New-York tribune., 1903-02-17
sET dividend
BONDS.
7vE DAYS OPERATIONS IN STOCKS

60, market trading presented few features
- ,-..-es, dealings being confined 70 sillaH
totals with rrice fluctuations Wlthlh ndIiO"
7,r,g4~ AS q rule final quotations were al A
..ins as compared with Saturday 5 last qUo'o
lions Pool operations were reported III d ~
ter Of issues and buying for the account u -
,s., we'll known speculative interests was holeI
t,,,. +l7e public did little in the market anu "a
,,iE,sted no disposition 10 engage IN Spe0ula'
cneratious While there doubtless are iaO'0-
=. +t.:..stua+ion that tend to restrain activity IN
.toclrs there is nothing upon which may De
based sound arguments for lower prices 10
,1sor ~ stocks are confident that the market
~, On higher before IL goes materially lo"e''
- +,a1 great activity and advancing Nalueo
vri11 he recorded before the warm weather III
r7ns Conditions governing the actual worth u
Se,1,rities naturally encourage cheeIlui Fi1
-;o77s for the stock market, and they ohsll' " ~
7o7,rage the idea that the present laCh u S
,,,z+ion in speculation ,foreshadoW5 d Suoce7sli
hear campaign against values. some ol 'lle ~
,.rt.ad sbares were in fair demand in yesterday
+-s5ins. notably United States Steel and "4oaSi'
,,-e4er-,ed Steel common returns at present
5as about 10 Der cent, and its quotation
+berefo-e is ridiculously cheap. The conversion
e mart Of the preferred stock into bonos VIII
ss.-. the company a large annual amount IN
dividend disbursements, which VIII, ot ooutse'
he IF benefit TO the common shares sugar ~
inning and AnlaIgama ted Copper were aPpai-
cr4l,- roought on favorable trade reports, WHICH
,,,ov-ed for the sugar market eXceptlohal ac-
-izitv for this of the year. with heavy saleS
., higher prices Dealings in the industrial
shares Of prominence amounted 10 over one
third of the total sales IN all issues, with Steel
ro,-7-77an providing the days biggest record In
The railway list Erie Reading, Rock Island,
T-r7io,7 Pacific and Wabash preferred were the
,,nlz active features Last prices were the
hest Of the day. In the bond department heavy
tr,Dections in Wabash debenture Bs on rising
figures we're recorded. Wabash preferred gained
over one point
Foreign commerce in January resulted IN a
balance in favor Of this country of H4S95l,'"''
exports or general merchandise exceeding i'm
ports by ;hat amount. This compares with an
excess A year ago Of S5o0o69SS and 67.o1S,521
In 1901 The total value Of exports was larger
than III any January record, save January,
1ao1 when the total amounted 10 Sl36323 col,
against Sl34o4o352 this year, which compares
with S12a 1451So in January, 1852. Imports
were in value nearly S6o90o0o heavier than IN
tho same month year ago amounting 10
$50 1d9 Saf. and the total for tho seven months
of the fiscal wear was S-gS e79.G .GS1 against cN-
ports IN The Same time of SS'6,5i6,I21 or an
excess Of exports Of SIS 467. .o37. Tho total c>-
decrease from the corresponding period i'm the
preceding year in value OF &16,12l69I. hut a.
The present rate Of gain this difference Will
speedily be overcome. while for the whole fiscal
year there should be a larger gain compared
With 1902. Shipments of grain arc increasing
and exports Of general merchandise continue
heavy
Tn the last week exports Of from tho
United States amounted TO lS3eno0 bushels.
against 527oo0 bushels iu the same week a
wear ago. while shipments of wheat were slightly
under last years figures The outward move
r1ent Of grain is hampered by thc car famine in
the West but 1t is encoura gine to know that
rsilroad facilities are being increased every
week ny The delivery Of new equipment. and
that the supply Of grain in this country
and foreign necessities viii insure an
tive export movement throughout the year.
II primary points receipts Of wheat last
week amounted 3346ttrD bushels a gain
IF fG31 600 bushels over the corresponding time
in 1902. while shipments from the same points
were S0oe0 bushels under the preceding years
total Receipts ot grain at Chicago were
s4596b0 bushels. a gain of 3744.100 bushels
over the deliveries of the same time = year ago
corn supplying 100000 bushels of the Increase.
The country's prosperous export trade and its
bright prospects for the current calendar year
sre reflected In the foregoing summary N the
exports for January and the movement of grain
IN the West, and the figures given ought Ia
strengthen the confidence Of investors in the
value Of American securities This country's
debts abroad are being steadily liquidated by its
expanding prosperity. Small shipments Of gold
NAV be made this month and March but they
will hardly he large enough 10 exert an adverse
influence on money market conditions.
rur nays OPERATIONS IN RoNns