New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-25
BONDS
THE DAYS OPERATIONS IN STOCKS.

The stock market was again exceedingly
active although total transactions were conslo-
ersbly less than the record breaking dealings on
Monday Enormous realizing sales and bear
pressure caused great irreguarity throughout
the DAY. and In the last hour the entire list de-
clined we'll under the preceding days closing.
Commission houses were heavy sellers Substan-
tiel market interests were prominent buyers. In
fact. the last-named were active in taking stocks
in the greater part OF the day. thus improving
the technical position Of speculation and pre-
pairing the way for further advance in prices.
The bears can enjoy little success In this market,
and II is not unlikely that the shorts will be
forced to do some rapid covering to-day. They
moved this way yesterday in Peoples Gas and
1t is assumed among people who are in posi-
ton TO know the facts hat there will be
further scramble by the bears in this stock
before the end OF its present upward movement.
Peoples Gas paying per cent and earning
more is being handled by the most powerful
market interests In the Street while, irrespective
Of this influence what seems TO be its intrinsic
value apparently entities II to high market
quotations. The persons who are selling stocks
short in expectation that the bull movement is
nearing It's end would better wait for the money
market 10 show signs Of disturbance. And what
Is there in sight 10 cause higher rates for
money?
Speculation is growing heavier in the low
priced shares. as instanced in the dealings in
Chicago Great Western. Erie issues. Ontario and
Western. st. Louis and San Francisco and many
other stocks with promising futures. ST. Louis
and San Francisco common is selling
price far below several other stocks OF
less merit. and too low it is thought.
in comparison with the first and second pre-
ferred issues Of the same company, which are
dividend payers. This road was formerly part
OF the Atchison system. and under It's reorgani-
cation as an independent company II has not
only paid per cent dividends its first pre-
ferred stock. but l per cent on its second pre-
ferred in 1898. and 1t is about TO declare. IL is
understood ! per cent seni-annual for the cur
rent year. The common selling at about "a
presents OF the Inconsistencies for which
stock speculation is noted But this promises for
a time 10 be remedied in the not far distant
future by the overflow Of capital from the
higher-priced shares into the cheaper grade OF
stocks. Speculation must. conditions remaining
favorable. extend TO all parts of the list. and II Is
therefore only question OF time when the
holders OF the low priced stocks Will share in the
profits TO which they are entitled. Total sales.
1.370,S20 shares. against 1872, 1911 on Monday.
Interests concerned in the current activity in
Pan Handle assert. upon what they consider
trustworthy authority that developments are
pending which will prove Of the utmost mpor
lance 10 Par Handle stock as affecting its rela-
tons with the Pennsylvania Company. What
ever the meaning may be OF the advance and
good buying In this stock. II matters little
concerns he present intrinsic worth OF the
property or the assumed earning power Of the
road Pan Handle" is practically Pennsylvania
so far as the last-named companys Western
division is concerned. OF the industrial stocks
United States Leather preferred Is beginning
attrac attention, and II is said in certain we'll
informed circles that a pronounced market
movement will soon be under way in this issue.
The company is doing good business and with
money al its present rate Leather preferred. a
B per cent stock, presents great speculative pos
sbties Any good per cent stock selling
under par is cheap. The dealings In the last
hour Of business were heavy. with bear press
ure throughout the list. Many OF the weaker
speculative accounts were forced out their place
being taken by more important and Weather
operators. Technical considerations alone were
responsible for the decline.
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BoNDs-Market firm. Final