New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-23
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Trading in stocks in yesterdays market made
a new record for the year in point Of activity.
total dealings amounting 10 1909. 432 shares. as
compared with 9S7.O61 in the preceding day.
Prices were again strong, with final figures
showing a long list of net gains. despite heavy
profit taking sales. and in some cases efforts
the part Of the trading element to oppose the
advance There was a better power Of absorp-
tion than the most sanguine bulls expected,
buying coming from commission houses that
represent substantial market interests. from a
good class of investors and from the general
public the last named being attracted by the
advance of the last few days and by the OPP
tinistic remarks by people who have excellent
opportunities find out the exact position Of in
dustrial affairs in this country. A remarkable
wave of bull enthusiasm has developed in the
securities markets. and there is no longer any
evidence of the depression of speculative spirits
that such a distinguishing feature OF Wall
Street few months ago. This change has
been brought about by the ease in money and
the prospects for continued throughout
the year. by the splendid outlook for another
year Of healthful conditions in the country's
industries, by the willingness Of investors TO
buy bonds by the realization OF the fact that
the decline Of 1903 carried prices far below their
intrinsic worth. and by the apparent disappear
ance Of the Eastern war cloud. There is large
amount of money IN this country that is availa-
BILE for investment in the stock market. and the
force of this factor ought TO become active
IA Of 0eyt
few months. There is now more money in the
country than ever before on record, and funds
are coming to New York at rate that has de-
pressed both call and time funds to the lowest
figures that have been recorded in many months.
According TO the known movement OF money
in the week the local banks have gained over
$13oo0oo0 in cash holdings. and although loans
may have been heavily increased again, the
chances favor large expansion in the reserve
above legal requirements, as compared with the
preceding week, when this item stood at SOB
49, $50. On the interior movement the banks
gained over 100000. while there was a sub
stantial gain from the Sub-Treasury. Money
has begun TO come from New-Orleans in large
volume, despite the fact that the speculative
demand for money that centre in connection
with the activity in the cotton market is heavy
Cotton made q new high record In yesterdays
trading. crossing the - cent mark enor-
volume of dealings and amid the predic
tons OF the so-called Sully element that still
higher prices would be recorded. Exports of the
product continue large. yesterdays movement,
for instance amounting TO nearly 81, 900 bales.
For the season. to date. exports Of cotton foot up
4,339, 2293, against L. IA 7:34 in the same time
year ago. Exports of all domestic products in
the current month VIII be heavy. and a mod
erately active outward movement of manufact-
will he statement
OF foreign commerce for January will doubtless
be well up 10 the record OF December
Trading in the last hour exhibited irregularity
incident to profit taking sales, but last prices
showed a large proportion OF the early advance
Interests that We're identified with the opera
lions of the preceding day were active in ad-
vancing prices, and the called Western ele-
ment made effort 10 conceal its desire for
higher prices; indeed, IL was so energetic in
spreading the gospel OF a bull market that some
unkind souls intiuated that It was merely oper-
ating for higher quotations in order TO make a
market IN which il could sell the stocks that
It has been carrying for the last year Morgan
brokers so called, bought stocks. the Gates fol-
lowing was active on the bull side and brokers
who often conduct operations for the Standard
OIL interests were factors in the days advance
There a good demand for American Sugar
Refining. Atchison Baltimore and Ohio. Brook
Ign Rapid Transit. St Paul, Missouri Pacific,
Pennsylvania, Southern Pacific. Union Pacific.
the United States Realty shares and the United
States Steel issues. Rock Island the second
most active stock dealt in, but realizing sales
were heavy enough TO exert adverse effect
on its price, which closed point under the final
figure OF the preceding evening
Among the industrial issues there was an in
vestment demand for the American Car and
Foundry shares at advancing prices; also for
Corn Products. international Paper and Peoples
Gas Earnings Of the American Car and Foundry
Company have been most satisfactory In the last
twelve months and while there may be a falling
on IN the current year. as compared with 1903
there IL no chance OF decline that will endan-
ger the dividends on the preferred stock This
concern could. IL is said, pay its preferred dvi-
dends out OF it's profits on repairs to old cars.
The railroads Will doubtless soon be in the mar
Ase for heavy orders for equipment owing
TO the fact that money promises TO be easy
throughout the year. while the railroads appar-
entity Intend to resume expenditures in this di-
rection. as the prospects favor a large volume
fofrsilway trafdc In 1904. It is evident that the