New-York tribune., 1903-03-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

ANtar n moderate show of strength in the
e&r4v dealings stock market values weakened,
Jossnr In many cases initial Improvement. while
showing at the close about as many net declines
as adv1nceS Afternoon movements renecueo
CESSATION Of the urgent covering of shorts that
developed in the preceding days trading q re-
newal of bear pressure in certain issues ana
only light support on all reactions Price nuc-
4natyons were small There was practically no
demand from commission houses for so-calleo
>,ublc account while further liquidation was
yrnor4ed in q number of issues. including selling
4yv brokers who usually operate for the Western
,1peculstdye element. Compared with the pre-
ceding days Of the week there was marked
falling of In the volume Of business re"
stocks supplying the bulk of the transactions
which amounted to A total OF 4I292l shares
Lower prices in London, foreign selling IN the
local market discussion of the probable show
ing tn to-morrow's bank statement and the un-
certainty over the Southern Pacific and Metro
ooIttan questions served to create bear senti-
rnent tn speculative circles, although they eH-
eTteA no effect on investment holdings Some in
'~estors sell hish priced issues at this level in
order to take advantage Of the attractive lend
ing rates in the loan market. but no investment
stock fs coming the market because OF bear
predictions Of adverse developments affecting
the real wo-th OF securities. Buying or Anal
gemate0 Copper was again mOQ6TdlelS dElIfc.
A further advance in the price of the metal en-
couraged traders to take this stock, while sell
ing elsewhere in the list. and notwithstanding
.he fact that large amount of stock came out
On the advance the final quotation showed i'm
provement over Wednesdays last figures The
decline in Sugar due to selling induced by
the announcement that the passage Of the CubaH'
treaty by the Senate would require approval by
the lower house. thus postponing final aoop-
ton OF the treaty until the fall; also to selling
based on the company's so-called annual report,
which, as usual. was remarkable for conceaing
the financial operations OF the company South
ern and Union Pacific were both sold down in
the afternoon. Manhattan was in good demand.
That the United States is rapidly regalning the
ground lost in it's export trade In 1917 is re-
hected in the current volume of grain cotton
and general merchandise shipments. as reported
from ofdciaI sources For February the total
outward movement of domestic products, in
Guiding breadstuffs, provisions, cotton and min
ersI oils. was larger than in any February on
record, amounting in value to $72,266,612. as
cornpared with s549 706 in the same month
g year ago. $65 eso5S1 in 1901 and s6a,67s,19a
in 1900. All items showed a gain. the heaviest
being IN cotton shipments of which increased
in value So 654, SO over February. 1902 and in
grain IN which the gain was in value $5,9S5256.
The higher prices for cotton have been help
to the country's export trade as foreign spin
ners have needed the product and have been
willing to buy at rising quotations. The COM
plete statement Of foreign trade for FEBRUARY
win be issued tomorrow or Monday. and it Will
doubtless show a huge excess Of exports over
imports sn6 that the trade exceeded in vol
ume OF general exports the records for all pre-
cedtng corresponding periods. Shipments of mer-
chsndise from the port Of New-York for the
week en6ed Tuesday showed a gain in value Of
about 100000 over the same time last year,
and from all known indications the movement
viii continue to expand throughout the year
The United States has a big supply Of domestic
products and manufactures for export. and for
elRn countries are willing to buy at prevailing
prices
The Importance Of growing export trade
O. factor in the money market cannot be over
estimated It means the liquidation Of the bal
ance AGAINST this country abroad, the accumlla-
1son Of credits that will make gold imports pos
ssble and the payment Of the $4,000 600 on
Panama Canal Company account by this gov
ernuaent by means Of exchange operations that
WIN result in actual increase Of funds at this
centre For the moment bank conditions do not
encourage bull activity in securities, but condi-
tjons governing the money market are moving
sn the direction of future higher prices for
Vtocke. So far this week the banks have lost
over SS5OoOO0 to the sub-Treasury. Tie move
ynsnt of money to the interior, however, has
been checked. and it Is possible that to-day's
statement will show a gain on this account.
Y-r. dividend payments Of the Standard Oil
C.o-onsnx and the Consolidated Gas Company
u.,u he made on Monday, and loans may be
sonewhat disturbed owing to preparations for
nayments Call money was unchanged yester-
dav Sterling rates were hrm