New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong and active. with
total sales only two thousand shares less than
the record dealings Of January g. Throughout
the greater part OF the day prices moved toward
a higher level and. despite afternoon reac-
ton. net gains, in some cases above / per cent.
were made IN almost every stock in which there
we're dealings Lower discounts in London,
with a reduction by the Bank Of England in It's
official minimum rate. caused a higher market
for American stocks abroad, while on the local
Exchange arbitrage houses reversed their atti-
tude OF the last few days by entering actively
into speculation as buyers Of all the interna-
;ional specalties. The ease in money rates in
London and the weakening tendency at Cont
mental cities should and doubtless Will exer-
else potent influence upon the foreign specula-
tive mind, and lead to renewed buying Of Amer
lean securities. which offer such attractive oppor
tunities for future profits Although the ad-
vancing tendency OF stocks is accompanied by a
daily batch Of fairy tales and silly rumors, the
markets buying power is based upon substan-
tial reasons, and for the benefit OF the pur-
veyors OF senseless stories OF railway consolida-
tons and reports Of similar character it is perth
nent TO remark that actual conditions are strong
enough to advance market values without the
assistance Of the highly entertaining rumors now
being circulated by inspired agents.
Wall Street is adding something to the gayety
Of nations In It's talks of gigantic deals, and In
the astonishing rumors that are constantly COM
ing TO the surface So many reports are being
nut out that II would not be surprising II some
one suggested that the increase in the capital
stock OF the Bay State Gas Company was for
the purpose of acquiring the Alton. or that the
Kansas City, Pttsburg and Gulf was about TO
buy the Pennsylvania. The latest and most alb
surd report regarding the meaning OF the cur
rent activity in Pennsylvania and Burlington Is
IN effect that the Pennsylvania will soon abb
sorb the Burlington. this startling idea coming
from Philadelphia Discussion of this character
and the theorizing Of fertile brains are incidents
Of Wall Street life that do harm to persons
~ sober Judgment, but they may add to the
iesses Of the small traders who are likely TO be-
ieve ANYTHING they hear about STOCK on the
list in period Of bull enthusiasm.
Commission houses were heavy buyers, anu
ali the leading standard shares enjoyed the most
Substantial kind OF support from individual ana
corporate capital The movement Of money INTO
fhe hest investment stocks was rehecleu Dy IN
creased activity in New-fork Centrsl, Will w
disposition Of capital TO acquire the seCuIIIIes y,
companies with brilliant futures was instanceu
IN the Northern and Union Pacific issues: Inc
Granger shares under the lead OF burlington
were strong and active. In the AFTERNOON nedNy
realizing caused a temporary reaction pue d
rally occurred before the close. asslsIeu' ~
doubt by panicky efforts on the part OF the
shorts in Manhattan 10 cover their contracts
There was no particular news regarding thIs
stock hut bull fps were plentiful. In bonds' IN,
vestment buying was heavy. Total safes tle OF
stocks 10S7 600 shares, against o4o'7ooo un
Wednesday and 1,0s9'O0O on January o. INC
heaviest day 81 the current movement