New-York tribune., 1903-02-23
THE WEEK IN WALL STREET.

-7oan6 for securities and no evidence OF activity
on the part of substantial speculative ana IN
xestnent interests. Conditions affecting 'he
ar+,,al value of stocks and bonds have little 10
do with traders sentiment in a dun Market
sslch as that now current, speculative consldera-
,ions alone shaping the course of operations
II is an accepted theory in Wall Street that the
short SIDE Of the market is more prohtaple IN
dull DAYS than the long side, hence 1t comes
about that there at present many more pears
than bulls among the traders There are al
wavs some timid operators long of stocks VINO
can be frightened out of their holdings, ana
even in the current market, which is surrounded
with strong bull arguments, there are traders
so void Of courage that they sell their securi-
ties at the slightest signs of pressure from the
hear element Fortunately there are not many
ueskrninded and shortsighted owners of stocks
in this market. and consequence the profits
of short sales are confined TO small figures The
market is without support in the sense that the
,arger interests are not actively engaged in ad-
wancing prices but otherwise there is a large
amount OF support in the absence Of important
liquidation. Most vigorous efforts were made
last week 10 induce heavy selling, sensational
r1rrllors affecting the Metropolitan Street Rail
way Company were circulated, reports that Mr.
Eeene was seriously i'll were put out, and gossip
concerning possible gold exports was on lines
calculated 10 create uneasness in financial
circles The net results Of this campaign against
values contracting volume OF business
and unimportant losses ir' values.
Stock market trading at present exhibits a
contracting tendency on bear raids and an
sxpanding tendency operations for higher
prices This is doubtless due TO the fact that
there is nothing in underlying conditions that
encourages the sale of well held securities,
while there is a well defined feeling among all
1ofn
the force Of conditions governing the actual
worth Of investments viii be reflected in an
1cttve rising market. While stock market trad
eng has been dull, with a sagging tendency,
factors affecting the investment value of secur-
.ties have been moving in a direction that
strengthens the confidence OF holders in the
worth Of their possessions. Earnings OF rail-
road and industrial companies are increasing
az a, amazing rate as compared with the record
breaking results of 1902. The iron and steel
-ras4 indicates general industrial prosperity for
another year while the position of our foreign
trade foreshadows an increasing excess of eS-
,,or+s over imports throughout the next twelve
-,onth Immediate conditions in the Foreign
exchange market warrant the prediction that
gold exports will be made in the near rulure
unless banking interests. which prevented snip
r77erts last fall, again exercise their influence
70 rostpone an outward movement There Is
SOT
,,orts If made will reach an Important total
or that they will cause disturbance in the local
money market. The contention made in some
CIRCLES shat the balance OF our foreign DEBT
should he paid at once by the shipment OF sold
rather than at some future period when money
may he scarcer than il is at present does not
,acognfze the fact that the foreign balance Is
1,eing steadily reduced by excess merchandise
exnorfs by the transfer TO local banks Of loans
made in Europe and by the buying OF American
Investments for European account
The local market is in a good position to stand
the drain of a moderate gold export movement.
and shipment at this time would be wholly nor
NAL and totally useless as a sound argument
:, favor of sales Of stocks. Gold doubtless
x,,ould have gone out last week on the so-called
triangular operation if IL had not been for the
strength in Paris of sterling exchange on Lon
den Europe is not in urgent need Of gold from
this side. The supply Of gold in Europe is
steadily increasing from the enlarged output Of
the South African mines, and it may come TO
PASS that before many months 60 by the United
States will be importing the precious metal from
the other side. Wall Street traders may look
sceptical at the suggestion Of gold imports but
the prediction is made. nevertheless, that gold
will be shipped from Europe to this country in
the course of the next six months. Foreign
commerce in January resulted in a balance in
our favor Of S4s,931.061. The total value Of
exports was larger than in any January
record save January, 1901. when the total
amounted TO S136, ,325, Col, against S134 O40,952
this year, which compares with S129, ,145 $50 in
January, 1902 Imports were in value nearly
S6.0o0,000 heavier than in the same month
year ago. amounting to SS5, 100 S91 and the
total for the seven months Of the fiscal year was
S59S. .O79, ,6S7, against exports in the same time
.cfS Of re Of
467 037 The total export movement for the.
seven months shows a decrease from the CORE
spending period in the preceding year in value
OF 1864, but at the present rate of gain
this difference will speedily be overcome, while
for the whole fiscal year there should be larger
gain as compared with 1902. Shipments of
grain are increasing and exports Of general
merchandise continue heavy.
Exports of corn for the United States amount
ed last week tc 3739 457 bushels The out
wand movement of grain is still hampered by
the and locomotive famine in the West but
4: is encouraging to know that railroad faciIi-
Ties are being increased every week by the de-
livery Of new equipment, and that the supply
OF grain in this country and the demand for
food products abroad will insure active
port movement throughout the year. The great
factors in the situation are all in favor OF ac-
tivity in securities, but several weeks more may
i1e allowed TO go by before active operations
are resumed Money rates may work higher in
The next few weeks. incident 10 the spring de-
1nand for funds from out of town The outflow
TO the interior would hardly be large enough TO
exert a material effect rates if the banks
were not losing al the same time large amounts
on Sub-Treasury operations. If the Aldrich bill
fecones a law this bad feature OF the none
4ary situation will be eliminated
The low and medium priced stocks were gen