New-York tribune., 1902-01-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market was moderately active and
generally firm throughout the day. There were
indications OF good buying in many issues es-
pecialy in the coal stocks, Union Pacific the
United States Steel securities. Manhattan Atch-
ison and New-York Central. In the bond depart
nnent there an active investment demand.
There were no news developments of irnpor-
tance. save the announcement of increase in
the New-York Centrals stock. trading for higher
prices being based on technical market condi-
tions created by the decline of the last few
days New-York Central stock favorably
affected by the new stock issue, and the char
acter of buying reflected great confidence on the
part Of insiders in the property and its possi-
bilites for the future. Interest in the so-called
Vanderbilt shares was also attracted by an in
crease in the dividend rate New-York, Chi
cago and st. Louis second preferred The more
active shares closed at substantial gains while
the entire list. with only minor exceptions. ended
the day above Tuesdays last quotations. Money
market rates were comparatively easy. Foreign
exchange dull and heavy at decline OF B
for the day.
The statement of foreign commerce for De-
cember presents further evidence of the sound
position Of the country's industries and the
strength Of financial conditions in the United
States. Although there was heavy falling off
In exports Of breadstuffs as compared with the
preceding year and an increase in general i'm
ports in value of S11 217. .536 total exports ex-
ceeded total imports by S57. 100000. Com
pared with December a year ago the of
exports was smaller by S20030572, due to the
gain in imports and the decrease in exports.
While the falling off in exports Of breadstuffs
and cotton amounted TO over S16.4ooooO, the
actual decrease in all products only SS,S13,-
056. a pretty good sign that the country's sales
Of manufactured articles in other countries is
not decreasing. The record for the entire year
shows increase in imports of merchandise
amounting in value to S5l .255 6s}2. and a de-
crease in exports of S12 ,9I4, leaving an
excess Of exports over imports Of 1856 los 1913,
against S64s 796,399 in 1900 and S476 500 561 in
1899. gain in imports reflects the growing
wealth Of this country and the increased pur-
chasing power OF the people.
Gold exports in the year exceeded gold i'm
ports by SO, 14,461, despite the fact that the
country's favorable trade balance amounted to
$3.50 10S 193 Various factors contribute to the
settlement Of a trade balance. In the present
il is impossible TO gather statistics showing
just how the country's credit balance was nqui-
dated in the last year. but il may be inferred
that undervaluations Of imports. sales of foreign
held American securities, travellers expend-
itures abroad and the investment of American
capital in foreign government bonds and foreign
industrial enterprises account for the fact that
We sent more gold TO Europe than we brought
in The prospects for immediate heavy ship
ments of geld are not promising at the moment
and it is not thought likely that the outward
movement this month will equal the record of
January year ago, when upward Of $s0O0GO0
exported. The development of activity In
the South African mining shares is apparently
the forerunner of end OF the Boer and
renewed shipments Of gold from the Rand mines
When gold begins 10 go 10 England in large
amounts from South Africa all the European
markets should be most favoraby affected. And
the local markets should also share in the bene-
fits.
THE DAYS OPERATIONS IN BONDS