New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-16
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was dull throughout the
day on an irregular movement OF values that
resulted in few important final net changes,
Early prices we're affected TO some extent by the
depression In the foreign markets. but the ex-
IRENE inactivity prevailing made noteworthy de-
clines impossible. while In the subsequent deal
ings attempts to advance prices beyond frac-
lions met the same objection the only eXcep-
ticns being found in a few shares which were
Influenced by special developments. In Rock
Island. Pacific Mail. American Ice preferred
and United States Realty preferred in which
maximum gains OF 11zG2 per cent were recorded.
Rock Island was bid UP because the traders
said they thought the proposed bond Issue would
be successful, but the chances are that the
stock advanced TO help traders unload.
Pacific Mail was put up the theory that war
.n the Far East would benefit the company.
while the American Ice and United States
Realty Issues were strong factors affecting
the affairs OF the two concerns. The Steel
Issues were firm; also Pennsylvania, South
err Pacific end the Gould stocks. In the bond
market there was relatively better business
than IN stocks. with heavy trading In the
United States Steel 5s and the Wabash deben-
ture Bs.
The full report OF the country's foreign COM
merce for December and the calendar year
shows. both for the month and the year. the
largest foreign trade record. The total of
Imports and exports for 1903 amounted in value
TO 81. 4S0 IA. DDS against $780, 002, SOB in 1902
and S2345 1885, 40 in 1901. Total exports were
IN value sc. 722.ol4 larger than in 1900. when
exports heavier than ever before recorded.
In the last year the excess OF exports amounted
in value TO $3.50, 49,. 026. compared with an ex-
cess IN the year before of 1891. 800 063 and S5S4
95j $50 IN 1901. Imports In 1903 were in value
$3.50. 473. l01. the largest ever recorded but in
the last four months of the year there was j
notable falling off as compared with the pre-
cedng year-in December. for instance-the
duction for the same time in 1902 amounting to
S166O6 Fl3 Total exports Of merchandise in De-
cember amounted in value TO STA, 734, 1868, OF
which SlO5. S26 202 represented breadstuffs cot
ton. provisions and mineral OIL exports Of cotton
reaching the enormous total Of S67 .9S2, 2S4
making the total value OF cotton exports In he
year S305, 964. 694 The excess Of exports over
imports for December in value S96.9S4 .0S4.
compared with So. G35. 416 in the corresponding
month In 1902 The large value OF exports last
month was due TO the increase In the value Of
cotton shipments. there was, compared with
the same time IN the preceding year, a small
falling off in merchandise exports. with do
mestic products excluded. In December. 1902.
exports. not including breadstuffs. cotton, pro-
visions and mineral on. amounted in value to
S769696 55, while in December. 1903. the total
was S6S90s 1876. the decline representing q de-
crease in exports Of manufactures.
With trade balance for the year OF $780,
1875 026 with the domestic money markets on
sound basis. and with healthful trade conditions
throughout the country there ought to be no
pessimism over the financial position Of :he
United States. Conditions are intrinsicaly
sound but this fact ought not TO encourage tn
output Of large amount Of new securities this
year Only the best issues viii appeal TO the
public investors. and. OF course. this class Of
security VIII be easily placed. unless some radi-
cal development Of an adverse character should
induce people TO hoard their funds. The big life
insurance companies always have money seek
ing investment. and they may he depended on 10
help the railroads finance new bond issues. 1t is
estimated, however. that in the course OF the
next eighteen months upward OF 100000. 900 OF
railroad loans viii be put the market the
success Of which viii depend the attitude cf
the public. Call money was easy yesterday.
going below 2 per cent. while sterling rates were
again firm The known movement Of money IN
the week shows gain by the banks in cash
holdings OF over Sl5000e00