New-York tribune., 1902-03-04
THE DAYS OPERATIONS IN STOCKS

While the volume OF business In stocks yester-
day reduced the trend OF values was
toward a higher level. The impro vement was
practically uninterrupted The market eased
off at the close. but not enough to impair values
to any extent. Sterling exchange held firm. and
II thought a heavy shipment of gold TO
Paris would be made by Thursdays steamer
but this prospec: seemed to excite no appre-
hension, and indeed. attracted very little at
tention. The state OF sterling IN Paris is some
what more favorable to the exporta ton OF gold
from New-Yorll to the French financial centre
than when the exports Of last week were made
The significance OF the present outgo Of gold IS
not entirely clear. II may be that It is as
ISOLATED with some financial operation in
Europe which there IS as yet no public
knowledge. The outgo OF gold hardly be
based on foreign exchange conditions alone for
sterling is not high enough in New-York nor
low enough in London to take gold freely from
New-York.
Railroad returns continue very satisfactory.
Most Of the large lines report gains in gross
earnings which demonstrate that the interior
business of the country has not only been
maintained, but actually has expanded. Do
mestic conditions are. generally speaking, all
that could be desired. and they account in the
main. for the steady. II not striking. enhance
ment IN values that is taking place The out
look cannot be said to be impaired by anything
which has occurred is to The depart
OF gold from this country. which is the
chief producer OF the metal. cannot be regarded
startling. for the amount exported is small
compared with the amount taken from the
ground. Gold IS money. even when not In
the form Of money. is the same as money.
Therefore. II gold is sent abroad in coin. the
loss IN money IS quickly made up by the out
put Of the mines. More currency is coming into
New-York from domestic points than IS going
out OF New-York TO domestic points. and the
Treasury will again be losing money to
the New-York banks. instead OF the banks los
ing TO It. The reports to winter wheat are
not sufficiently definite yet to indicate the prob
able extent Of the crop
There was no great activity in any stock dealt
in on the Stock Exchange. The dealings IN
fact, were more evenly distributed through the
list than in some time. There was a demand
for Pennsylvania Railroad stock. which was
founded on the expectation OF favorable state
ment for the last fiscal year. The statement
was not issued until after the close oc the Ex-
change. but Il turned out, IN former years.
to be a model in its way. II proved the
ability Of the management OF the company.
The stock Of the Baltimore and Ohio Railroad,
which now is controlled by the Pennsylvania.
was also in request Three OF the granger
stocks. st. Paul. Rock Island and Northwest.
were notably strong. Tennessee Coal and Iron
maved up on information that the company s
forthcoming financial exhibit would be espe-
cially good. A development of buying in Amer
lean Cotton OIL said by some of the off,
cials Of the company. to be speculative. but at
the same time there were rumors OF an ap-
preaching consolidation OF cotton oil concerns
in which It was thought the American com
pany would be concerned