New-York tribune., 1902-01-27
BONDS.
High, Low. JANIS. janis, chgs.l sales.
THE WEEK IN WALL STREET.

THE WEEK IN WALL STREET.
interest in stock market speculation in the
last week was confined in great part to the So
called professional element There was little
business for the account Of the speculative pub
If in ordinary share transactions. but there
vss. however, an active investment demand in
the bond market for attractive railway mort
cage issues Activity IN bonds often fore
shadows activity in stocks In the present case
there is excellent reason for the expectation
that the buying Of bonds will be followed by
heavier INQUIRY for shares. as conditions favor
shlA 10 q broader market multiply daily A
nnyerful bear party has been unable to cause
marked declines in securities. for the simple rea-
son that stocks are strongly held, while
factors affecting actual values do not encourage
the sale Of investment or speculative holdings
at present market quotations. Prices not at
an inflated level There are, of course eXcep-
tions but as a rule. the current level Of values
is not ont Of proportion 10 the intrinsic worth
Of securities or TO the prevailing price of money.
Indeed the market affords many instances
where there is a wide margin between quoted
prices and real value. This is especially true
among tie industrial shares and the cheap rail-
way issues.
Careful Wall Street observers find no cause
ket trading. Speculation is quiet, but condi-
tions governing the worth OF securities ad-
vancing along lines that strengthen the hope of
better prices at remote period Business
throughout the country lie moving forward.
Prosperity has not yet run its course, and it is
TOO early to discount in the stock market a
period Of trade reaction that will doubtless de-
,elop at some future time II the country's in
dustrfes were speculative basis, If trade
were overestinlated, ard II indications pointed
toward bankruptcy among railroad and indus
trial companies there would be ample excuse 10
run UP the danger signals. Railroad earnings
continue large. despite the heavy falling off IN
grain traffic while the country's exports are
enormous. despite the great reduction in the
outward movement Of breadstuffs- Shipments
Of corn last week were only 1880 bushels,
against 1872, ,152 bushels in the same week
year ago, yet general exports presented no evil
denee OF collapse In the countrys foreign
trade. The iron and steel industry has never
been in stronger position than 1T is to-day.
manufacturers throughout the country report
active home demand and an increasing for
eign inquiry. merchants are conducting their
business without fear Of the future. and flnan-
cial conditions are sound in all the States of the
Union.
Money market rates were easier last week,
while foreign exchange conditions indicated no
heavy exports OF gold. The local banks gained
sSGo7,100 in cash holdings and S6,270950 in re-
serve above legal requirements to S25,332. 400.
as against $50 799, ,4J0 at this time a year ago
and S29,277,975 in 1900. The foreign financial
situation also showed improvement, as reflected
IN reduction by the Bank Of England in its
minimum rate Of discount from to 312 per
cent This decline followed a similar movement
by the Imperial Bank OF Germany in the week
hr<-
down their standing call loans to 1884 per cent.
while heavy offerings Of time money were made
at per cent for six months on all railroad COL
lateral and AZ to Az per cent on mixed security
Prime mercantile paper was somewhat more ac-
uVe' discounts being quoted at about the gen.
eral time money figures. The decline in money
iales throughout the country was heavier than
III NeW-York. Domestic exchange at Chicago
On NeW-York ruled at a premium of 40c Bank
reserves at this centre large enough to
encourage increased activity in stocks, and the
active buying Of bonds reflects the presence Of
d large amount OF idle money seeking invest
-heht Many people are doubtless keeping out
OF stocks in the belief that better bargains will
ue'eiop. but the course OF values does not sug-
sest that a slump will soon take place
STOCK market trading was without important
feature in the week. although in a few issues
special movements OF fair dimensions were re-
eOfoed Under the lead OF Metropolitan, the
.O0s4 traction group was strong and active, buy
tns OF Metropolitan being based on the expecta-
uon OF an additional stock issue with vaIua bic
i'ghts' to the stockholders. At the close of
s'S week there was good demand for Wabash
ssass- In the bond department total dealings
~ =. me week amounted IN par value to over
s-1VooOo. with the heaviest trading In Con-
rSaaated Tobacco As. Central of Georgia issues.
"aoash debenture Bs. Peoria and Eastern in
ines and Burlington collateral As There is q
-s list Of valuable bonds selling under in
nasic worth. instances OF which may be found
-, ieierence TO the daily bond table printed in
e tribune. Perhaps the cheapest per cent
uS N the market are the Erie collateral As.
selling under 95. These bonds were put
70 hnance the purchase by the Erie company
ue pennsylvania Coal Company, and ehe
behind them is unusually safe and
@ole The change for the better in none
s conditions is seen inEthe increased demand
-. Investment securities, both in the bond mar
- anu over the counters of the big bond
60 The demand here and abroad for the
,rs'4 imperial and Prpssan loans is also an
-eauon ,r Of improving conditions in this coun-
~ and in Europe.