New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-18
THE WEEK IN WALL STREET.

As a rule operations in last weeks securities
market were made up OF the transactions Of
the professional element commission houses
having few orders for outside account. while the
larger speculative interests were not actively
identified with the course OF trading except In
a few cases where moderately strong pools were
at work as. fo- instance. IN the so called Haw-
ley stocks Prices generally moved within mar
row limits, with the tendency favoring the ad-
vocates Of higher quotations. efforts TO depress
the market meeting with little success There
Is encouragement In the present position Of
affairs underlying securities TO warrant en- ac-
tive campaign on the bear side OF the market.
but, the other hand. ii does not appear prob
able that bull boom viii develop just now,
owing TO the refusal Of the public TO come into
the market and the apparent indifference OF the
leaders IN the Street 10 the current movement
of speculative values. Perhaps the condition OF
affairs IN the Far East has been the CHIEF re-
straining factor IN the speculation OF the last
two weeks at this centre. while It is quite GER
tain that the dulness in the European markets
has been created by the uncertainty over the
possible effects Of war between Russia ano
Japan on other countries II other powers are
not Drawn into the trouble nothing beyond spec
ulative Damage is likely TO happen TO the mar
kete Of the world, and then. after the 1rst shock
OF q possible conflict has worn away, security
prices will. II they follow precedent enjoy I'M
provement
With the exception OF the news from the Far
Fart developments IN the week were IN FAVOR OF
activity on the long side OF the market uaoe
reports money market affairs ana railroad
earnings indicating a healthful business through
out the country. Authoritative information from
sns iron and steel industry showed improvement
3n conditions as compared with the last month.
and confidence on the part Of the people best in
formed regarding the trade Of increased earnings
.n the FIRST half of the present year as compared
with the last half Of the year Just closed In the
last month Of 1903 there large curtail-
rnent IN the output Of both iron and steel, the
production Of pig iron amounting to sSo'ooo
tons, as against 107s,62S tons In November.
/ 14e2 1913 tons in October and 1.59e, 70S tons in
September. There q continuous falling on
month by month throughout the year. Since the
end of December conditions have improved. as
reelected IN the resumption Of operations at vari-
Gus plants OF the United States Steel Corpora
tion. II does not appear probable that the iron
and steel business will be sufficiently active this
year to warrant the expectation Of DIVIDENDS on
United States Steel common stock in the course
Of the next twenty-four months, but earnings
ought 20 be large enough 70 insure the main
tenance OF dividends on the preferred Fortu-
nately, the big steel company takes the public
dition and earnings and II is therefore possible
from time to time to find out just what the con-
Germ is doing and what its dividend prospects
are. This policy OF publicity is widely different
from that practised by the American Sugar Re-
rning Company. which does not believe in tell
ing any one anything about its business, al
though IL viii on demand let the stockholders
have few statistics If they have mind to
come to the company's Offices and ask for them.
-,
week. and the president Of the concern an
nounced that the investing public had right
10 know the real position Of the companys af-
fairs AS the American Sugar Refining Com
peny has splendid dividend record. and 1t
represents business that must at most times
be profitable the stockholders appear TO be
satisfied with the arrangements policy OF giving
out no information regarding its affairs.
Money market conditions at this centre and
throughout the country are In a most satisfac-
tory position, and from all indications this situ-
alton VIII continue for long time 10 come. un-
less there should be an outbreak Of reckless pro-
motion and speculative raids on bank holdings.
There is little chance however. Of anything Of
this sort happening as the people who control
the financial affairs Of the country moving
IN a most conservative manner and they will
not encourage speculative transactions OF this
character. Saturdays bank statement showed
a large increase in cash and reserve holdings.
and further heavy expansion in loans and de-
posts, the latter item crossing loans for the
first time IN many weeks. There was a large
movement of money from the interior. while on
their transactions with the Sub-Treasury the
banks gained upward Of 100000. Ease IN
money rates was factor in bringing about
a higher level in the foreign exchange mar
ket. ana consequence rates advanced we'll
heVo he a which further M n
gold could be made There is no longer any
need OF shipments Of gold to this country but IL
help should be required ar any time one needs
only TO look the position of the countrys
foreign trade balance TO realize how easy it
would be to attract more gold to New-York The
full account OF the country's foreign trade for
December and for the last calendar year. which
was made public Friday, shows. both for the
month and the year. the largest volume of for
eign commerce ever reported in the history Of
the country.
The total OF imports and exports in 1903
amounted in value TO S2,4S0l41, DDS. against ST.
$4,000. S03 IN 1902 and 50 345, 795. 40 in 1901.
Total exports were in value S. 722 Ola larger
than in 1900. when exports were heavier than
ever before recorded. In the last year the excess
OF exports amounted in value 10 S4s9, 1876. 026.
compared with an excess in the year before Of
s391.369.O 63 and 1854 SO $50 in 1901 Imports in
1903 were in value $685. 413 l0l, the largest ever
recorded. but in the last four months Of the
year there was a notable falling OFF as compared
with the preceding year-in December, for in
stance-the reduction for the same time in 1902
amounting 10 Sl66067O3 Total exports of mer-
chandise in December amounted in value 10
Sl14.154,36S. OF which Sl05. S26, BOP represented
breadstuffs. cotton. provisions and mineral Oil.
exports OF cotton reaching the enormous total