The daily morning journal and courier., 1897-12-17
THE PROSPECTS FOR 1898.
The Stock Market-Letter from Boody,
 MnI .allnn & Cn

The Stock Market-Letter from Boody,
 Mcclellan & Co.
 The market indicates a general move ment on the part of the big syndicates and speculative cliques for the purpose of establishing higher prices. The present plan of operation seems to in clude as a speciality the taking up of reorganized properties, particularly the preferred stocks. The persistent buy ing of Northern Pacific preferred seems to indicate a belief that per cent. div idends per annum will be continued from now on.
 There has been large buying to-day of Reading and Atchison first prefer red. The statement put forth in sup port of this buying is that the recent reorganization of properties has been extremely radical and of such a char acter as to prevent any default in in terest obligations in the future. There is probably considerable truth in this assertion and this fact in connection with the great bull card of the imme- diate future, that is the refunding of high price bonds. is likely to give to the market a decidedly bullish charac- ter for some time to come. Unless ac- cidents occur, it would seem reasonably safe to buy stocks for speculative turns.
 The position of the administration is so well understood now in regard to the Cuban question that there is little ap- prehension of trouble from that source The government seems content with its present position in regard to this mat ter by reason of the important conces- sons made to the Cubans by the Span ish government. This position of course is not satisfactory to a minority in the | house, but it is doubtful that the pro- tests of this minority will create any alarm at present. About the only matter to be careful | ly watched in the immediate future is | the money market. At present rates | are low and money abundant but the | banks have only eighteen millions as a surplus, and an important revival in business might very quickly absorb | this amount.
 | There Is one other matter not of i'm | mediate importance, but which may ul- | timately have a bearing upon Ameri- | can commerce and industrial interests |
 | We refer to the growing disposition or | the part of Europe to discriminate against American products. Those higf in authority have already declared that the necessity exists for united effor' on the part of Europe to make war foi f-preservation against the industria progress of the United States. As oul exports, however, relate so largely tt the necessities of life, we do not be lieve that any important consideration need for the present be given to this matter.
 The securities represented by the New York stock exchange have become very easily handled. Investors arr
 eager for everything that may be re garded as safe and which yields ever a moderate return on the investment
 This condition of things can only b disturbed by new issues of very large
 amounts In fact sinking fund oper atons are retiring larger amounts thal
 are added to the list of the we'll knoWl
 securities dealt in at the stock ex
 change.
 There is at present every indication
 that 1898 will furnish an exceptional!
 favorable period for speculative ven
 lures in Wall street.