New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock narkst values were strong IN the
greater part OF the day a volume of business
that amounted to 470o1o shares. While the
commission house demand was not heavy, there
WIS nevertheless, evidence OF an Increased dis
position on the part OF the so-called public TO
resume operations on the long side or the mar
kst, especially in such stocks St Paul and
Pennsylvania. and TO certain extent in the
low priced issues, notably Mexican Central.
Colorado Southern and Wabash preferred. The
last named stock unusually active; also
the debenture bonds, the latter advancing
points and gaining for the day 2 points The
upward movement In these issues was not ac-
conpsnied with news developments affecting
the property, but the old story of a plan TO
retire the debenture BIS was revived. while the
encouraging report was circulated that an in
terest payment might soon be made. and the
so-caIled war between the Gould and Penn
sylvanla interests was about 10 be settled.
United States Steel preferred was in fair de-
lnand without. however. important change in
its price. despite apparent efforts TO advance
It Reports from the trade. at least reports
dated at trade centres were again bullish: in
deed, they were optimistic that some people
who refuse to believe everything they hear IN
Wall Street thought that much of the alleged
information was manufactured in the Street
For the benefit of these people II may be said.
on the authority OF men well informed regard
ing the iron and steel trade, that the present
condition OF the business Is much better than
IL month ago.
Foreign houses were not active factors in the
local market. while on the London Exchange
American issues were neglected. Sentiment
abroad more cheerful over the outlook IN
the Far East, and. according to dispatches re-
ceived at this centre. foreign bankers believed
that war would be averted through further
negotiations in which the influence OF the money
market would be a powerful factor. Russia
and japan Will. in the event Of war. need large
supplies OF money, and If they cannot raise
the most important sinew of war the chances
viii not favor outbreak of hostilities The
leading bankers OF the world do not want a
war, and they may have their way. In the
local market rates for money were easy. with
indications OF further declines in rates. both in
call and time funds. Saturdays bank state
ment made such a good showing that traders
In stocks see little prospect OF conducting a
successful bear campaign the basis Of money
market conditions. but they are still confident
that after the January rise period Of falling
values viii develop backing their argument
with their expectation OF a period Of business
oppression incident to Presidential year
There is little IN the actual position OF fairs to
encourage the hope Of a drastic change in trade
conditions this year. and as far as the stock
market Is concerned it is thought by many of
the best observers that prices are now selling at
a level that discounts trade reaction except
perhaps. in the case of a few issues which have
recently been moving up at a rapid rate
The report OF this countrys domestic exports
IN December, received yesterday, makes a show
Ing that is even better than the favorable fig
ures reported in November. shipments of cotton
amounting, for INSTANCE in value 10 SD 313 ST.
compared with SCI. 9s3 2S4 a month ago. and
S46,1I5.462 in the same time year ago, while
the total exports show increase in value
amounting to upward of $14,0O0O0O over No
Vember and an increase over the corresponding
time last year Of 27.6S3, 10. For the calendar
year the total exports of domestic products
show increase over 1902 in value OF S10S.-
$50 SEA. From the figures for the month il may
he assumed that the complete statement of for
eign trade in December. which Will be published
the 10Th Of this month, will show large
addition 20 the coGntry's foreign trade balance.
In the late trading in yesterdays stock mar
ket prices reacted under the influence Of profit
taking sales and a drive against Rock Island
which carried its price down points. Strength
IN the foreign exchange market WAS 4 feature OF
the dav