New-York tribune., 1901-02-15
BONDS.
THE DAYS OPERATIONS N STOCKS.

The losses made in Wednesdays marker were
generally recovered in the first two hours OF
trading yesterday. Transactions were not espe-
cislIv heavy, but prices showed an advancing
tendency from the start. with substantial net
gains in the greater number OF active issues al
the close. The recovery was natural reaction
from Wednesdays decline. Professional trad
ers' operations We're responsible in part Tor the
DAYS advance, but the underlying strength OF
market conditions the controlling factor IN
sban,ng the course of values. The bear ele-
rnent was disappointed over the failure OF
Wednesdays decline 10 produce liquidation in
Yesterdays market Sold out bulls We're also
disappointed, because they had hoped 10 re-
enter the market al cheaper prices. The princi-
pal owners OF stocks are capitalists, and they
apparently are not ready to throw over any OF
their holdings, despite the attractive level at
which railroad securities are now selling.
Money market conditions showed no material
change although a slightly firmer tone was re-
ported IN time funds There were no general
news developments affecting stocks. and the
Street confined its discussion 10 the possibility
OF a speedy announcement regarding the steel
situation and the probable terms OF the arrange
ment between Mr.. Carnegie and the interests
that are working 20 place the trade upon a
sound and stable basis The steel shares were
well bought and the industrials as a rule were
in excellent demand at higher prices. Sugar
Refining a heavy feature but It had few
companions. After early weakness the granger
shares were strong and active. while the rail-
road list whole made marked Improvement
toward a higher level The Industrial shares
furnished about one-third OF the total dealings,
and il was reported from well Informed quarters
that the character Of buying in the industrial
Industrial stocks are not selling at fictitious
prices. Indeed. they have shared little IN the
bun movement, as the railroad list has monopo-
lized speculative and investment buying while.
with only few exceptions industrial shares
have been inactive at no material change In
quotations. The greater number Of Industrial
stocks are well under their best prices OF 1899.
The official report OF foreign commerce for
January shows total exports in value Of $780,
Sl1.S54, and an excess OF exports over imports
OF S64.2l7, 100. This is the best record ever
made for January. and IN the volume Of exports
# has only been exceeded by three months in
the last year. Compared with January a year
ago, the increase is SlS.720 206 and with five
years ago S49347. .326 In January last wear the
excess OF exports was S41,700,046 and in 1899
S9a.25l64a the imports for the time named not
snoMlng 81 VIDE variations For the seven months
oi me hscal year exports have amounted in
value to $500 229 749 a gain Of Sl02 600 OOO over
the same period in the preceding year and an
excess over imports in value of S443 39S 65S
against S3l3626S55 In the year before Against
the big excess Of exports there IS only a small
oIset IN the way OF imports Of gold, as in the
last seven months gold imports have exceeded
exports by only S22.369. ll9. And against this
small OFFSET may be placed net exports OF silver
oi sJo,z%l,l2s. Accounting for an the known
factors IN the settlement Of International trade
accounts still leaves "A big balance, which prac-
ucally constitutes a reserve fund for the Tr,itos
States IN Europe. The position OF this country
as power IN international money markets is
efoWlng stronger every month, and there are no
indications which point toward the elirninstion
ol W nose FACTORS which are making New-York
the hnanclal centre OF the world