The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1905-01-02
OUTLOOK GOOD
FOR SECURITIES
Advances Likely in Both
Actual and Market Values.
1904 A REMARKABLE YEAR
Highest Prices for Stocks and Bonds
in December-Easy Money Helped
Investment and Speculation.
1904 A REMARKABLE YEAR

NEW YORK, Jan. MANY favorable
developments marked the course of Wall
Street affairs in 1904, and according to
current signs of the times the expansion
in the eountrys industries, the increased
demand for securities and the ease in
money will be leading factors in the new
year, Notwithstanding the unfavorable
forecasts that a few poorly informed OBJ
servers are making
If the movement of Wall Street af-
fairs in the last six months may be
taken as q forecast of the stock and
money markets in 1905 the owners of
American securities will find their hold
ings enhanced both in actual and mar
ket values, while the merchant and the
manufacturer and all interests that are
dependent on the country's credit fac1fi-
ties for the enlargement of their bust
ness will be able to secure all the ac-
commodation they desire at rates that
Will prove no burden.
Remarkable Twelve Months.
While the transactions in the securi-
ties market in the early part OF the
year were confined to small totals,
trading in the second half became ex-
tremely active, and, as q consequence,
the entire operations for the year were
well in excess of those in the preceding
year, about equal TO those of 1902. but
well under the record-breaking figures
OF 1901. In many respects the year of
1904 was one of the most remarkable
ever witnessed in Wall Street, both as
regards the dealings in the stock ex-
change and the movement Of the money
market
Never before in the history of the coun-
IT did money rates rule at such low
level for so long a period OF time as re-
corded in the last year, in the greater
part of the twelve months call money
ranging from 1 to 21s per cent, with the
1ighest rate TOR the year at per cent in
January, and the highest rate for the
last week at per cent, the latter quota
ton being remarkably low, compared
with many preceding corresponding
periods.
No Money Disturbance.
The fact that there was no disturbance
IN money rates in the year, despite gold
exports In excess OF imports to the ex-
tent OF over SEQ. 600 900, the Panama Canal
payment, the financing OF railroad loans.
Which amounted to over $50, 0OO, 600, and
the payments of enormous July interest
and preparations for the January dis
oursements, supplies an eloquent tribute
10 the remarkable strength and stability
OF financial conditions in the limited
States, and thought TO suggest to yeopIe
who are uneasy over the outlook the
remote possibility of any material dis
year.
Time money and commercial paper
We're also quoted at low figures through
out the year, and at the close there was
no immediate prospect of a material
change IN rates in the first part of 1905
Highest Prices in Decesaher.
The highest prices for stocks were
MADE IN December, when the leading
active issues sold at an average price
OF ls4o. compared with a low point of
$3.50 recorded in many and 1880, the
high point in the bull market of 1902.
The advance in prices in 1904 ran from
the early summer until December s.
practically without interruption. and
although sharp downward movements
were reported on December s and H.
the tendency thereafter generally was
toward Improvement, and, as conse-
quence, Closing figures in SATURDAYS
market We're not lar from the best of
the year.
While prices advanced in the stool,
market. the quotations in all other d.
rections moved toward a higher level
yearly all of the, principal commodities
seillng at their highest figures on rec
ord. Wheat, for instance sold from 20
cents 20 20 cents a busheI above the high
record OK the preceding year; -four was
AUG ,, Iuily 5,. a ooilaI a barrel higher
Meat advanced: coffee advanced: also
sugar
New Railway Financing.
in the new year a large number of
railway financing plans will be brought
cut. and this fact alone ought to insure
a strong market for securities, mas
much as the substantial financiers who
intend to offer first class railway mort
gage issues to investors know that
Z -here viii be good market for bonds If
the movement of values on the Stock
Exchange is IL the direction or higher
quotations.
Fortunately, there is enough money
II the country to take care of the de-
iiands that may be made in various
quarters for funds in 1905, and. as Of
feringS that Will be maze will represent
Solid investment value. there is every
reason % suppose that success will at
lend the bond offering that may be
pladc In .ne course of the next twelve
months.
Excellent Outlook.
III the last six months of 1901 bankers
experienced no difficulty in placing rail-
way bonds. q reflection of this being
presented in the success Of the Rock
Islands bond issue. which was brought
out by speyer & Co, for $50, 900, geo; also,
in the success of the recent New York
city loan and the heavy oversubscriution
to the Japanese bond issue. part of
which was offered for sale il. this
country.
A