New-York tribune., 1902-01-29
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Stock market values were strong in the great
er part Of the day on an increasing volume Of
business Sentiment was more cheerful IN
speculative circles and there apparently
disposition the part of substantial interests
to work for higher prices. The greater part of
the business, however, was for professional ac-
count. but it thought in Well informed
circles that public appetite for stocks was
slowly developing. If the professional element
and the larger market interests work on the bull
side of speculation 1t will not require many days
of advancing values to attract outside fol-
lowing Improvement in prices was helped by
the confidence expressed by Mr.. Morgan in the
future of business, by reports of an agreement
among the railroads to maintain rates on east
bound and southbound freight traffic, by favor
able climatic conditions in the winter wheat
territory and by further ease in money rates.
Heavy offerings of call money made on the
Stock Exchange from per cent down to 212
per cent, with many loans at the last named fig
ure. So far this week the local banks have
gained upward of 81. 800, 900 operations with
the Sub-Treasury, while receipts from the in
terror have been heavy enough to warrant the
expectation of an exceedingly favorable bank
statement on Saturday. London bought stocks
in the local market. Western houses were not
active, but 1t thought that the heavy liqui-
dation in the grain market in Chicago would
be followed by increased buying of securities
for interior account. Amalgamated Copper was
strong a further advance in the price Of
copper and buying by people who believed
that the so-caIled Standard OIL party work
ing for higher stock market values. In the
railway list Southern Railway issues were
spicuous strong features on a good class OF
buying induced. no doubt by the belief that the
dividend on the preferred stock will be ad-
vanced this year to a per cent basis. The
nouncement in London that Holland had sent a
proposition to England to bring the Boer
to an end had a favorable effect on the London
market. and indirectly on the local market.
Surplus profits accommodating. and at
late period they must seek investment. People
who have money will not let it lie idle for any
length of time II they convinced that sound
business conditions and industrial prosperity are
to prevail 1t is doubtless true that the current
dulness in stock speculation is due in part
the foolish fea- that prosperity may not last
much longer, and that prices Of securities must
soon begin to discount a period of business de
preston. Prosperity will continue long
conditions sound. Conditions in the bust
ness world have never been stronger than they
are at present. and there is no indication that
an adverse change will develop for many months
TO come.
dustral and financial situation have absolute
confidence in the future, because they find in
| all parts of the country elements that make for
permanent strength In business conditions The
West is so strong that it would require several
| successive crop disasters to bring about indus
| trial depression. The country is so large and
rich in the variety of its Industries that failure
! in one branch will not upset the whole situation
Corn failed last year. but the wheat crop
!
corn and wheat made up in great part the loss to
the farmers in the yield of
| 1t is too early to make predictions on this
years crops, but early conditions are favorable.
| The outlook for winter wheat is good and. ac-
cording to the reports from agricultural centres,
farmers unusually confident, reflected in
| the freedom with which they spending
| money. Mr. Cable of the Rock Island is quoted
as saying that if this years corn crop does not
| fail the railroads in the West will be swamped
with business. despite the fact that their facili
| ties for handling traffic have been materially
| increased. Railroad earnings remarkably
! heavy al present in all parts Of the country
| even the roads in the belt and the lines
| that are heavy grain carriers TO the seaboard
| showing encouraging gains over the enormous
/ records of year ago. Prices of some stocks of
course; selling level that measures this
! countrys prosperity, but there is still long
| list OF Yalua bic issues selling many points under
actual worth. Bank and trust company shares
and some railroad stocks are quoted at fancy
! figures, and 1t is likely that investment funds
! will soon seek employment in the attractive in
dustral stocks and low priced railway securities
! There many valuable industrial issues that
should appeal to the investor and speculator.
When good and per cent preferred industrials
sell under par prices certainly are not dear In
yesterdays market there a good demand
for the steel shares, and increased interest in
all the Industrial stocks. Net gains at the close
ran from l to = points in the more active issues
Dealings in bonds We're again heavy amounting
in par value to upward of $4,5OOO00
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BONDS.-Market firm. Final
J quotations follow:
US. 2s 1osA 0s7s US As 1907 cou iIl 11sq
uS Is 1880 cou l0s% los5s US As 1925. I39 1891
Us IS l9oS reg 10S l0s24 US cou, l4o I40it
Us IS ls0o cou 10sA l091a US. 5s 100 1o9
US. 4s1sO7 7regll1s 112A Dist OF G 3eSs iS5 oo's
: RAILROAD BONDS.-Market strong Total
sales amounted in par value to s5l1,OOo agains,
S29oa.5Oo on Monday. The heaviest dealings were
| in the Atchison general 4s Baltimore and Ohio
gold As, Central of Georgia 5s 1st I'd and al In