New-York tribune., 1903-02-12
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading showed material IAN
snr off in the volume OF business as compared
~rith the preceding days of the week. "hlie
,,-ioes exhibited great irregularity. with only
fractional fluctuations in the majority or IS
-ueS Final figures gave about an equal NUM-
7,er or net gains and losses as compared with
rr,esda,--s las; quotations. While the approach
cr 9 holiday naturally checked speculative &C
.izit1 there was indication Of change IN
,,,-rent bull sentiment and no disposition TO
Worry over reports that gold exports would
-oan he made Regarding the improving position
cf +,is countrys international financial poslton
:. =. interesting to note that exports Of general
-,,srcbandjse from NeE-York since January
have amounted in value 10 $63.541,16 against
s55 700 31S in the same time year ago. $"f'-
se4 goo IN 1901 and S4S. ass. .739 in 1900. The
-o-or1e-e statement Of foreign commerce IN
.rgrrarv which will be published next week
-iI1 il is believed. present some record breaking
figures as the outward movement oi gram aho
manufactured products has been heavy faNor-
.t7. sc-;or loz- the Senate Financial Committee
x, -be new currency bill and further reports ot
rvnsnsior in railway earnings were among 'lS
,irniecsut bull developments of the day. There
was nothing in the news OF an adverse oIiai
Hcter.
4Ias,-z- railroad earnings and the encouraging
.,,it,,da Of the dominant party in Congress 10
e,ao+ currency reform legislation have not yer
received an adequate response in the stock mar
1et. SO far as prices are concerned, but lhe5
have strengthened the investors commence IN
,beir holdings and created the firm conVlctloh
5r conservative quarters that values VIII reach
- 4i.be7- level in the course Of the next six
,,7o,tfs When the need cf currency reform Is
,~rnsidered the prospects for definite action J"
shis direction naturally suggest The tar rea'"-
srg benefits Of legislation on the lines proposed
H. ,be so-raI1ed Aldrich bill. At the moment
.ba money market is enjoying a period thal
-aus for no assistance from Congress. but IL
a. cr1,- NECESSARY 10 recall the disturbance in the
market last fall and the necessity at that time
f drastic relief measures by the Secretary of inc
Treasury to appreciate the wisdom 81 maj King
g Law that viii prevent recurrence ot Su'h
,onditions Currency reform viii make lInposs1-
,le manipulation in the money market. II VIII
-,-eyent the exorhitant rates for cali funds and
-. disturbance in values incident 10 monetary
strinsAnCy-
Railroads reporting for Tho first week in Feb
-,ar-v show remarkable results. and # II were
mi for tho lack of motive power and freight
facilities throushout the country returns would
no extraordinary. Improvement IS confined Z"
70 ono section. although tho roads IN the gram
11s1r rrrsrnt. as a rule The greatest percentage
q gain. Missouri Pacific. for instance, enjoyed
zr increase Of 100000 over the same week p
S5a oe2 for the first week. following q gain OF
S75aRg in the last week in January. Traffic IN
The Southwest in the next twelve months VIII
fe helped by last years enormous corn crop III
-es-erdaz's market good buying Of the Gould
shares and Of Missouri. Kansas and Texas is
sues vas again reported The heaviest dealings
were in Arnalgamated Copper. Atchison, Erie
Missouri Pacific, Rock Island. United States
Leather ard Wabash preferred. Trading in
Wabash debenture bonds amounted IN par
value 20 S591.0 .0oo. net gain OF nearly 1
point. Call money was easy hut sterling eA-
change was firm and near the gold export level
There were, however. indications of i'm
mediate shipments Foreign financial centres
do not need gold from here. reflection which
SIS seen in the relative Of money rates broad
and the reduction by the Imperial Bank Of
Germany in its discount rate The output OF
the Rand mines for January was 1918 oenceS.
compared With 10:i4o ounces in 1902 and nothing
su 1901 The increasing production Of gold
throughout the world is strong argument for
confidence in securities values and expectation
- 7er reris-