New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-15
BONDS.
rHr DAYS OPERATIONS IN STOCKS.


Current trading In the stock market is made
m IN great part Of professional dealings. IN
which efforts are making 10 establish a lower
range on values. In some stocks active nahlpu-
lation Is at work as in American Tobacco ana
some ~ the industrials while in the standard
railroad issues and industrials OF merit a quiet
accumulation OF shares is going on among sub
s.antial market interests on all reactions. While
values nav reach a lower level before the next
inward move sets in, the market does not look
ike a good sale for more than turn. IL 10
a poor year for selling stocks short ana IN max
Ing operations OF that character al THIS perlou
the fact should he borne IN mind that prices
have receded materially from the high level es-
tahlished in January. while as a rule securities
are in the hands OF people who do not mtend 20
nouidate merely because temporary influences
induce irregularity and duness. Preparations
making 70 finance the Alton deal are factors IN
1he money market at present tending to
strengthen rates and the loss to the banks on
Central Pacific settlement account has a similar
effect but any sustained noteworthy advance
in money quotations is out Of the question at
tine when the country holds more available cash
than ever before in IT'S history
The stock market yesterday again dull
and Irregular with values generally lower at
Tie close Interest not well distributed. a
few issues furnishing the bulk Of the dealings
and a. a rule exhibiting the only Important
price fluctuations. American Tobacco made
further upward Jump on the same kind of deal
irgs that have characterized the stocks move
men;s IN the last month. while the steel and iron
issues were generally firm on a somewhat re-
duced volume II business a. compared with
Mondays transactions Moderate strength In
Pilrlington had a sympathetic influence upon the
r, Il Of the granger shares. which closed al frac-
ti.nal net advances. Peoples Gas was a firm
feature on perhaps the best buying Of the day.
Manhattan was weak; also Northern and Union
Pacific issues, Consolidated Gas and Atchison
The last-narned security Common and pre-
~ferreD was sold by traders on reports that the
forthcoming February statement of earnings
would make poor showing; but on the decline
all offerings were readily taken by the people
VINO already arc large owners Of the companys
securities II would seem q mistake TO liQuidate
Ltchison preferred. Union Pacific preferred. or,
g. fact. any promising railroad preference issue.
In the last hour covering OF shorts caused ad-
Nances throughout but the greater number Of
stocks showed small net Losses for the day
Interest IN the bond market reflects the pres
ence Of investors and careful spectators who
are willing and anxious TO take advantage OF
every fractional recession IA values. Just at
present the new Central PeCfic on per cent
mortgage gold bonds Cwhen issued are attract
ing wide attention while finding ready market
owing TO the assured success OF the readjust-
ment plan and the investment yield OF the issue.
which amounts 10 more than per cent. II may
be OF interest 10 investors TO know that the
principal and interest Of the new Central Pacific
3Rs are. under the readjIstment plan. guaran-
teed by the Southern Pacific company. and that
the bonds secured by a mortgage upon all
the railroads and properties of the Central Pa
chc company. covered by the first Tefunding
mortgage. by all securities hereafter held
in any sinking fund created. and also by a trust
deed upon the lands covered by the mortgage
which secures the land bonds Of the present
Central Pacific company. The income derived
from the sinking fund securities. which amounts
a present 10 $3.50 $50 a year is 10 be applied
3ia per cent issues. When well-secured bonds
Of the 3i2 per cent class be bought at a
price 20 yield over per cent investors are al
ways ready to take them out Of the market and
the manner In which all the bonds Of reOrganized
railway companies and those Of companies which
have refunded their bonded Indebtedness upon
q cheaper basis have been bought by substan-
tial interests is being foowed out In the case
Of the new Central Pacific issues which are the
most recent candidates for popular approval
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BONDS Market Arm, t,.,a,