New-York tribune., 1902-01-03
"Ex dividend.
BONDS.
SEX interest.
THE DAYS OPERATIONS IN STOCKS.

The stock market was strong and active
throughout the day. with total dealings amount
ing TO more than one million shares There was
a good demand from investment houses for all
the high grade issues, while the ordinary specu-
lative buying for commission house account was
heavier than recorded in many days Buying
evidently represented in part the reinvestment
of January disbursements. The payments this
year on interest and dividend account are
heavier than in any preceding January in the
history of the country, and, as consequence,
Wall Street looks forward to active demand
from investors for several weeks to come. Per-
sons who are bearishy inclined admit that an
important decline in stocks need not be expected
until the present pressure Of investment buying
is at end 1t should not be expected, how
ever that the market will maintain the active
pace started yesterday every day in the week.
There is every reason, however. for encouraging
expectations the immediate future of prices.
The advances in the more active issues ran
from I to 2 per cent, with larger gains in a
number of issues. The upward movement was
not based on any news development. although
the successful retirement OF the Northern Paci-
fic preferred stock was a factor in creating
cheerful sentiment. Money market rates were
high, but the advance without effect
market values. The heaviest buying in
Erie common, which advanced a point above
Tuesdays final figure with dealings aggregat-
ing over 100000 shares. The preferred Erie
stocks were also extremely active, while Reading
and the rest of the anthracite coal stocks were
leading market features.
OF the high priced coal shares Delaware and
Hudson and Delaware, Lackawanna and West
ern made conspicuous advances. In well in
formed circles the price of 200 is predicted for
Delaware and Hudson. The company made a
splendid record in the last year, while the pros
poets for this year warrant the belief that earn
ines in 1902 viii exceed the total for 1901. Else
where in the railway list important gains were
made by st. Paul, Rock Island, Canadian Pa
cihc Baltimore and Ohio, Atchison. Great
Northern preferred, Hooking Valley. Illinois
Central Iowa Central. Mexican Central, Nor
folk and Western st. Joseph and Grand Island
1st preferred and Southern Pacific. Among the
low priced railway shares there was a good de-
roand for Colorado Southern, Chicago Great
Western. Chesapeake and Ohio, and Mexican
Central.
In the industrial department Of the market the
limited States Steel shares, Sugar Refining and
Amalgamated Copper were the leading active
features There was also good demand for
American Locomotive, American Car and Foun-
dry issues and Pressed Steel Car shares. Buy
ing of the shares of car building companies is
increasing. especially for the account of in
vestors Earnings Of all the companies engaged
In this line of work have been heavy for the last
year, and there is every reason to believe that
their profits in the year will exceed the rec
ords of all preceding years. American Car and
Foundry has enough work under contract to
keep its plants busy for two years TO come. The
railroads throughout the country have more
business than they handle, and they are
forced 70 increase their equipment to an enor-
mons extent In view of the known investment
value of American Car and Foundry preferred
and Pressed Steel Car preferred, current mar
lxet prices of these issues extremely cheap
Par would not be dear for either issue. There
has been good buying in Peoples Gas for the
last few days by people who know that the next
dividend viii be maintained at the current u
per cent rate
Call money ruled at per cent, with excep-
tions at 10 per cent and per cent Borrowers
had no difficulty in securing all the accommo-
dations desired at ruling rates There was
fair demand for time money at unchanged quo
tations The foreign exchange market was
steadier throughout the day, but inactive. In
the foreign money markets the feature of the
dav was the decrease by the Bank OF England in
It's percentage of reserve to liability. The bank
loans increased over $60,000,000. the heaviest
increase ever recorded by that institution. Both
the home and foreign bank returns reflect enor-
mons financial and general business operations.
THE DAYS OPERATIONS IN BONDS.
GOVERNMENT BoNDs.-Market steady. Final
ouotations follow:
hid AskedI Bid. Asked.