New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-03
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPERATIONS IN STOChs.
The stock market last week moved under the
influence OF a renewed public demand for STOCKS
active manipulation in some issues ana pro-
nounced demand for securities from the more
iroportant speculative interests. The fact tnat
money was dear throughout the week oio ho'
repress speculative enthusiasm Nor was there
any uneasiness exhibited over the unexpected
developmcnts at Samoa. Spectators were con-
Adent that the high rates for call money re-
Elected little else than the end or an ACTIVE
money market. and in some quarters II was oe
lieved that manipulation rather than an actuai
scarcity OF lendabe funds was responsible TOT
the frequent furries throughout the week lhere
uere also some observers who thought that the
money market reflected the unwihngness vi
bankers TO accept the new industrial stocks
against loans except at advanced rates ana
dispostion TO check bull speculation that ap-
parently was moving too fast for sa1ety' III
would seem. however that efforts TO subdue the
nresent speculative spirit will not receive mate
rial announcement for the rank and file or
Wall Street and tho country at large apparently
believe that nothing outside of the most eXtraor-
binary adverse developments can interfere with
the rising tide Of prosperity and resultant ad-
vancing market for securities.
Many people who buy stocks on small margins
probably will lose their money in their efforts TO
acquire wealth. for the market promises 10
develop rapid movements in both directions
especially in the industrial stocks and some rail-
road issues that are now selling at nctluous
prices II there is 10 he a big bull market this
snring and summer big fluctuations may be ex-
pected and as a consequence big margins should
he provided Investment buyers of course
question of margin. nor have the buyers VINO
can afford to take stocks out Of the market on
their own capital to hold for an advance. One
If the props Of the current market is found In
this kind OF buying. 1t has been factor Tor
the last six months and II promises 10 remain in
evidence for a long time to come Even the
small operator in many instances has bought
few shares outright instead Of many shares on
margin. and he intends 10 hold his stock until
he can part with IL at a good proht Ana, as
the country's business prospects are so brilliant
he feels assured Of selling his securities in the
current year at record breaking prices To the
man who can take stocks out Of the market the
future Is most promising So far as the specu-
lator on margin is concerned, the outlook is
also bright providing he protects his holdings
with large margins and maintains the courage
Of his convictions throughout temporary set
backs caused by passing influences or by care
fully planned bear attacks.
Ruying Of stocks such as Northwest New
York Central and Union Pacific preferred re-
fleets sound investment and speculative de-
mand based upon solid reasons. There was an
extensive buying movement in these issues last
week and naturally the oft-denied story OF a
Vanderbilt consolidation Of NewYork Central.
Northwest and Union Pacific was revived. 1t
is remarkable that this idea cannot be "downed'
Despite official denials that such consolidation
Is under way the Street continues to express the
utmost confidence in the story. while backing II
with its money. These stocks. however. can be
bought on their merits irrespective of consolida-
ton rumors for they possess actual merit, and
are among the most attractive Of the railroad
investments now Offering New-York Central
will not remain a 4 per cent stock for any length
OF time and Northwest's stockholders will In all
probabi receive larger return their
holdings at no remote period. Regarding North
west the stockholders will not gain any material
advantage from consolidation with New-York
Central. but the stockholders in the last-ramed
company will do Last year Northwest
earned an amount equivalent TO 10 per cent on
the preferred and per cent on the common. and
the benefit Of exchanging stocks Of this char
acter for collateral 81 per cent bond, as sug-
gested in the reported consolidation scheme, does
not appear altogether clear.
The cheap stocks doubtless will share in the
upward movement that now seems inevita BILE.
and II is likely that many OF the issues that
have scarcely been noticed in many months will
make records before the summer Of 1899 is over.
The greater number Of low priced stocks pos
sess equities whose values greater than gen.
orally known. When the speculative excitement
in the high priced shares runs It's course these
equities will appeal more strongly TO the specu-
lative mind, and II is therefore reasonable to
poet an active speculation in stocks such
Atchison common ST Louis and San Francisco
common Des Mones and Fort Dodge. Missouri.
Kansas and Texas issues. Wabash preferred.
Chicago Great Western Texas and Pacific Land
Trust Southern Railway common Chesapeake
and Ohio and. in the industrals. American Cot
ton OIL and Standard Rope and Irvine All Of
the stocks named have great possibilities, and
~ the country continues 10 grow In wealth and
population dividends Will certainly be paid upon
certain stocks which two years ago were con-
eidered as almost worthless. 1t looks as II the
CHEAP stocks OF the Southwestern railroads
would receive active speculative attention In the
current spring reflection Of which has already
been shown in a quiet absorption Of ST. Louis
and San Francisco. increased dealings in st.
Louis Southwestern, and well-guarded tips 10
buy Kansas and Texas common and preferred.
The roads in the Southwest are ably managed.
and their earnings for the last year have been
IA The nopulation and indus-