New-York tribune., 1899-03-13
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPERATIONS IN STOCKS.
Interests Identified with the more important
railway and Industrial companies in this coun-
try are large holders OF the securities OF the
respective companies. and these interests are
too well satisfied with the industrial outlook to
part with their possessions. Purely speculative
operators in stocks whose de illngs at times are
sufficiently powerful to control the market are
buying the stocks OF good companies to sell 10
the public the top wave OF the next DUH
movement while they are also accumulatlhg
doubtful stocks 10 peddle 10 the public at an
opportune time The last-named element Is
quietly working for lower range Of values in
order to get the greatest good out Of the next
inward move The real investors. both indi-
vidual and corporate would not object TO
cbeaner range OF prices. Such decline would
not mark a depreciation in the actual value
~ their holdings while II would make 1t possible
TO add rst-class issues to their long lines at
attractive bargain figures. But the real owners
OF stocks Just named such large holders OF
the various good securities dealt IN on Tue
Stock Exchange that the floating supply aVaH-
able for speculative purposes Is comparatively
small and as a consequence II VIII De pracu-
callv impossible TO bring about an extensive OF
protracted decline In values unless the Ieslu-
r,o,a boIders Of stocks can be made to believe
hat the sooner they liquidate their holdings the
better IT will be for their bank accounts
With extraordinary conditions prevailing III
the industrial world, conditions that mean APP
precIating intrinsic value for securities no CON
servatIve holder OF stocks and bonds OF eoou
r.nu,at,on will be so foolish as to sacrifice his
investments merely because passing influences
r,oduce irregularity and temporary declines in
a,,4f "a q
this CITY. like the life and fire insurance COM
panies are heavy owners OF American raiirodu
stocks and bonds. and they evidently do not IN
tend TO sell In fact. they are constantly adu'hs
70 their possessions. The outlook for the Arnerl-
con investor IS certainly most encouraging'
,,hto tho chances of profit are extremely IA
,ora h,e for the specuatOr who is able TO take
advantage Of the present quotation Level 10 nc
ouire stocks 70 sell later on In the season
Small marginal holders, OF course are not III aS
favorable position as the larger interests "'
cause in n professional market passing fiuctua-
tions are likely to cut off the small trauerS
margins and TO induce condition or ili"u '""'
,eads 70 fear and then TO the liquidation at
loss Of holdings but from all market Hhu''@
.tors & would seem that the weH-pro'ecteu
holder stands in little danger OF loss just aS
,o,,, os no maintains confident bellef IN the
,A,or,. tbot the country's industrial ana imam
,,o, nroqrcss will lead 10 pronounced upWaru
movement before the year Is over
In the money market the professional traue'
.oes the possibility Of developments that may
no used successfully in establishing lower
range of values. 1t Is not unhkey 'na' ''e
money market will become a more important
factor in stock speculation than II mas pesh
,or a long time but ii Is imposslDe u s'e III
~ly.tn
the conditions that underie the market re-"
sonabIe argument for monetary stringehcy. Inc
causos that will probably lead 10 hlgher rates.
or at least prevent quotations from relapS'hs "
the extreme ease so long current are ol 'he
=, encouraging nature Trade, business prog
ross commercial and financial activity VIII De
,,o -,,,,ng factors in the money markets. The
country's business prosperity has only begun
WIN every forward leap industrial activity will
reouire an increased amount OF FUNDS. and with
every increase in the demand for money VIII
,o,re q gain in those conditions upon which is
founded the intrinsic worth OF securities. The
ho,L statements for the week reflected In a loss
,r holdings no adverse developments. When legit-
,u,a,e reouirements of business character are
., no sat,sded the resultant loss TO bank hold
,res "a no catastrophe. The real meaning or a
hatter price for money will be appreciated by
investors and If spectators sell their stochs
because the cOuntryS business ueiHdHus All III
crea sed use OF money. investors VIII stand ready
70 absorb all offerings.
The week Just closed witnessed rev signitcant
movements in the stock market but several
dividend declarations furnished food for careful
thought The fact that nobody outside or the
Insiders knows Of the strength or weakness or
tho American Sugar Refining Company leaves
the declaration Of the usual sugar dividends
Of little moment as an indication OF the invest
mont situation: but the announcements by the
~ paul the Union Pacific and Chicago Indian
anolis and Louisville companies are readily un-
derstood by the investment public as a reflec-
tion Of actual business conditions. The last
named road which is a reorganization Of the old
louisville New-Albany and Chicago. declared a
dividend OF per cent on It's preferred stock. be-
ing the first payment under the reorganization
RANK EXCHANGES AND STOCK SALES.
The bank exchanges OF the New-York Clearing
House and the stocks sold at the New-York Stock
Exchange last week and for the same week Of the
preceding two years compare as follows:
Mar 49, 9, Mar II. Mar H. 90
r,..o,g.. s495 ,Gi s732 22i $40 81 2Ol $40 $50
& srnr.. scld 734 2l3f IT'S 3O9a
GOTER\ NEWT BONDS.