New-York tribune., 1903-01-07
BONDS.
THE nays OPERATIONS IN STOCKS.

Strength and activity marked the course OF
yesterdays stock market. Buying Tor invest
rnenf and speculative account was heaNy
throughout the day. and despite large volume
NJ realizing sales values exhibited no evidence
nf a reacaionary tendency. Substantial market
interests were evidently engaged in working
for higher prices especially in st. Paul, Union
Pacific United States Steel preferred Canaolah
Pacific Southern Pacific and a number or the
cheaper priced shares. Albany reports tnat the
Franchise Tax law would be declared uncon-
stitutionaI and Washington dispatches that no
antitrust bill would be passed at TINS session OF
Congress encouraged bull sentiment in specuia-
tive circles although the main influences pehlho
the important buying Of the day were the easier
monersrv situation and the splendid condition
,f the co7,ntrys industries reflected IN rail-
road earnings and trade reports Earnings IN
December were enormous. and it will pay the
student Of values TO study the results which
are printed in another column.
Among the conspicuous movements OF the DAY
we're advances Of points in Canadian Paclhc
IN rlnaors of AID increase in the dividend, over
| noint in Missouri Pacific the expectation
n hir earnings from large corn crop move
r,ent 2 points in ST. Paul, points in Rock
island common. = points in Illinois Central and
ga points in Brooklyn Rapid Transit There
were also sharp advances in Illinois central
Union Pacific and Southern Pacific The gen
ersl railroad list advanced from L TO = points,
IN the industrial list Consolidated Gas United
States Steel stocks and other iron and steel
issues showed increased strength Tennessee
Coal and Iron gained point further on reports
Of purchases by a new interest in the property
ArnaIgamated Copper rose over 1 per cent, and
held most of the gain. Sugar Refining advanced
over point on the prospect of a return to the
factor pIan in the trade. American Car and
Foundry was higher the increase in the divi-
dend rate. General Electric rose over 4 per
cent on unofficial statements of its large earn
ings for the fiscal year just closing There were
many strong demonstrations in different parts
of the list including American Locomotive. Dis
tjllers Securities Rubber Goods Manufacturing,
westinShouse Electric and Peoples Gas
Strength in the current stock market is in line
with predictions made in December Forecasts
Of January's market were based on certain
known conditions, and on the belief that the
monetary situation would improve IN the nrst
mart of the new year TO an extent that would
encourage bull speculation in securities. kN-
pectations regarding the money market are
being fulfilled Rates are gradually moving
toward a lower level under the influence of eX-
handing bank holdings, and, although a per
cent quotation may not be reached for several
weeks it is generally believed that call funds
Will be put out at this figure before the END oi
the month. The long period OF liquidation in the
fall was not accompanied by a setback IN condl-
lions governing the intrinsic worth Of securi-
ties and as a consequence liquidation came to
an end without any disturbance in the industrial
world Indeed. the countTy's business at the end
OF the stock market decline showed greater
strength than ever before; hence. it followed
that with stocks in strong hands, with business
sound with prospects Of big exports of bread
stuffs and with indications suggesting ease IN
money. Wall Street naturally switched over tc
the bull side of the securities market.
Stocks are being bought outright, reflection
OF which IS provided in the loan item of last
weeks bank statement. There was practically
no change in the loan account. despite the large
dealings in securities. Bonds are in good de-
,nsnd from investors. The reinvestment of jan
uary interest and dividends is under way, botf
in stocks and bonds. while there is also a big
movement Of money into securities for specula
.fve account. notably in the medium and low
priced railway shares and the attractive indus
trial issues. Many valuable industrial issues are
quoted on the Stock Exchange at figures far be-
low their actual worth. but the day viii doubt
less come when they Will reach level more ir
r,ronortion TO their investment value. Good in
dustrial shares have been kept down because OF
-he o,ollapse at various times of unsound in
6us.yial companies. There are now. however
,r5tcatinns that the safe in6ustrials are coming
into poprlar favor excellent buying being re
,,orted in the car and locomotive building conf
NAM, shares the iron and steel stocks and Other
ssspes Call money ruled at 3 per cent in yesteT
DAYS market with high rate Of 6 per cent.
rHE DAYS OPERATIONS IN BONDS.