New-York tribune., 1899-07-14
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was reactlonary part OF the
day under the influence Of sales for Doth ac-
counts. There was however. little important
liquidation beyond profit taking sales, ana IN
the afternoon many Of the early losses were re-
covered while in some cases net gains were
shown. Weakness at the opening was induced
nv seIIin1 based upon the announcement that
tho New-York Life Insurance Company had de-
cided to sell its stocks and to hold In the future
only mortgage issues Renewed rumors OF a pos
sihle strike on the Brooklyn Rapid Transit sys-
tom also served TO depress the sentiment OF
lightweight traders Wall Street always rushes
to hasty conclusions. And in many cases its
conclusions are not warranted by the develop
ment upon which the conclusion Is based Inc
fact that a prominent life insurance company
has decided to sell it's stock holdings does not
imply that all the other companies VIII toilo"
suit nor does it mean that the entire hoidines
Of the company in question Will be thrown OH
the market at once. Traders. however assumed
that not only one company would get out oi
stocks" but that all the companies IN the city
would do the same thing and that their total
holdings-amountng to upward OF S69'oooooo-
would come upon the market without delay
AS a matter Of fact. 1t seems none Of the other
insurance companies has any idea or seHlhs lts
stocks. while the New-York Life does not IN
tend 70 throw its comparatively small stock pos
sessions on the market in day. This statement
is based upon the official reply Of the officers OF
the various companies to inquiries made at their
offices yesterday 1t is understood that the New
York Life will dispose Of its stocks at prVate
sale and that IL will be several years before the
last share leaves the treasury Of the company
The New-York Life Insurance Company VIII
have no trouble in finding buyers for It's STOCKS
htttcr
nreferred for instance, which is as safe as any
mortgage issue in existence. Stocks sucn as
Northwest preferred are hard to buy ana tnere
are many people who would rather hold tnis
narticular issue than a Government bond. The
company will experience no dfhculty IN selnnS
it's st Paul preferred. its pennsylvania STOCK
its Atchison preferred. or its valley Kailroau .
per cent stock guaranteed by the Delaware
Iackawanna and Western. The company GER
tainly has the privilege OF investing lts tunos IN
mortgage issues. only, but there are propaoIy
few other financial institutions which VIII 1ollo"
its course n,
Buying on the decline was good, and In Brook
lvn Rand Transit. which suffered the heaviest
loss among the active issues. the interests lden-
ti6ed with the company were ready TO take
every share offered. Some one Is evidently ex-
tremely anxious to cause strike on the orook-
lyn Rapid Transit lines ana perhaps ine'asnr nc
allv 10 cover at profit large line OF short
stock The so called Gould stocks were actlVe
features, especially Missouri Pachc humors OF
all sorts regarding the Gould railroads are Gil.
culating in the Street, and the fact that none or
them is denied lends color 10 the report or
consolidation Of the Southwestern properties be-
longing to the Gould group. The steel ana iron
stocks were firm features. and OF the cheap
issues Mexican Central again developed great
activity In the afternoon dealings the whole
list became firm, with decided strength In
number Of issues Persistent ouylng OF Nortn-
ern Pacific was a feature. The close was irreg-
uar.
THE DAYS OPERATIONS IN BONDS.