New-York tribune., 1903-01-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.

while r,rices were generally firm IN yeSueT-
DAVIS market. there was little change IN 'iie
character OF trading from that OF the pre-
re6ing days of the week. Operations were again
made up in great part OF the TRANSACTIONS ol
professional dealers. Covering of shorts. with
. small amount of pool buying, helped prices
-ovrerd q higher level. but the advance failed
% attract 3 public demand, although 1t en-
y,ouraged some of the more courageous com
,7ission house traders TO enter the market
Heads OF commission houses generally believe
that 2 bull market is coming They heslta'e'
,o7,e,,er +o set 2 time for its appearance. Opn-
sons favorable to a bull market are based on
she ease in the money market growing eA-
,,orts. big railway earnings. the strength OF
underlying conditions and the accumulation OF
x,oo,,s hy strong financial interests. People
who DO not care 10 see prices advance merely
r-esent the threadbare argument that prices are
high enough and that a change in trade con-
,5i+ions will develop some day. Everything IN
she si-7,s-ion encourages the belief that that
.'sor77e day'' is many, many days on POOL
having was reported in Rock Island and Chesa-
1oeake and Ohio. There was fair demand 1or
Atcbison. ST Paul, Norfolk and Western, Read-
sng Erie and the Gould shares Amalgamateo
Copper was well supported. The traction shares
we're inactive save Chicago Union Traction
(which was sold down point more. In the
Sugar Refining United States Steel and Ameri-
ran Car and Foundry issues Car and Foundry
,,referred advanced over 1 point, to 915s. and
Il WAS said in we'll informed quarters that in
,,estors were buyers. This issue viii doubtless
sell above par al no remote period, as its actual
worth is steadily increasing. 1t is. of course
more attractive than the common. its position
f,einc equivalent 20 that Of bond
Wabash stocks and bonds in the hands
Of careful operators. and the amounts helo
r,r,relv on speculation will not be sold until
1,rices have enjoyed a material rise There are
many good reasons for the current bull senti-
rnent on these issues. They represent grow
,ng property property that is steadily i'm
,,roving in physical efficiency. steadily becom-
ing more important factor in the Western
abroad situation. and steadily reaching a po-
sition as a factor in the Eastern railroad situa-
.ion Through its new connections, the West
Virginia Central and the Western Maryland.
zvahasb practically extends from st. Louis to
she coast It forms big link in the Gould sys-
fem which Is rapidly becoming a transconti-
mental line For the last few years the Wabash
company has been placing its big earnings into
the property. and a result or this policy
dividends, when started. viii be permanent. De
1-elopments are pending that will have an i'm
,,ortant bearing the Gould lines.
Missouri Pacific continues TO be absorbed by
good buyers. The Street is bullish on this
stock. owing to its cheapness compared with
other . per cent issues and 10 the expectation
pf record breaking earnings in the current year.
As recently pointed out in this column, the
territory adjacent TO the Missouri Pacific Rail
road produced in 1902 in proportion more corn
than any other section of the country. The
big crop will not only give the road an enor-
nous grain traffic. but il Will have favorable
effect on the livestock industry and on business
In general in the Southwest. supplying Missouri
Pacific with more freight than ever before in
its history. Missouri, Kansas and Texas should
slso enjoy a prosperous traffic season this year,
while dividend the preferred stock will
doubtless be declared There are attractive
possibilities in the Southwestern railroad stocks
Foreign houses bought stocks in the local
market yesterday, and cable dispatches reported
p better feeling on American securities in Lon
don II London would come in a heavy
buyer in the local market talk Of gold exports
would soon disappear. Sterling exchange was
firm without any~change in rates In Paris
exchange on London gave indication of i'm
mediate gold exports from here.