New-York tribune., 1903-01-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

ua.x,r realizing sales for local interests ana
selling for London account were Responsible TOT
q check TO the upward movement in yesterday
securities market. The buying demand. now
ever was large enough until the last hour |"
ureyeut important reactions in values, and not
-zIths4andinr the losses made in the final deal
inss there number of net advances at
-be close although net declines largely outnum-
fered net gains On the decline a good demand
from commission houses for the account OF
substantial outside interests developed Reports
that the public is not in the market are pub
fished In poorly informed quarters, despite the
fact that nearly every commission house In the
Street is receiving from out of town about twice
a. many buying orders selling orders Cur
rent public buyers represent substantial wealth,
and their purchases being made both for
,,vestnent and speculative purposes. The
weaker public element is not yet in the mar
ke. but its appearance may be looked for when
rrtoes ara selling several points above the cur
rent level.
a mild reaction in price at this time will not
tniure the market, values have enjoyed an
almost uninterrupted advance since the middle
If December The immediate outlook however.
discloses nothing in which expectations of i'm
portant declines may be based January is gen
ersJlv a bull month and this year February
ought also TO be in the bull column, while
throughout the spring more profits will doubt
less be made the long side of the market
ttaaIl on the short side barring, of course, some
violent change in underlying conditions. Money
is growing easier and sterling exchange is lower
than it has been in long time past In many
quarters it was recently thought that the Janu-
sry decline in money rates would be accom-
panied by rising foreign exchange quotations.
but so far the latter market has shown total
disregard for the drop in the price of money.
1t is quite evident that the amount of this coun-
fry's foreign Indebtedness lquidated in the last
few months has been much heavier than gen
orally supposed. Exports Of general merchan-
disc and bueadstuffs increasing, and from
the known supply OF in the country it is
safe to predict outward movement of domes-
tic products in 1903 equal to the best records
of preceding years. Call money ruled at per
cent yesterday. while time funds were put out
at SD per cent on the best collateral
Foreign selling in the local market amounted
TO upward of 10000 shares. and this. with the
lower range Of values in London, encouraged
activity among the bears. Weakness in London
was apparently due to uneasiness abroad over
the European political situation. In the after
noon selling pressure increased, hut outside of
the leading speculative issues declines were not
important In the railroad list St Paul de-
clined 23 per cent from the best price of the
morning. New-York Central lost nearly two
points Reactions Of 1@11a per cent took place
IN Missouri Pacific. Atchison Rock Island,
Pennsylvania Reading, Illinois Central, Union
Pacific Southern Pacific, Canadian Pacific,
Louisville and Nashville. and a number OF other
issues In the industrial group. Sugar Refining
was marked up sharply in the afternoon. but
after an extreme advance of "a per cent there
was a late rapid reaction of a point Amalga-
mated Copper, after q fractional rally, declined
over per cent on renewed weakness in the
market for the metal Tennessee Coal and iron
lost two points and Consolidated Gas fell three
points from the highest The reacnonary move
rnent affected the United States Realty STOCKS
American Locomotive shares and Uniteq States
steel American Car and Foundry closed at A.
net advance: also American Smelling, while IN
.be railroad list strength was shown by Hook
ing Valley Lackawanna. Missouri Paclflc, 81
Louis Southwestern preferred and Wheelihe
and Lake Erie Western Union closed at net
ras, Of IL points An incident OF the oay
r,ss The sale OF 200 shares of Capital CITY
Traction stock at an advance of 3oA points
over ,ts last preceding sale One hundred shares
of Wells. Fargo Express sold at a dechne oi
X nonts from its last preceding sale