New-York tribune., 1903-01-05
THE WEEK IN WALL STREET.

stock market values made further progress
toward q higher level in last weeks market
Advancing values accompanied by an ac-
tive demand for securities from good class
Of traders, including operators who generally
act for important market interests. This was
especially marked in the low priced stocks.
which were features throughout the week Buy
ing of this class of security is based on the in
trinsic worth of the various issues and the
general belief that prices in the next six months
will reach a materially higher market level
In the last year the medium in low priced
securities failed TO record important improve
ment. while the high priced shares reached
level many points beyond their actual value
The lew priced railway and industrial shares
have until the last few weeks been neglected.
but the chances are that they will enjoy activity
in the speculation of the next few months
There are many stocks quoted under 40 and so
which are well worth the attention Of investors
In this list may be mentioned Wabash preferred
Erie. Chicago Great Western, Southern Railway
common. Missouri Kansas and Texas, American
Locomotive and American Car and Foundry
Carbuilding companies have enjoyed several
wears OF great prosperity, and there is no in
dicstion in current conditions that their profits
VIII be less in the year to come In the greater
number of cases these concerns have enough
orders on hand 10 keep their works busy
throughout the present year. The Board OF
State Railway Commissioners Of New-York has
ordered the Manhattan Railway TO place in
operation three hundred new within the
next three months. II doubtless will require
from six 10 twelve months 70 increase the
equipment to this extent owing TO the press Of
work in the carbuilding shops.
Improvement in values last week was made
despite the high rates for call money. It was
generally recognized, however. that the advanced
level represented the end of the fall period Of
Ssringency rather than year money mar
ket conditions Actual conditions in the money
market are more favorable than they have
been in several months. While rates may rule
At stiff figures for week or more, there will
he an easy market by the middle of the month.
which will doubtless continue until the usual
spring demand for funds develops. Money is
already beginning 10 return TO this centre from
the interior receipts last week exceeding ship
nents by over S4,000,G10. With growing ease
in money rates sterling exchange will probably
advance. and in some circles it is thought that
gold experts will be made in February. AT
that time this market viii doubtless be in a
condition that viii warrant exports of the yellow
metal, and local bankers are therefore not
worrying over the possibility of shipments. In
creasing exports of food products may, how
ever. make gold exports unnecessary Exports of
corn in the last week were heavier than in
any corresponding week record, and larger
than in any week since the week ending July
10 1901 Compared with week ago there was
an increase of over 1.000.o 600 bushels. while
p red with the same week in 1902 the increase
amounted TO over 100000 bushels. The corn
crop OF 1902 was the largest on record. also the
crop of cats and barley, while the wheat crop
was only trife under the big yield of 19Ol
The favorable harvests of the last year will
be important factors in foreign and domestic
trade this year, resulting in enormous railway
earnings and heavy exports TO Europe. The
bull movement in the stock market in 1903 will
he based more the record breaking harVests
of 1902 than any other factor.
Reports from the commercial agencies reflect
further expansion in all lines of trade. There
is no weak feature in the situation Bank
clearings continue TO surpass former records,
and railroad earnings show both in gross and
net returns encouraging gains over the record
breaking period a year ago The expected in
crease in railroad transportation rates will off,
set the increased cost OF operation, and net
earnings should therefore be heavy through
out the year. Conditions in the iron and steel
market are extremely satisfactory. Officers OF
the various companies report an active increase
sn demand for home consumption and better
INQUIRY from abroad. Bearing in mind all the
favorable factors in the trade situation, and
the effect that last years crops will have on
general trade this year it is reasonable to in
values VIII make new high records in the current
year A month or more ago interests who were
actively engaged in depressing values saw moth
ing ahead but business depression and financial
bankruptcy. Having accomplished their designs
on the market, and having accumulated a large
amount Of stock at bargain prices, they are
now enthusiastic over the outlook, maintaining
that conditions have changed for the better, and
that stocks may be bought with safety This
element will be bearish again when prices reach
an advanced level and it may, therefore, prove
wise for intending purchasers TO enter the mar
i1et now rather than at time when values have
reached fictitious level. The public. SO called.
generally enters the market at the top and as
rule loses its money.
Erie common was the most active stock on
-be list last week total dealings amounting
90 over 100000 shares. with net price gain of
2B points Erie's statement of earnings for
November and October extremely favorable.
the figures Cor the months named causing some
surprise to the Street. in view Of the continued
reports that considerably less amount than
the normal OF anthracite coal is being mined
and transported The figures for both months
also attracted attention in view OF the con-
Reading and Lehigh Valley for October. 1t
should be remembered however, that the Erie
is a tlunk line. and that, therefore. its traffic
is much more widely diversified than that Of any
of the other anthracite producing and carrying
roads Trading in Erie first preferred was mod
erately ssctive. while the other coal shares dis
played strength and activity. Delaware and
Hudson directors declared in the week the reg
MAR z per cent dividend for 1903 The iron and
steel shares were in good demand In the bond
,oarfraf excellent byviug was reported In va