New-York tribune., 1903-01-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Trading in yesterdays stock market showed
= further reduction in the volume OF business as
corppared with recent heavy operations. Total
sales were under $4,000 shares, the smallest
since December a. Prices were irregular. with
= declining tendency in many issues that left
final quotations at net losses in the greater
number of stocks. declines. however, being
small seldom running beyond fractions. Sugar
Refining at a net loss of over two points was the
only iroportart exception in the active list
Selling in this stock wholly speculative.
and in great part represented short sales
Heavy dealings again marked the course of the
various Erie securities, including the general
mortgage per cent bonds but there was no de-
veloprnent affecting the property, and no lnt1na-
rion from official quarters that the movement IN
the issues was justified by the company's pros
rects There were, however, half a dozen or
more so.called explanations in speculative cir
cIes that attempted TO solve the Erie mystery.
Tondop Fought twenty thousand shares of Erie
in this market. The common stock. after ad-
,-ancins TO 421 declined to 4o3- closing at q net
loss Of one point while the first preferred closed
nearly one point above Wednesdays final fsure-
Hooking Valley. Missouri Pacific, Missouri, Kan
and Texas Rock Island preferred and Amer
irsn Ice issues were strong features Cofnmls-
sion houses were not active for so-called punhc
aocount. dealings representing in great part
rhe larger speculative interests and their fol-
lowers.
r--,or+s Of merchandise in December were
heavier than in any month in 1902, and larger
than in any December on record, exceeding Uie
figures of the best preceding december by over
81 apnOo0 With the exception of the export
movement IN October. 1900. amounting in Value
10 Sl63 3So $50 the shipments of general mer-
ehandise in December. 1902, amounting in value
Ia S14sGo6 s23 surpassed the records of any
,.ontn il, ;he history of the country's foreign
commerce. This remarkable record is especially
Interesting at this time. certain Wall Street
interests have been asserting for the last re"
months that the export trade of the United
States is on the down grade, and that the coun-
tr,,'e wave OF industrial prosperity is recedlng
F-z7orts in the greater part of the last year
were we'll under those of the two preceolne
veerE but the falling off represented the crop
failure OF 1901. rather than a reduction IN eA-
rorts of manufactures. Indeed. the decline III
the country's export trade III the last year Was
one entirely to the smaller shipments OF bread
s+r,ffs provisions. cotton and mineral OILS
amounting in value TO s132, f02, ,579. The COM
nlere statement of foreign trade for l9o- issued
Yesterday. showed net decline from 1901 IN
,-a1,,e Of S1a4 tS79 505, so that ,xports OF mer-
h.,5.ea other than breadstuffs, cotton, pro-
z,=ians and mineral oils increased in value
so- A23 o74 II is therefore, quite evident that
the American invasion of foreign markets Is
not refreatinS.
The strength Of the country is rejected III 'ie
increase in exports and the gain in imports III
r,acer,her the latter indicating the expansion ol
---aa1tb in the United States Imports in De
,.aroF,ar were heavier than in any December OH
record. and larger than in any month since
Anrir 1897 Total imports amounted IN Vaiue
10 Sq4 3G7 2O4 while the excess Of exports was
ir value s53 699 619 against an excess IN looh
of 81 Oh 26S Compared with December d year
apo innports increased in value Sl4.3n,9oo' aiio
exrr,or+s Increased in value S11.oo4.-S4- Io'd
eo-eien trade for the year amounted 10
50 200 966. .364. against S2.345,49oIo IN i9Vi-
Fifty wears ago the country's exports ana Hii-
norris amounted in value 10 S3l44 4424,o29, the eA-
cess Of imports for the year loo- peIhe
SO 4ss 161 This compares with an excess OF
o,ror4s IN 1862 of 1891 .426. .:346. 1t is not un-
,;Lelx, that in the current year the record eH-
,or,e cf 1eeo amounting to S1,4If.94S,l13. VIII
r. .xceaded People VINO are uneasy over the
rosition of the foreign exchange market and
roeople who believe that the industrial situa-
tjon is about TO collapse ought 10 make a study
Of the December foreign commerce statement
and OF the factors that viii tend TO promote
large shipments Of breadstuffs and general mer-
chan6ise throughout the year. The known posi-
lion Of money and trade presents no important
s1iscouraging factor