New-York tribune., 1903-01-03
BONDS.

Interest
THE DAYS OPERATIONS IN STOCKS.
Stocks were strong and active in the greater
part of the day. with long list of net advances
at the close. Improving prices were brought
about despite heavy realizing sales and hlgh
rates for call money, loans ruling at 10 per cent
with high rate of 10 per cent. Money market
rates however were not disturbing factors, as
IT was generally recognized that the advanced
level represented the end Of the fall period OF
strfngency rather than New Year money market
conditions. In addition to the expectation OF
easier rates for money. several other favorable
influences contributed TO the days upward
movement the most important being excellent
gross and net traffic returns and large gain
for the week in shipments of corn Compared
with this week a year age, exports of corn snow
an increase of 2267. .303 bushels and an increase
of J. O34 991 bushels over last week This is an
unusually heavy movement for this time of the
year: indeed there never have been so heavy
weekly corn exports in any preceding January.
while it is necessary to go far back as the
week ended July 10, 1901, to find heavier ship
rnents TO Europe. While corn exports increased.
those of wheat decreased. Owing TO reactions
in the afternoon, stocks closed under the best
prices Of the day, with the largest gains among
the active issues in Anlalgamated Copper. Bal
tirnore and Ohio, Erie Missouri. Kansas and
Texas Reading and United States Steel pre-
ferred The hard coal shares were in good de-
mend.
Active buying of low priced stocks was feat
ure in yesterdays market and il was thought
that this class of security would be prominent
in the trading throughout the next few months
There are various good reasons for the purchase
of the medium and low priced shares In the
greater number Of cases current quotations are
we'll under the actual worth of the securities,
and as the real value of these issues is rapidly
increasing it is reasonable to expect material
appreciation in their market quotations. Among
the most attractive of the low priced stocks
may be mentioned the Wabash shares. especially
the preferred American Car and Foundry, Chi
cago Great Western, Colorado and Southern
Missouri, Kansas and Texas issues. Detroit
Southern. Texas and Pacific and the Wheeling
and Lake Erie stocks. In the case of the Wa
bash securities. it is interesting TO note that
brokers representing important market inter
ests have been active buyers of these shares on
all declines while in the last few days they
have accumulated round amounts of both the
preferred and common Wabash preferred will
be dividend paying investment distant
time. The Wabash companys earnings have
been heavy for the last three years. and in the
next few years traffic receipts Will doubtless
break all past records owing the general in
crease in business in the territory adjacent to
the company's lines, and also owing 10 the
roads new connections. which give il a line from
the Great Lakes TO the Atlantic Coast. Colo
rado and Southern and Missouri, Kansas and
Texas shares are well thought of by competent
market judges In the industrial list there are
few better investment or speculative PROPOSE
tons than the and locomotive building COM
panies' shares. The railroads throughout the
country added an enormous number of new cars
and locomotives their equipment in the last
year, and they viii continue in the market for
new rolling stock for many years 10 come
The year starts OFF with money market
conditions more favorable than they have been
in several months For the next week and pos
sibly few days longer call money will doubt
less rule at a relatively firm figure, but there
after for many weeks rates will probably be
at a level which viii encourage active specula-
ton in securities. Owing. however. to the Ia cge
increase in industrial activity in this Intry a
plethora of funds is not expected at this centre.
There will be. nevertheless enough money for
ali legitimate speculative requirements at rea-
sonable rates. Money will soon begin to return
in volume this city from the West and un-
less there should be heavy gold export move
rnent local bank reserves will be in a comforta -
bic position until the usual spring demand de
velops There are some foreign exchange bank
ers who believe that there viii be an outward
movement OF gold TINS winter, althoush III wen
Informed circles IL is said that this country :
debt abroad has been materially reduced, and
that the expected increase Of exports Of bread
stufTs viii create enough exchange to satisfy
foreign requirements without the necessity of
gold shipments If gold shipments should be
made they viii not cause noteworthy decline
fn the amount of money in this country. 1t is
rneasurably certain they will not be made un-
less local bankers consider the supply of money
in New-York large enough TO stand the foreign
drain. Gold exports We're prevented in the fall.
owing 10 the condition of the money market.
and if the occasion demands it, they can be
prevented again
The local banks gained over S4,000000 on
operations with the interior in the week but
lost about S2000,o00 20 The Sub-Treasury. Cash
holdings should therefore show increase in
fo-day's bank statement.
THE DAYS OPERATIONS IN BONDS.