
securities in the confident belief OF higher prices
The recovery in stocks from the low leVei Inaue
q week ago runs from five to ten points ana
reaction from Yesterdays best figures is quite
probable but. barring radical change III tue
local and foreign situation. the present tendency
OF the market toward a better quotation leFei
should run on for some time to come Possible
hesitancy irregularity and reactions in the hrs'
week in January will not necessarily indicate
the last half hour reactions from the best prices
of the day took place. but the majority OF issues
showed final net gains.
Operations in the last week have placed many
new names the transfer books or railway
and Industrial corporations. Buying OF Odd lots
dots less than a hundred shares has been
feature and ii is now quite common TOT COM
mission houses 10 receive investment ORDERS
for five and ten shares from people who woulo
rather buy this amount outright than risk their
small capital in marginal transactions. Inc
significance Of this kind OF buying is apparent
And to the enthusiastic bear It ought, in con-
nection with the known large investment puT-
chases Of rich traders 10 serve as warning
and a caution Stocks that are bought ana
taken out OF the Street reduce the supply avaia-
bic for speculative purposes and In cohse-
ouence curtail the opportunities for covering
short contract at profits. Ihe dendhu loi
stocks Is likely soon to exceed the supply, and
In this case the people who are long OF STOCKS
or own them outright will be able to get their
own price IL they wish to sell. A large proper
ton Of the small investors who have been buy
ing stocks at bargain levels have no intention
Of selling. They have bought for permanent in
vestment Good stocks are not in the abundant
supply that bear traders imagine, and unless
version of securities into cash necessary the
professional bear operator will not have cheer
full prospect in the new year
Strictly speculative buying for public account
is not heavy, but advancing prices are a potent
influence in attracting outside speculation. A
steady advance may be accepted as an indica-
ton Of greater harmony among the gas. copper
sugar and traction interests. and with harmony
among the leaders the file will not hesitate
long The cheaper railroad and industrial Is
sues are being absorbed by good class or buy
ers on the dividend prospects Of the companies
Stocks such as Norfolk and Western common
ontario and Western. Union Pacific common
American Linseed and Federal Steel are in gooC
demand Norfolk and Western will show abou
! per cent on it's common stock this year. on
tarto and Western is earning at the rate OF
per cent on its large capitalization. Union Pa
cihc common is earning more than = per cent
Linseed common is earning according TO I'M
MANAGEMENT OF the company, a substantial divi
dend, while Federal Steel will be a regular pc
cent stock in 1900. There are many other chea
securities equally as attractive.
THE DAYS OPERATIONS IN BONDS.