New-York tribune., 1901-01-03
BONDS.
THE DAYS OPERATIONS IN STOCKS.
sEx. interest.

Trading in stocks was heavy in volume. while
prices were again strong and higher The gen.
eraI character of business reflected no material
change in sentiment conditions over the hoIi-
day and no decrease in bull enthusiasm regard
sng the future of values. In some quarters
feverishness in speculation was expected Tor a
few davs. incident TO the shifting Of accounts
and bank loans due to interest disbursements
and end of the year adjustments. but the mar
ket as a rule moved along without any trouble
and without sign of coming disturbance. In
vestment buying was IN evidence. The reinvest-
rnent of large mart of the enormous January
disbursements should be a leading feature Of
this months securities markets, especially in
that department OF the market where sound in
vestments may be bought for prices that are
now well under intrinsic worth Cheap and
medium priced shares will doubtless be in de-
rnand this year, because conditions governing
their value are making for further improve
rneaf The bright outlook in business, money
and policies will induce further important deals
Involving railway and industrial corporations
and, as a consequence the market quotations OF
the securities concerned will move higher under
the influence Of speculative and investment
buying.
1t Is believed that the January market will
break records IN point OF activity and in point
OF advance. Big margins,s however, ought to be
provided, as sharp declines are possible and
probable A setback may develop any day. and
preparations TO weather passing storm will do
no harm, while they may prevent big losses
among spectators margins London was a
large buyer I'm yesterdays market Commission
houses were actiNs,-aEld- prominent banking
houses were again buyers OF railroad stocks
Brokers who usually operate for the Nor
gan-Nanderbilt-GOu -Hill-Harriman interests
bought the shares of the coal roads, of the
erangers and Pacific companies. Southern Pa
csfic was taken bv prominent firms and higher
prices were predicted. The Southwestern issues
were in demand, notably St. Louis Southwestern
preferred and Texas and Pacific. a break in
Sugar Refining stock and advance in call
money TO 10 per cent did not hurt the general
market, but closing prices were generally under
the best Of the day. The advance in money ap-
peared to be due TO the demands Of belated bor-
roWere. Sterling exchange was stronger.
While the London market for American stocks
rnent in foreign banking circles, and expectations
that New-York would be called upon early fn
the year TO ship gold to London. Bank clear
ings in this city broke all records yesterday,
amounting 70 the enormous total of S42f ,SO3 2o2
with Sl6,344, 600 balances. The wonderful re-
sources OF the New-York banks and the heavy
financial operations now In progress are reflected
5r these record breaking exchanges. Records OF
this sort induce confidence among investors and
prevent important liquidation in stocks. Selling
yesterday was active for pool account and small
traders but the buying was infinitely better.
The afternoon reaction improved technical con-
dtions.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market steady Final