The Washington times., 1902-01-03
Stock Prices Rise and Ac-
tiVity Increases.
FAVORABLE FEATURESR
Completion of the Northern Pacific
Deal and Prospects of Easier Mon
ey Factors of the Advance-Coal-
crs and Northwestern Railways
Respond Freely to New Views.

NEW 1Ohh, Jan. Z--lHe New lear
opened auspiciously in the stock market,
which showed pronounced strength and
animation in virtually every quarter,
while the same tendency was displayed in
the dealings in bonds. The course of prices
was plainly a reflection Of the generally
optimistic views prevailing in regard to
existing financial conditions and the out
look for the countrys trade during the
current year.
Better Monetary Prospects.
More direct factors in the market were
the prospects for much easier monetary
situation with the course of the month.
together with the dissolution on Tuesday
of the injunction sued out in Minnesota
against the retirement Of the preferred
stock of the Northern Pacific Railroad
Company.
The latter circumstance, together with
the steps Immediately following to take
advantage of it, virtually brings to con-
ciusion a matter which has been over
hanging speculative and investment con-
fiderce for more than six months. There
are apparently no further obstacles in the
way of the organization of the Northern
Securities Company.
Revival of Animation.
In today's stock market the most direct
reflection of the improvement in affairs
in this respect was furnished in the rapid
advance which took place in Great North
ern preferred and in addition both St.
Paul and Union Pacific showed greater
degree of strength and animation than
they have in several weeks.
The whole stock market however was
favorably influenced on the same account,
and much was made of this development
in the West, from which quarter exceed
ingly heavy buying orders poured into this
market.
Dealings VIII Soon Begin.
Dealings in Northern Securities stock
may therefore, be expected TO be begun
before very long or the stock exchange,
and apparently the abundant prosperity
in the Northern Pacific will warrant the
management in establishing the stock
upon higher dividend basis than that
NOW being paid.
There is little need to dwell upon the
tremendous relief which viii be furnished
the various capitalists who have been
carrying almost the entire capitalization
OF the Northern Pacific Company since
last May. IL the curb market Northern
Securities stock advanced rapidly on large
dealings.
Railways active.
Trading in the railway list was, how
ever, not by any means confined TO the
securities directly or Indirectly concerned
with Northern Pacific aaairs Al the an
thraeite coal stocks, and particularly the
Erie issuec, continued strong and active.
Other noteworthy advances were In Atch-
ison, Baltimore and Ohio. Chesapeake and
Ohio. Norfolk and Western, Missouri Pa
cific, Southern Pacific, and New York Cen
tral. The local traction stocks were like
wise firm, although comparatively mac
tive.
Among the Industricls.
The industrial quarter showed large
dealings in United States Steel. due TO
earnings, which it is understood will
make very gratifying exhibit American
Ice was strong, and Sugar Refining ad-
vanced rapidly.
The so-called specialties moved in line
with the remainder of the market nota bly,
strong features there being Tennessee
Coal and Iron, American Locomotive,
Western Union, and Consolidated Gas.
Call Money Plenty.
The bulk of the days borrowing on call
was arranged for at and under 10 per
cent. and feature of the money market
was the large Offering OF funds by out Of
town banks, circumstance which would
appear to foreshadow favorable changes
on Saturday in the bank statement.
Sterling exchange was materially firm
er. London sent in a higher range of
prices for American stocks, and foreign
houses dealt quite heavily in this market.