The daily morning journal and courier., 1898-01-07
CAREFUL REVIEW
Of the Stock Market by Boody, McLel-
 Ian & Co

Ian & Co.
 Boody, Mcclellan & Co. yesterday sent out the following conservative review of the market: sg
 The new year opens with considerable confidence in the business world. The clearing house statements of the asso- ciated bankers show an encouraging expansion of business during the last year, The west is more prosperous than at any time since 1890. The south has raised an unusually large cotton crop, but the price is very low and that sec ton of the country is not as cheerful as the west
 In Wall street the conditions are mixed. There are two important fac tors on the bull side whose influence will be continuous and powerful for some time. We refer toithe refunding operations now under way and to the fact that the syndicates representing the congratulations of important roads are still identified with those properties. They must continue to be, identified with them for a long time to come,
 These syndicates represent great az gregations of capital and their opera tions must continue, to be important factors in the market On the other hand, the fact remains that the stock market as whole has had an import ant rise during the last twelve months. It has probably diseounted all the frn- provement that has thus far taken place but when the tendency of the market | becomes decidedly in one direction ex- I treme prices are likely to be witnessed, no matter whether the tendency be up | or down.
 | There is another factor to be taken 1 into consideration, namely, the price of | wheat is not likely to rule so high the 1 present year as during the last It is pretty we'll understood already that 1 larger crops are likely to be produced | in India, Australia and South America, 1 Should this expectation be realized the granger roads will not command the exceptionally large, traffic from this source that they have enjoyed during the year just closed,
 | Again, it must be noted that notwith- standing the good business west. the great lines of traffic already acknowl- edge a deplorable condition of rate cut ting. It is believed in railroad circles that the only cure for this evil is an act of congress permitting the pooling of earnings. Should congress pass this act we believe it might prove the stim- ulation of new upward movement in prices. There is another consideration that must not be overlooked in any careful view of general business and Wall street affairs. We refer to the possi- bility of war between European ma | tions Should such an event occur, un- less it should result in great waste Of capital and consequent high rates for money, it might not be harmful to the material interests of this country.
 Yet, on the whole. we believe that ad- vantages of this kind should not be largely counted upon in taking an opti- mistic view of the market. Peace is the blessing which produces lasting pros perity.
 Whatever may be the result of the special influences which we have men, tioned, we believe that 1898 will con- tnue in a larger degree the activity commenced in 1896 The market may huctuate under the influence of the day
 but the period of stagnation has been broken It will do to buy stocks under any material decline and they should be sold on the booms that will undoubt- edly occur. Confident but conservative action ought to make this money making year in Wall street.