New-York tribune., 1903-02-02
THE WEEKS OPERATIONS IN STOCKS.

about lower quotation level 1raQlnS Is en-
srerlely dull. There IS public activity IN
speculation, and the more important financial
interests are not attempting 10 start q Dull
movement in values. Transactions are MADE up
in great mart Of the dealings OF unimportant
traders and small pools. the larger operators
evidently waiting for the elimination from the
situation Of certain factors OF a somewhat de-
pressing character before entering the specu-
Jsfive arena The so-caIled public is doubJess
as usual waiting for the confidence that week
or more Of rapidly advancing values brings be-
fore bidding for securities. Meanwhile the trad
tag element is inclined to be bearish. but so far
Il has been unable 10 force liquidation, ano II
IS therefore compelled to be satisfied with the
rrofits that fractional recessions may bring
about There certainly is no good reason for the
Gale Of stocks unless the Venezuelan imbroglio
NAV be considered an influential argument for
lower prices The various phases Of this trou-
bIesonae case are not calculated TO inspire bull
activity n stocks and it is, therefore, not likely
that an active upward market will be seen until
the Venezuelan situation is eliminated as a
market factor. a change for the better or worse
may develop at any moment and, pending
final settlement speculative Wall Street viii
naturally feel disturbed and nervous
The absence Of activity in the stock market
sn the last fortnight has been due TO the Venez-
zle,an affair. and 10 the adverse attitude Of the
banks toward resumption Of A bull campaign
Large financial operations have been under way,
requiring substantial assistance from the bank
.ng institutions but at the close Of the last week
conditions in the money market reflected that
the money supply at this centre had reached a
figure large enough 10 handle corporate enter
yrises and stock market operations. Indeed, the
fail in call money rates suggested that supply
had over1aken demand Ease in the money
market would not develop If the banking com
,nunity expected that the United States would
become involved in war over Venezuelan trou-
lies. It is not believed that the few current ad-
verse factors IN the situation will repress specu-
1ative activity indefinitely. and in well Informed
quarters II is thought that market values will
at no remote period develop an advancing ten
dency that will carry the quotation level above
the best figures recorded in 1902. There are
various good reasons for this opinion In the
first place. the substantial financial interests,
3ncludi1g men closely identified with large 1nap-
cisl institutions and railroad corporations. are
holders of stocks which they are anxious to dis
tribute 10 the public at higher prices. Their
plans affecting large properties can be success
fully carried out q rising market. and they
doubtless recognize in current conditions gov
arntng the real worth OF securities arguments
for advancing values that may not be as strong
six months a year hence. Outside of the
Venezuelan situation conditions are better than
ever before. and soon as a satisfactory set
Element Of the Venezuelan case is effected the
strength of the countrys business ought to be
reflected in an active demand for stocks at ad-
Vancing quotations
Contrary to general expectation. the foreign
exchange market does not foreshadow i1nmedi-
ate gold exports In the last week sterling rates
declined on an absence of an active demand for
remittance and on an increased supply Of bills
Exports Of breadstuffs and general merchandise
are growing The break in the price of wheat
has already created a more active export de-
1nand. while shipments Of corn are reaching
heavy totals Receipts Of grain at Chicago last
week We're 30 per cent heavier than in the pre-
oeding week. and 60 per cent heavier than in
the corresponding time in 1902. Big grain re-
oeipts at Chicago mean big grain exports and
heavy railroad earnings The country's exports
are rapidly cutting down this country's debts
abroad, and if gold shipments should be made
they viii be exceedingly small while il IS not
improbable that in the course Of the year the
United States VIII be importer of gold from
Europe There is no especial demand for gold
abroad The Bank of England's holdings are
increasing. while financial conditions in Paris
and Berlin foreshadoN no inquiry for the pre-
cious metal There are no signs that indicate
the approach of a setback in this countrySs
trade, despite the arguments in d few quarters
that prices too high and that Industrial pros
perity is soon to be followed by industrial de-
preston. The best trade barometer is the iron
market. iron market conditions have always
been faithful guides in pointing out the posi-
tfon and prospects of general business. Pro
duction Of pig iron in January was at a rate
which. II maintained throughout the year will
result in total production of 1S,500OO0 tons
against the record of 17.500.00O tons in 1902
Cheerful sentiment the anthracite coal
shares developed last week owing to the nuhi-
cation Of the earnings Of a number of properties
for 0ecember. In the case of the Erie earn
1ngs are increasing SO rapidly that the loss suf-
fered in the months Of the anthracite coal strike
have been recovered. the road showing for the
six months ended December 81 an increase in
gross income of S764, ,s03 and gain in net of
S43e $50. This excellent exhibit was due to the
heavy earnings in December. In that month
gross revenue increased S762. .701 and net in
creased S61S.320 the same period a year
ago The Ontario and Western, another coal
road. shows for December an increase in gross
earnings Of S136S41 and gain in net of S97-
531 After charges there was a surplus Of S13S-
49, In the first half Of the fiscal year net earn
3ngs decreased S322.JS2. and surplus, after
charges. decreased $376.J5S Readings earn
fngs Gall companies. while presenting favorable
figures for December, give a loss in net for the
six 1onths from July Of $3.50 99S and a
deficit. after charges. OF S30S,399, compared with
\ surplus Of s. 494 106 in the same time in the
preceding year The loss due to the coal strike
IS reflected in the Reading Coal and Iron Com
ranv's earnings for six months. amounting in
gross 10 q decrease of IS, SIS r};59 Owing, how
ever TO reduction in expenses of S1,461, $50,
net earnings decreased only S1.42664S The Cen
Il / Railroad Of New-Jersey reports for Decem-
ber an increase in gross earnings of S419,951,
and an increase in net earnings Of S612,506, re-