New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-25
WEEKS OPERATIONS IN WALL STREET.

January boom in the week Just closed STOCK
market operations reaching large totals on q
mo- ernent OF values that tended in the direction
OF higher prices. Gains recorded were large,
both in stocks and bonds. IN many instances
amounting TO and / per cent, as in American
Sugar Refining. Baltimore and Ohio. Chicago
and Alton preferred, St. Paul. Illinois Central
Louisville and Nashville Manhattan, Missouri
Pacific. New-York Central. Norfolk and West
EN-. Rock Island issues Southern Railway pre-
ferred wisconsin Central preferred, and in
bonds Rock Island As and IS and United States
Steel sinking fund IS While the advance was
under way IN stocks there was also similar
movement IN the grain and cotton markets. cot
ton passing the 15-cent mark. and wheat going
above 30 cents a bushel There was no specific
cause responsible tor the advance In either
wheat OF cotton. but spectators IN the two mar
kets insisted that there was ample reason for
bull activity in the statistical position Of bread
Etuffs and cotton. The demand for wheat for
consumption IS moderate interior receipts last
week Rggregating go 126 bushels, as compared
with s9T4Is1 bushels in the same week a year
ago, while exports for the week showed a falling
OF from the corresponding period IN 1903 OF over
100000 bushels. Receipts OF corn at interior
points and exports We're also lighter than year
ago. The outward movement Of cotton how
ever. was heavy. the high price having no effect
cereal markets and in cotton apparently ezerted
a favorable influence on stock traders spirits,
although q few months ago the speculation IN
action was considered one OF the dangerous feat
ures OF the Street.
Wall Street sentiment undergoes sudden
changes. and within the last few weeks there
has been a remarkable turn about in speculative
opinions The recent pessimism and depression
have been succeeded by cheerfulness and en-
couraging sentiment regarding the future. In
making this change the Street has acted wisely,
for there has been nothing in the situation for
many weeks that has warranted depressed
spirits or depressed prices. Conditions govern
ing the actual value Of securities have been
growing stronger rather than weaker while
factors favorable TO speculative operations on
the bull side Of the stock market have been ac-
curnulating rapidly. Spectators have gradually
become aware OF this. and they are now work
ing TO bring about & movement IN securities
which viii, they hope. carry prices many points
above the current level. So far their efforts have
been successful but It remains to he seen
whether or not the public viii come into the
market in sufficient numbers TO make 8 sus-
tanned bull market possible. In last weeks deal
fngs there was q fair sprinkling Of outside or
ders, but the greater part Of the business was
for the account OF traders and prominent specu-
lative interests who were such important fac
tors IN the bull markets Of 1902. The presence
Of operators Of this calbre IN the Street general
II attracts public buying, but there are some
people who appear TO believe that the energy
DISPLAYED by the big men in attempts TO IN
duce the outsider to resume transactions on the
long side Of speculation is merely for the pur-
pose Of making market in which they may sell
the stocks which they are supposed TO have been (
carrying for many long. weary months. The
big" men are certainly not IN Wall Street from I
philanthropic motives and fl is quite natural TO
assume that they are operating for higher /
prices IN order TO swell their own bank &C
counts but they announce, however, that they .
expect much better values than those now pre-
vailing. and that the outsider who enters the .
market at once Will share in the profits. This
IS. indeed. a pleasing prospect.
There doubtless was q certain amout Of invest 1
ment buying in the week especially IN the bond /
market. but il IS well 10 bear in mind that there
has been buying of this character for the last /
few months. and that much Of the buying al the 4
low level Of the early fall was for investment /
account There is evidently large amount Of 4
money IN the country seeking Investment, and F.
the position Of the money market naturally en- I
courages individuals and corporations that have F.
stocks and bonds 10 sell According TO the opin- /
ion OF the leading bankers in the Street. il viii
not be difficult matter 20 place new bond issues
this year. and the chances are that various rail- /
road companies viii be in the market IN the I
course Of the next twelve months for money, but /
It Is to be hoped that the idea VIII not be spread
far and wide that the time is again ripe for the
financing Of any kind Of enterprise. and that J
money may be had for the asking. Wall Street .
has had one bitter experience with too many
securities OF doubtful character and the diges- I
tive ability Of the speculative and investment /
community-is not yet capable Of handling feast
OF new stocks and bonds It is interesting TO /
note that the sale Of Newly City bonds in
the last week was at figures lower than at any .
preceding sale in the last eight years going at /
prices only a fraction above the minimum al /
lowed BY law.
The change in speculative sentiment IN Wall /
Street has been brought about by the ease IN |
money and the prospects for continued ease /
throughout the year, by the excellent outlook /
for another year Of healJhful trade conditions in
the country"s industries and by the more pacific
situation In the Far East There is more money
IN the country than ever before on record and |
the supplies at this centre are accommodating at
a rate that has depressed both call and time
funds 10 the lowest rates that have been quoted
n many months. Some uneasiness has been ex-
pressed because Of the large expansion IN bank
loans in this city, amounting in the last five
weeks 10 $S5.0000O0. but bank officers feel salts
led with the expansion. ard II is therefore TO be
presumed that there Is nothing wrong with the
situation The cOuntrys ability to iraport gold
last fan and the strength Of Industrial conditions
IN the United States have created confidence in
ell circles, and the banks apparently believe that
they are justified in employing their money n
large amounts IN the loan market OF course
ihe banks are wise enough TO take precautions