New-York tribune., 1902-01-22
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading again confined to
the operations of the professional element.
Prices moved within narrow limits with final
changes showing few more small net losses
than gains. Commission house business was
light substantial speculative interests were not
actively identife6 with the days operations and
investors dealings were confined in great part
to the bond department. Bonds have been
bought by investors in the last two weeks. The
movement Of the January interest and dividend
funds has been so far wholly in railway mort
gage issues but it is not unreasonable to be-
lieve that the share list will also enjoy the In
iuence of active investment buying before many
weeks go by. The theory that prices for stocks
are too high has been carefully nursed in GER
tain parts of Wal. Street, and a consequence
many people with idle funds waiting for the
reduction in values that the pessimists pre-
dict II is disappointing work waiting for
cruubling stock market when the props under
the market show evidence of decay
Holders of securities satisfied to hold their
possessions at current prices Interests that are
carrying large supplies of stocks in the expecta-
ton of distributing them at higher prices GER
tainly will not dispose of their accounts at a
time when all indications in the business world
point toward active prosperous year in the
country's Industries. The Western speculative
clique, composed of some notorious operators, is
exerting every effort to demoraize investment
and speculative sentiment, but success does not
appear to its efforts 1t is true that prices
sell off under the influence of bear pressure. as
instanced in the last fortnight. This pressure,
however. has not brought investment selling.
and it has not weakened t-e natural and intrinsic
strength of the investment situation. The fact
that securities not held to any extent by a
weak speculative public supplies strong argu-
nent for cautionin selling short at current prices.
Just at present bear traders are worrying over
the legal attempts to disrupt the Northern Sc
curities Company. If the best legal opinion in
the country counts for anything, the Northern
Securities Company will not be overthrown by
the overzealous authorities of certain Western
States. Securities. a rule, are attractive pur-
chases on their merits at present quotations.
and if values decline still further many rare
bargains will be presented.
Money market conditions are moving more in
favor Of the borrower. Gold exports may take
out several millions Of dollars in the of
the next few weeks but this movement will
have little effect local bank supplies, which
rapidly expanding under the influence of
receipts from the West and favorable operations
with the Sub-Treasury. Regarding Sub-Treas-
ury conditions, it is probable that before the
summer Congress will reduce the taxes and
thus keep in the channels of trade large
amounts of money which are now moving from
the local banks to the Treasury for tax revenue
payments. Total dealings in stocks were 407,770
shares, the greater part being supplied by Anal
gamated Copper, American Smelling issues,
Atchison st. Paul. Metropolitan. Mexican issues
Reading, Southern Pacific, Union Pacific and
Omitted States Steel In the chief part of the
day the market drifted in aimless manner.
The Wall Street atmosphere thick and
cloudy. When Wall Street is very blue wise
people generally buy securities. When Wall
Street is bubbling with enthusiasm wise specu-
lators take their profits.