New-York tribune., 1902-01-01

vanced TO Is per cent, but the-ruling level was
under that point. Higher rates for loans had no
Influence On stock market values as il was gen
! orally believed that conditions causing the ad-
vance IN rates would disappear in the course of
the next week
transactions in stocks IN the year just closed
were heavier than in any preceding year on
record, while more records were made and
broken in the way Of advances and quick de-
clines than ever before known. The bull move
ment that eliminated in the panic OF May in
cluced many days when transactions ran above
2,OOoOOO shares. and two days when total deal
ings were more than 100000 shares Condi-
tions which brought about last years activity
still remain in force. and il is quite generally
believed that another active bull market viii
develop early this year. The adverse factors
Of the last year mostly buried. Their in
nuence on stocks has not been important. Per-
haps the corn crop shortage may be reflected for
a time in railway earnings this year. but the
chances are that the general movement of uer-
chandise will be heavy enough to Offset the loss
in corn traffic influence on railway
ports. Even il earnings do fall off this year the
railroads will not be forced to cut dividends
or go into bankruptcy. Comparison will be made
with record breaking period year ago, with
q period when dividends were earned many
times over. The railroads Of the United States
are in splendid physical and financial condition
Efforts TO disrupt the Northern Securities
Company were expected by the promoters Of
the concern. and as consequence the activity
OF litgious lawyers causing no alarm in
Northern Pacific and Great Northern circles.
Delay in the carrying out of the final settle
ment of the Northwestern railway situat ton is
about all that the few obJectors to the plan may
expect. It is maintained in some quarters OF the
Street that the matter mentioned is still dark
cloud in the speculative sky, but the action Of
the market, the sentiment of important specu-
lative interests and the attitude Of banking
houses reflect supreme confidence in the stock
market outlook. The last year was prosper
Gus one for commission houses. and results
equally good are expected this year. The
Street is not without It's prophets Of evil Dole
fuI utterances regarding the future heard
in unenlightened quarters. but attempts 10
frighten the public away from stocks are not
likely 10 succeed. The bushes outlook for the
year is encouraging. Trade authorities say
that conditions are unusually sound. that there
is no imitation speculation. and that the gen
eral industries Of the country being con-
Quoted on a basis adjusted 20 trade require
meuts. Copper interests have finally arranged
prices in accordance with the demand. Iron
and steel prices at a level that encourages
buyers. and th@ refusal Of the steel men TO raise
prosperity in 1902 Evidence Of prosperity is
found in the fact that companies have orders
for rails for eighteen months ahead. and that
contracts for last August IN many cases have
not yet been delivered
From January until May there was an ex-
traordinary market based on extraordinary
ciIons- factCrs outside the Stock Exchange
prompted unusual financial transactions and
marka Bile railway deals Conditions in the coun-
try ar large warranted huge undertakings that
were reflected in securities operations. as. for
instance. in the advance in Burlington. Union