New-York tribune., 1902-08-16
THE DAYS OPERATIONS IN STOCKS.

Cau money advanced TO 6 per cent in yester-
davis market. and as a consequence there was
moderate speculative liquidation in securities.
Prices however. showed few important reces-
sions as offerings were readily taken by a sooo
class of buyers. Loans made on FRIDAY carry
over until Monday, and the demand for money
at the end Of the week is therefore generalIy
active while in times Of low bank reserves
rates naturally are marked up. According to
the known movement Of currency TINS "eeh'
the banks have gained upward Of S1oOO,oo0 IN
cash holdings. and unless loans have been large
lv increased. which does not appear probable
reserve above legal requirements ought to
show a gain as compared with week ago The
final price level showed as many net gains as
losses with last figures generally above the
lowest Of the day. Strength in Toledo, ST Louis
and Western, which carried the common up
nearly 3 points and the preferred points. was
apparently based on buying for control IN con-
nec+ion with the St Louis and San Francisco
and Chicago and Eastern Illinois deal IeXas
and Pacific. Missouri Pacific and all the Gould
stocks save st. Louis Southwestern preferred,
cold off on realizing Missouri Pacific closing
15s points under Thursdays last quotation
Southern Pacific was again the leader In point
of activity, supplying nearly one-slxth or the
total dealings and advancing TO new hlgh
record price. Atchison. st. Paul. Norrolk ana
Western and Reading were heavy features
Hooking Valley was bought on the report that
the road would 20 TO the Vanderbilts In the
industrial list Colorado Fuel and Iron lost L
point United States Steel common was hrm
on moderately large dealings, and further in
side absorption of American Grass Twlne was
reported
The decrease in the country's exports in July
was due to the falling off in the outward move
rent OF domestic products such as breadstuHs'
cotton and provisions The net decrease IN e&-
rorts as compared with the preceding year
amounted in value to S20,644,550. while the de-
cline in the exports of breadstu1fs' cotton, pro-
visions cattle and mineral oils reached total
Of sol 2993 3l1. 1t will therefore be seen that
the country's general export business is not
reacting from the records OF the two preceding
wears Grain and cotton exports were in value
Sl61So 191 less than in July a year ago, the
decline in these items accounting for the great
er part Of the total loss Owing to a large vol
urne of imports and the heavy reduction in the
exports of domestic products. the excess Of ex-
ports over imports amounted to only S96ol, I4O
as against an excess year ago Of S363fO0i0
Imports amounted in value TO S79,206,220. a
record exceeded by one month only this year.
and in comparison with preceding Julys, the
heaviest known.
Careful ANALYSIS of this country's foreign COM
rerce presents no cause for uneasiness. In
deed the showing in July and the last twelve
months furnishes many reasons for encourage
ueut The reduction in exports in the last
twelve months amounting in value TO Sl3o,6SS.-
669. was due in great part to the crop condi-
tions in cotton and corn, which. especially for
corn. were so disastrous TO last years harvests
As large crops of cotton ard grain Will be
raised this year. the record Of the next twelve
months in the export business will undoubtedly
compare favorably with the big figures Of the
corresponding period ending July 81, 1901 The
gain in imports reflects the growth in wealth
of this country. while the loss in exports does
not indicate a reaction in the country's indus
tries. Since January 1 the excess Of exports
has amounted in value TO S191 455. 761, but, de-
spite this favorable balance, the United States
is in debt TO Europe largely in excess OF the
trade account. The fact that the country is In
debt is a sign os lis substantial credit. Ster-
ling exchange was weak yesterday under the
influence of large offerings OF grain bills for
September October and November delivery.