New-York tribune., 1902-02-10
BONDS.
High Low. Feb.s. IFeb.i. Ick'gs.I sales.
TEE WEEK IN WALL STREET.

TIE WEEK IN WALL STREET.
,,.-asssd speculative and investment buy
A.. 5sveIoped in last weeks securities mar
-. Business was better distributed than in
= v,sek this year. while the character Of trad
d. showed great Improvement over that of the
t.s+ few months. Public interest in securities
hss for a long time been confined to the bond
.enartu1ent but II now begins TO look as If the
share market would also enjoy a period of ad-
vsncing values on an enlarged volume Of bust
,.ss Activity last week was accompanied by
rising prices, with many conspicuous net gains
At the close This was especially pronounced
IN issues that are not usually active in specula-
ton. as. for instance. Illinois Central Iowa
central, Nashville and Chattanooga and Min
neapolis, ST. Paul and Sault Ste. Marie. Among
The low priced issues excellent buying was re-
rorted In the Wabash stocks and bonds; also in
the Colorado and Southern shares. Regarding
the last named securities, it Is reported that
substantial buyers have been accun1ulating the
various issues in the last few years. Earnings
of the company are heavy, and at the current
rate Of gain results for the year will show up
ward Of Per cent earned on the second pre-
ferred stock Buying OF the Wabash stocks and
the debenture bonds in the last few weeks rep
resents II is said, important financial transac-
tons affecting the property. which will be made
public at remote period.
Bull sentiment is based on the sound position
Of the country's trade. Developments affecting
the actual worth of securities tend to encourage
the holding OF stocks and bonds for higher
prices, while current passing influences have
been as E rule. IN favor Of speculative activity.
In the last week a number of factors con-
tributed to the buoyancy in stocks. the more
important being the reduction in the Bank Of
England's discount rate to 3 per cent; advices
from Washington that relief would be extended
to Cuba thereby averting a disastrous financial
crisis in that island; favorable weather condi-
tons IN the Western crop territory. easy money
and the gathering Of capitalists at a Philadel-
rhia dinner, foreshadowing. II was thought, i'm
portant financial transactions among the large
noneyed interests OF the country. Money mar
ket conditions at this centre are strong. and,
despite heavy gold exports, there is little pros
pect Of q tighter loan market for many weeks
to come Over 100000 was exported in the
week The reduction in the Bank Of England's
minimum rate Of discount naturally exerted a
favorable influence on the London market; also
On the local market. Easy monetary conditions
abroad mean lighter gold exports from here
and. rs far as London is concerned, the position
Of affairs there indicates that gold exports to
that point are not probable this spring. Current
gold shipments to France represent the pay
rnent Of foreign loans. while they reflect the
sound condition in the home situation.
Evidence Of the activity in trade Is reflected
IN the iron and steel business. The pressure
Of consumers is greater than producers can
handle, and no relief is promised, save through
Imports. In addition TO the indication Of the
eountry's prosperity shown the iron and
tteel trade further evidence this point is
presented by bank clearings throughout the
United States In taking the record Of January
Il should be borne in mind that comparison is
made with q month a year ago when bank
clearings heavily increased through the
rampant stock market speculation that pre-
vailed al that time In January a year ago
dealings In stocks on the local Exchange
amounted to over 100000 shares. while in the
zane month in the current year total trans
actions We're under 100000 shares. Despite
this great reduction bank cearings were only
one-half Of per cent under the record OF q year
ago Outside OF New-York there was a gain Of
u per cent over January. 1901. when c,earings
We're IL per cent heavier than in 1900 Ac-
oording 10 the compilation Of The Financial
chronicle" II the Eastern financial centres were
eliminated from the results, the comparison
would be still more favorable. In the case Of
the Middle Western group Of places the present
increase is lS.9 per cent, while the Far West
era group shows 1S.4 per cent increase the Pa
enc group ls.8 per cent and the Southern group
Isl per cent. The total outside of NewYork
mas been steadily rising in all recent years, and
y now nearly as large was the aggregate for
'ae whole country. including New-York. but a
fhort time ago.
The enormous expansion in bank loans last
week and in the week before represents the
coincidence Of important financial interests in
Nie stability Of conditions in this country. 1t
-eiecls their willingness 10 engage in large
financial undertakings. and 1t will doubtless be
-Oufa that the increased loans are due almost
'Hufely to far reaching plans Of broad minded
ana conservative capitalists The age of big
1e@ls is not yet over. Railroad and Industrial
r1S'ects involving large sums OF money are
IVY developing. Traction deals. tunnel prof.
sS ano railroad consultations are among the
P0'tant plans that now being worked cut
> active minds in the financial district.