New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-17
BONDS
THE DAYS OPERATIONS IN STOCKS

The days total If stock market transactions
again averaged more than one million shares
At the opening the usual accumulation Of buy
ing orders carried prices we'll above saturdays
final quotations.. especially in the granger issues
which made noteworthy and decided improve
ment on heavy buying from commission houses
Throughout the day rea"zng sales ana Foreign
selling were heavy and bear traders worKed
diligently for a reaction. but with minor ex-
certions values were vel sustained until the
last hour, while at the close many Of the more
important stocks showed net gains as compared
with last weeks highest figures. In the late
trading however the reactonists were more
successful in depressing prices than at any other
time in several days and in some Of the active
speculative favorites and among the specaltles'
substantial recessions were brought about, as IN
Manhattan. which lost over | per cent AS
Manhattan is earning about per cent on its
stock its present price is fictitious and unwar-
ranted by current earnings. There are doubt
less many stocks that are selling too high ana
there certainly is much overtradng among
overenthusiastic public operators. The result
of such a condition of affairs will not hurt the
actual strength of the market or inJure its
chances Of going much higher in the present
year but 1t will harm many bull operators OF
slender means while perhaps enabling many
shrewder operators who have sold their stocks
TO re-enter the market at cheaper prices 1t is
bull market, but caution at this time may
mean dollars in profits later on
The reactionary tendency in the final deal
ings Influenced many small operators to take
profits thus improving the technical position OF
speculation further decline. in fact, sharp
and decided reaction. would be welcomed IN
Wall Streets conservative circles. 1t would
serve useful purpose in inducing greater eau
ton among the new operators in the street VINO
believe that as long as business continues pros
porous stock values must advance. Values VIII
advance to a higher level and there is no reason
TO expect a season Of declining prices, but those
traders who think that the top level VIII ne
reached without important reactions will doubt
less lose their money. A reaction is due. Penn
svlvania and Panhandle made marked prog
ress toward a higher level in yesterdays mar
ket. and the standard stocks, as rule. were
firm and in active demand Buying Of pan
handle" came from good sources.
In the bond market strong investment ana
speculative demand Is fast absorbing the avalia-
bic floating supply Of attractive issues selling
al or near par. A good part Of the business
daily transacted in bonds is done over the
counter" and the leading bond houses work
ing under pressure TO accommodate the wlde
and varied demand for railroad mortgage is
sues Bonds that promise TO sell much higher
than the best level so far reached are being
taken by people well Informed regarding the
financial condition and prospects OF the com
panies concerned. In this class may be men
toned Duluth and Iron Range os, New orK
Susquehanna and Western general rs. Central
Branch Union Pacific 5s Southern Railway os
Central of Georgia rs and Standard Rope ana
Irvine 6s and incomes The income bonds or
the Standard Rope and Irvine Company. II can
be authoritatively stated. will receive an interest,"
return in the current year, and the general
mortgage 6s selling al SSH may be classed
among the most attractive industrial oonos
on the market The enhancing intrinsic value
Of Southern Railway and Central OF Georgia
issues is too we'll known 10 need discussion
The buying Of these issues reflects their value
Now that the anthracite coal trade IS ENJOYING
q period of growing prosperity, the New YORK
Susouehanna and Western - per cent bonds
selling at 96 promise TO become marked IA
vorites both with investors and spectators
Five per cent bonds of this character selling
under par are destined for much higher prices
and il the earnings OF the Susquehanna road are
studied il will be seen that the company's D
per cent bonds netting more than per cent
are a most attractive purchase,