New-York tribune., 1903-01-01
BONDS
THE DAYS OPERATIONS IN STOCKS.

On the last day of the year stocks exhiblteu
snirnation and strength. with net gains In the
greater number of issues at the close Senti-
.nent on tie Stock Exchange and in brokers' Of
fees was buIish. Notwithstanding high rates
for money there was growing disposition in
all circles of the Street to look forward to an
active advancing market in the new year There
sre many good reasons why expectations OF
higher prices in 1908 should be fulfilled A re-
action may occur. however. before am acuNe
upward movement begins. especially If the mar
ket follows precedent early in January Ihere
has already been a good sized advance from IIe
low prjces made several weeks ago, and. as
money rates will undoubtedly remain at hish
figures for a week or more, many market judges
look for a setback in prices before January
bull wave develops. If prices should decline
from, their present level there doubtless will be
excellent buying at the lower quotations There
are many bargains at present figures, and il
hardly seems probable that the bear element
will be able to obtain 8 permanent footing In
The new years market.
There was a good demand for many Of the
Row priced stocks in yesterdays market. notably
,-r;car-o Great Western Erie Detroit Southern,
Missouri Kansas and Texas. Ontario and West
ern. Rock Island common, Southern Railway.
United States Realty, United States Steel ana
The Wabash shares. Wabash preferred enjoyed
= max xinn11m advance Of "a points while the
common also made substantial Improvement.
For many reasons wabash preferr@d is one OF
The most attractive. cheap stocks Gil the list Ii
represents a growing property, property thaI
forms one of the important links in a system
that is rapidly becoming a great transconu-
mental line. Wabash, with its Pittsourg ana
1ide1yater connection at Baltimore, is coming
10 the front as a road with great future, and
with the natural increase III earnings that must
iO1C a IA
viii soon be in line for dividend consideration
The debentlIre B bonds come ahead of the pre-
ferred stock but payments on both are not as
far off as many people imagine. Buying Of Chi
s,aso Great Western stock was apparently based
~, the belief that the road will figure in
some Western railroad deal. This property could
he used by several of the larger Western com
panies and it was said yesterday that the St
Iouis and San Francisco system might secure
control of the Great Western. Missouri Pa
eific and all the Gould stocks were features.
In the afternoon there were reactions from the
best prices of the day, due in great part to heavy
realizing sales but final figures showed, never
1heless long list of substantial net advances.
Call money was high as IL per cent. ruling
l. per cent
Monetary conditions i'm the year viii be
watched with particular interest by Wall Street
The remarkab bic growth OF the country's indus
money market in the year. and conditions
indicate similar growth this year the money
market viii doubtless reflect industrial pros
perity 10y a firm tendency in rates Money is
now in good demand and actively employed An
important return flow Of currency from the in
terror should soon develop. while an easier mar
lSet for loans may be expected by the middle Of
The month to continue until the usual spring de
rnand develops. Thereafter the chances viii not
favor easy rates although in July and August
conditions will doubtless bring about relatively
easy market. In 1902 call money seldom ruled
at per cent. Much Will depend this year on
the international exchange market, as either
gold exports or gold imports will exert ma
teriaL effect on money rates. It is Impossible 10
estimate regarding the extent Of the liquidation
that has taken place in this countrys debt 10
Europe but il appears safe TO say that large
mart of the debit balance has been paid within
the last two months. 1t appears likely that ex-
r,o-ts of breadstuffs and cotton will be heavy
this wear. and il may therefore, come to pass
that the country will this year be in a position
m in1port gold from Europe. In the last two
wears gold imports from Europe have amounted
20 insignificant totals, although round amounts
have been received at San Francisco from
Australia.