New-York tribune., 1901-03-16
sEx dividend.
BONDS.
THE DAYS OPERATIONS IN STOCKS.


Operations for higher prices continue and cur
rent indications in the speculative and invest
mont situation suggest nothing that will upset
.ba ,ravailing tendency Of values or the optlm-
,s,o that r1lles in financial circles. Heavy real
sizing sales maintain the markets speculative
health In yesterdays trading sales or thls
character prevented a steady advance through
ont the day. but at the close prices again showed
a long list Of net advances. Many or the 10"
nriced issues were bought by a careful set OF
onerators while in the standard stocks further
investment and speculative inquiry character
lied the operations of the representative wan
Street houses. Burlington, St Paul and Penn
eylyania were in demand. Louisville and Nash-
Vile Atchison preferred and Northern ana
Union Pacific shares were taken by investors.
The low priced coal stocks advanced on the en-
couragfng labor situation at the mines. while
the cheap southwestern issues were active on
expected favorable developments. In all depart-
ments of the market business was lively, with
increased commission house buying wider dis
trSbution Of trading and bull enthusiasm marked.
! The iron and steel shares were without distinc-
tive feature, while elsewhere in the active in
dustrial list good buying was reported. Sugar
Refining under bear pressure, but its loss
was uninportant. Despite heavy realizing sales
the close was strong, with many substantial net
advances.
The record Of foreign trade for February
makes a favorable comparison with February
a year ago, and shows a large increase in ex-
ports and in the excess Of exports over imports
over the same month in all preceding years
save 1900 Total exports were in value S112
947,361, a decrease of S6479 624 from February
last year. The falling off made up about
equally Of breadstuffs and manufactures. Com
pared with the same month in 1899, exports
this year exhibit an increase in value Of S19,-
110210 and as foreign trade conditions were
favorable in the year named the results for
1901 are significant of great commercial pros
perity in this country. For the month the ex-
cess Of exports over imports wasin value $40.
020096 against excess a year ago OF
$50 593 044, making for the eight months Of the
fiscal year an excess Of exports of S492 2224 994
a gain Of S12S005.097 over the corresponding
time IN the preceding year. For the eight
months total exports have been IN value S1,015,-
1854, against 1919 Alb All in the same time
In 1900 and against 81 $50 993 $50 for the entire
fiscal period of 1896. Exports in 1896 were con-
sidered phenomenal In that year the excess of
exports was IN value $3.50 263 144 against an
excess Of S492. .224 994 for the eight months Of
the current year. Exports in February are gen.
orally lighter than the January business, as in
February the export season begins to wane
while from September TO January inclusive it
enjoys its greatest activity. The reduction in
the volume Of business in February, a short
month, from January Of over S23,000000 is
therefore not significant Of adverse change
In foreign trade conditions For the twelve
months ended IN February the total foreign
trade Of the country amounted to $3.50, $40 975,
the excess OF exports being S672, ,546, ,995 In the
last three years the total excess of exports
have amounted in value to S1.762 4SO7OO.
The progress Of the foreign trade OF the United
States is gradually placing this country in the
position so long occupied by England, France
and Germany the leading financial powers Of
the world. New-York should become the worlds
clearing house. New-York lends money to Lon
don Paris and Berlin, and in addition it finances
the greatest industrial country in the world
Foreign governments look to the United
States as a market for their bonds, and Ameri-
can capital is competing with foreign capital I'm
foreign industrial enterprises In view of the
conditions reflected by the foreign trade state
ment and the possibilities lit suggests it is not
surprising that the demand for American in
vestment securities continues. There is nothing
IN the situation that frightens investors while
from purely speculative outlook there is no
encouragement for short sales of attractive
stocks Money is in abundant supply through
out the country, and although local bank condi-
lions may Show some unfavorable comparisons
.o-oay the prospects do not favor material
change in money rates. Bank statements long
ago failed TO indicate actual conditions and as
consequence Wall Street is beginning TO free
itself from the idea that the weekly Associated
Bank figures make a faithful barometer of the
monetary situation. From the knoUn move
ment Of money in the week. hank cash holdings
Treasury operations. The local banks lost in
the week on interior operations for the first time
in two months. ~
THE DAYS OPERATIONS IN RONnS