New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-16
BONDS
STOCK MARKET OPERATIONS.

On a heavy volume of business stock market
values moved in the direction of higher prices
In the early hours of trading, gains in many OF
the leading active issues amounting to L per
cent and above. as, for instance, in Ontario and
western. Chesapeake and Ohio, Colorado. Fuel
and Iron. Louisville and Nashville, National
Biscuit. American Locomotive, Union Pacific.
New York Central and st. Paul While the
maximum advances were not held throughout
the day. final quotations showed encouraging
Improvement in many securities. better range
OF urices abroad helped the local market in the
early dealings. while the decline Of the proceed
ing day was a factor in attracting renewed pur-
chases for the long account. especially In the
shares in which evidence of accumulation by
substantial interests has been so marked in the
last month The railway equipment shares also
were in good demand, while number Of issues
that have recently been inactive came into
speculative prominence. in this class being Ma
tional Biscuit. which enjoyed a gain of over Z
per cent. The rise in Ontario and Western was
accompanied by the report that the New Haven
would guarantee 212 per cent on the stock. but
there was no confirmation Of this in the days
news DEVELOPMENTS. In the last hour the gen.
eraI list sold off under the influence of an ad-
vance in call money rates. but there was, never
theless no important selling and no disposition
among the larger interests to believe that the
market had reached the limit of bull activity for
the present
According TO the statement of the Bureau Of
Statistics Of the Department of Commerce and
La Dor the countrys foreign trade for the month
OF February showed large increase in imports
of merchandise and a material falling off in
exports comparison being made with the
corresponding period in the preceding year.
Indeed. imports heavier than in any
month in TIE history of the country. while ex-
ports were smaller than in any February in the
last six years, with the exception OF February,
1902, the excess Of exports over imports amount
ing in value TO only S5,9670 OH. against an excess
in the same month in 1904 of S29.777.7S2. and
an excess in February. 1903 of S42, 1858 77S. The
large gain in imports is an encouraging sign
when taken in connection with general condi-
tions in the United States il indicates greater
wealth among the people. enabling them to go
into the foreign markets for the things that they
cannot buy at home thus enlarging the Gus
toms receipts of the United States at time
when the Treasury needs additional revenue.
while increasing the prestige Of America abroad
The decline in exports in the last month and in
the eight months Of the fiscal year has been
due almost entirely to the decrease in shipments
OF breadstuffs and cotton. In February and in
the last eight months there gain in the
exports of manufactures, the significance OF
this gain in the fiscal year to date being re-
hected in the details of foreign trade that show
a total falling off in the shipments of bread
stuffs and cotton TO the value of S92. 147,533, a
total falling off in the shipments of all mer-
chandise to the value of S37 81. 531 which gives
an increase IN the exports Of manufactured
articles to the value of $54. 100000. The coun-
fry's manufacturers are finding markets for
their goods in all parts of the world. and as the
decline in the shipments of cotton and grain
IS due TO passing conditions there is much rea-
son for encouragement in the figures of foreign
trade in the eight months Of the present fiscal
year
In view Of the loss by the banks to the Sub
Treasury so far this week and the increasing
demand from the interior for funds, the harden
ing in yesterdays money rates was not sur
prising and not unexpected to the readers OF
this column who constantly have been advised
OF the probability of stronger quotations for
loans. The loss to the government this week
reflects in great part payment by the banks &c
the Treasury of federal deposits 1nder the call
OF the Secretary the last Of the payments being
made yesterday. Accompanying the upward
sterling exchange. the weakness being due tc
liberal offerings OF bills against London pur-
chases OF American securities and of ninety day
finance bills.