New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-21
THE WEEK IN WALL STREET.

market IN the week just closed was not heavy,
there was q fair demand for stocks from good
class OF buyers. and decided Improvement in the
sentiment OF the speculative and banking COM
munity. Developments affecting the actual
worth OF securities were. rule. in favor Of
higher prices. Railroad earnings were large.
bank clearings throughout the country reflected
an active movement Of trade, and reports from
the commercial agencies exhibited most encour-
aging systems OF sound and heathful indus
trial situation. The money market moved in the
direction OF further ease IN rates, while add
tional imports Of gold were made bringing the
total amount on the current movement TO over
S22.OoooOO. The prospects. however. do not
favor further important engagements for i'm
port at present, on account Of the advance in
The last week IN foreign exchange rates, demand
sterling going above ass. gain OF over two
cents IN the last ten days. The pressure Of cot
ton bills on the market has decreased, while the
demand for remittance has grown more active,
owing to the usual inquiry at this time of the
year. which this year has been increased by re-
mittances for maturing loans. The fact that
there win probably be no more engagements Of
gold causes no uneasiness IN banking circles,
as the local money market situation is now in a
position care for itself without the assistance
OF gold receipts from abroad, especially as the
movement OF currency from the interior IS run
ming heavily in favor Of this centre, the banks
receiving IN the week this account nearly
S7,o0O000, while they shipped only 100000.
There is now more money in circulation in the
United States than ever before n the history OF
the country, and this fact, together with the
oountry's rapidly growing foreign trade, ought
20 dispel all fear Of financial troubles.
IN
vernber. which was published IN the week. shows
exports Of general merchandise to the value Of
SI60 45559O, an increase of S35,254,973 over the
corresponding month q year ago, making an
excess OF exports over imports IN value of $751;
393 7s4. Total exports for the month were
heavier than IN any month this year. heavier
than in any preceding November. and heavier
than IN any month in the last six years, with
the exception Of October 1900 when they
amounted TO $780, $50. The increase this
lear was due almost entirely to the heavy out
ward movement OF cotton, which presented
gain as compared with November, 1902, Of S32.-
fJ3 260 against total gain in all exports OF
S35. 254 $40. The large increase IN exports In
the last two months brings the record for the
eleven months OF the year 20 amount not far
under the record breaking figures Of 1900. while.
IN comparison with the same time year ago,
an increase Of S97, 427, 796 is shown, making the
eleven months $500. 33T 945. In the last year the
United States has not only liquidated its debts
abroad but il has built up a large trade bal
ance while the prospects favor an active for
eign buying movement OF our cotton, grain
and manufactures throughout the next twelve
months The high price Of cotton and the higher
prices ruling for wheat and -four have been i'm
portant factors n swelling the exports values
OF the last few months. and in connection with
that foreign countries are buying this staple in
spite OF the excessive figure at which it is sell
ing. In the week records were broken on the
Cotton Exchange. most OF the active options ad-
vsncing beyond the Is cent line to prices higher
than any attained at this season for a score of
years.
The Street opinion the United States Steel
shares. chiefly the preferred, Is more optimistic
owing 10 the decision Of manufacturers of steel
products 10 make no further reduction in prices
also 10 the expectation among the iron and
steel men that the industry IN the next year
wiz be far more active than It has been in the
last six months. The outlook apparently favors
an increase in building operations, a factor
which means much 10 the iron and steel trade
Even IL this industry should not show improve
raent in 1904 and even If # should be found nee
essary 10 reduce the dividend United States
Steel preferred, there would be no good reason
for a further decline IN the market quotations
OF the corporations securities. Both the COM
mon and preferred are selling at prices which
discount about everything unfavorable that may
develop. The falling off in earnings OF the
United States Steel Corporation IN the current
quarter have been variously estimated, but no
official information on this subject has been
given, although il may be safe 10 predict that
the net income for the quarter viii be under
s20O00000 The corporation IS now introducing
important economies IN the operation of its
plants. and this. with expected large export
trade, ought 10 add largely 10 earnings in 1904
The passing OF the dividend on the preferred
stock % the Crucible Steel Company was among
the few unfavorable developments Of the last
week, but action Of this sort had been ex-
pected the stock market was not adversely af-
fected. As an Offset 10 the passing Of this divi-
cend announcement made by the American
Smelling and Refining Company that II had
placed ifs common stock on per cent diyi-
dend basis. This action was also expected. as
the company has been steadily increasing its
surplus. which now stands at upward Of $1,000
600
The sale OF bonds by the AtchIson Company
in the week was not considered an adverse de-
eelopment, except among a few poorly informed
spectators. Under the terms OF the mortgage
securing the bonds, the company is permitted
70 sell q certain number Of .unissued general
mortgage IS at the rate Of 100000 a year
but this right has not been exercised for
over three years there are. as a consequence
more than 100000 % the bonds available. a
good part OF the issue win be used to provide
new equipment. and this fact encourages the
expectation that the railroads in general will
lie active buyers OF new rolling stock in 1904
While the Atchison company increases its liked
charges by the sale OF these bonds 100000 a