New-York tribune., 1903-01-14
BONDS.
THE DAYS OPERATIONS IN STOCKS

The reactiorary tendency that deNelopeu a.
The close Of last week made further progress II
--es4erdav's market In the absence OF ou'Si"e
s,,--o-+ r,-,oes Welded easily under bear press
IRE. and although final trading was accom-
panied by rallies from the lowest net declines
We're general az the close Heavy selhhs u
pe.5inv and Rock Island ny prominent houses
-oo,ra-a5 foundation in other parts Of the list
,,,+ salAs Of this character merely represented
e .a1-ins oneratious and transactions for
-he scco,,r+ of small traders who accumulated
stocks at last weeks high prices on limited
margins The larger part of the selling IN fNedu-
ing Was by a house that had been huhlsh on 'ie
stock for the last .wo years AFTER oeoliliiiie
over > points this issue rallied ana cioSeu d
3 net advance. There was no adverse news
affecting quotations; indeed. developments III
sha rusiness world were all in favor OF srellsth
a.. ;,,,-sS+,,,ent values The decline Of the last
few DAYS is explained by the raplolS ol lhe
,drsnce from the low prices made in December
and nv the disposition Of the larger interests TO
check the efforts of the Western element TO
,s, the market into an unwieldy bull affair
s-+oclrs ara doubtless going TO move higher out
.aere ia no good reason to push prices UP by
,-,.,,-u1e+ion when natural conditions favor a
rising market The methods Of the Nesterh
crowd fail to attract public buyers E11e ISSUES
We're exceptions 10 the downward movement
ending well above Mondays close Mammalian
was also a strong feature, while all the 0oulo
shares exhibited great resistance to the de-
c,i,a Missouri Pacific and Western Union clos
ing fractionally higher, Wabash shares un-
changed from the preceding day and Wheeling
.nd Lake Erie first preferred at net gain Of
over I noint Colorado Fuel and Iron lost over
. noints Elsewhere in the active list net de-
cIines when made were generally fractions.
Exports Of domestic products in December
figures for which were received yesterday,
showed an increase in value Of S1.36s.2l3 over
the same month in 1901 Total exports were IN
value So1 9S5 223 made up in great part OF
treadstuffs and cotton exports OF the latter
being heavier than in any month since october.
1900 The complete statement of foreign COM
,nerce for December. which will be issued to-
,,orrog will doubtless show heavy increase in
exports Of general merchandise and a large
excess of exports over imports. In the current
month exports of domestic products promise to
break past heavy records owing TO the big
shipments OF grain and cotton now being MADE,
while the outward movement OF general mer-
chandise may run ahead of the best record
ever established. Exports of corn and wheat
last week amounted TO 7,955,937 bushels. against
=; 7o4 5S3 bushels in the same time a year ago
Exports Of general merchandise from the Port
of New-York for the week ended yesterday
SaO96. .671 in the corresponding time last year.
making for the two weeks Of the month a
1a+af in value of S23 265 :391 an increase of
S5.293 .e29 the same period in 1SoZ
The growing export trade Will naturally exert
an important influence the International
exchange market, and il ought therefore TO pc
effective in preventing large shipments OF golo
from this centre. London has been moderately
active buyer Of stocks in the local market in
the last week. IF this movement continues an
other obstacle viii fe in the way of a gold
4a1rort movement. Gold exports at this time OF
the year are normal developments, and Ger
tain amount of the metal will doubtless go to
Europe but expectations that there will be a
big drain on New-York for foreign account are
moi likely to be fulfilled With money pouring
into the local banks from out of town sources
shipments of the precious metal may be made
without effect lending rates Sterling rates
were firm again yesterday. but there was no
change in Paris exchange on London. Call
money ruled at AZ per cent So far this week
rhe banks have gained upward of S3,Oo0,0oo
from the SUb-Treasury, while the receipts of
currency from the interior are as heavy as a
week ago. There is no occasion for uneasiness
over the monetary situation, despite the pos
sfbility Of gold exports.