New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Heavy buying by commission houses charac-
terized the opening dealings in the stock mar
ket In consequence OF this demand first prices
were well above Fridays closing, but the ad-
vance attracted profit taking sales and pro-
nounced efforts by a good class Of brokers to
bring about a reaction The more conservative
stock market interests are anxious to repress
bull enthusiasm for a time, in order that the
money market may have chance TO work to a
stronger basis, far as supplies are concerned.
AS the banks hold less than Ss.VOOOO In sur
plus reserve II is evident that the best interests
of the stock market demand quiet specula-
ton in stocks until reserves have been con-
siderably increased. heavy demand for stock
market accommodation at this juncture would
send money rates higher. and cause unsettle-
ment in December, with calling Of loans incl
dent to January interest and dividend disburse-
ment preparations. 1t appears that patience at
present on the part of the bull element viii be
followed later on in the season by healthful
and active advance in prices.
On January l payments on interest account
will be heavier than at any preceding interest
period in the history of the country. This VIII
be due to the many new stock companies that
are now in the dividend list to the many old
companies that have returned to the dividend
column after years of no returns to stockhold-
ers, and to the increased dividends scheduled to
be paid on January !. An enormous amount or
money will be paid over TO investors. Individual
investors will receive substantial cash pay
ments. while the big corporations that are large
holders Of investment securities will be richer
by millions of dollars AS there is no profit In
boarding money, but many attractive available
OPPORTUNITIES for renvestment, IT Is quite nat
ural to assume that the greater part OF the
January disbursements will find their way into
the stock market Current owners OF securities
securities that have been purchased as a
speculation-expect to market their holdings In
a January rise. And people who are buying now
believe that barring some radical change In the
situation they will be able TO get out OF stocks
at big profits. If the market is held In check
pending the building UP Of bank reserves and
the arrangements for the January payments
there will be little prospect OF bear success In
the first month of the year 1t is not unnatural
that small spectators desire TO get into the
market at once. but unless they are prepared to
buy outright or on big margins they may be
wiped out before the January rise begins.
Specialties are the order in stock speculation
at present This does not reflect broad or
active public demand. but it indicates that there
are many stocks selling below their actual
worth and that many operators are aware OF
the chances presented for making money
When speculation brOadens all Of the cheap IS
sues which possess merit doubtless will enjoy
an active public demand. and it is in expecta-
ton Of this demand that people with ample
means are now buying Issues such as Ameri-
can Lnseed securities Federal Steel. Norfolk
and Western, big Four" Chesapeake and Ohio
the Mexican railroad stocks. Union Pacific the
soft and hard coal stocks, Louisville and Nash
willie, and many others. Standard investment
issues are in fair demand, an instance OF which
was furnished by Pennsylvania Railroad stock
in yesterdays market In well Informed circles
"Big Four" stock Chesapeake and Ohio and
Northern Pacific common are being quietly
bought So far the last named stock Is con
cerned this buying evidently foreshadows that
In 1900 the stock will be upon 4 per cent
/ basis The market was hammered by promi-
nent operator yesterday afternoon, and at the
close there q few more net gains than
/ losses