New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-21
BONDS.
THE DAYS OPERATIONS IN STOCKS.

stock market records were again broken yes
terday Total transactions reached the largest
Sgures for any day in the current bull move
ment, while practically amounting to the big
gest dealings in the history Of the Stock Ex-
change. 1t is customary TO consider the Read
ing market OF February 90 1898. the banner
record for heavy transactions but as on that
day Reading stock supplied over $4,000 shares
Of q total in ali of 1,473,953, the comparison is
neither fair nor accurate, especially as Read
ing is not full stock Wall Street was again in
tensely bullish. and the so-called talent that
from time to time has gone short OF the mar
ket in expectation Of break was wandering
about in the hope Of finding some philanthropist
to advance 1t sufficient funds to return to the
long side again Buying Of the hghpriced
shares was a feature that gave stability and
character TO the days dealings Interest from
important speculative buyers served to create
buoyancy throughout the list while enormous
buying by commission houses reflected no
diminution OF bull enthusiasm on the part OF
the public. The public has money and desires
to speculate. and as long as conditions continue
favorable the bear party may as well remain
In hiding When all the big operators begin to
unload their stocks the bears will have their
turn. Meanwhile temporary reactions only are
expected by the leading market interests
Striking advances in New-York Central and
other standard shares. and in Union Pacific pre-
ferred and stocks Of that character are the
result of merit Union Pacific preferred at its
current price presents OF the most attac-
tive investment purchases the list and the
fact that it is beginning to move toward
higher level creates the impression that 1t will
sell as high as Omaha before many weeks have
gone by The securities Of the Northern and
Union Pacific Railroad companies are destined
for much higher prices. The advance in these
issues represents in great part solid buying
while many persons believe the gain in a stock
OF the class OF Manhattan reflects little beyond
pure speculation and manipulation The re-
ports Of possible local transportation deals and
consultations naturally attracted renewed
speculative attention 10 Manhattan, when
made a maximum advance Of nearly per cent;
but in the case of the standard shares their
investment yield and growing earnings were the
more important considerations affecting senti-
ment and prices In the cheaper class of stocks
Missouri Pacific prominent stropg feat
ure. also Pacific Mail In the industrisls
Leather preferred was active at net gain Of
per cent The Federal Steel securities were
moderately active, and well taken by good
class of buyers People who know something
about the iron and steel business are buying
Federal Steel
In the last half-hour prices reacted from the
best figures Of the day on heavy realizing sales
but throughout the list net gains were re-
corded Manhattan closed ~ per cent under
its highest sale, on proht-takng and bear press
ure. and perhaps on sudden realization by
some holders Of the strange price for stock
that is earning about per cent, and Which
according TO report, is 10 be Increased. In order
10 provide funds TO carry out a rumored con-
templated change in motive power. strength
In the so-called Vanderbilt group was the really
important feature of the day. In bonds there
was a heavy movement Of investment and
speculative capital, and, with the exception OF
November 10. 1898. total sales were the heayiest
! on record. Total sales in stocks were l,212'ooo
| shares against 1,0S9,OOO on January g. the best
/ preceding record OF the year.