New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-29

THE DAYS OPERATIONS ~ STOCKS.

Following the publication OF the bank state
ment. stock values made rapid progress toward
a higher level The showing made by the banks
was far better than had been expected; I'm fact
It furnished a complete surprise and encouraged
the belief that the period Of money scarcity
was at an end. For the first time in many
weeks cash holdings showed practically no loss
while in the face Of heavier operations I'm stocks
liabilities were contracted to extent that
made possible a gain in reserve above legal
requirements OF S1597 $50 In the last half
hour dealings the course OF values reflected that
the Street Is only waiting for favorable changes
in bank holdings to become enthusiastic on the
bull side Of speculation. few weeks OF IN
creasng bank reserves will result in a bull mar
ket Of large proportions barring. Of course. ce-
velopments affecting adversely the actual worth
Of securities
The rapidly increasing volume OF exports from
this port indicates that the full returns for Oc-
tober will show an excess OF exports over i'm
ports in value Of upward of S60OOOoOO, not
withstanding a heavy increase I'm imports From
this port alone exports OF merchandise for three
weeks Of the month have been in value $1.JoO-
900 heavier than in the same time last year.
when. It may be recalled all past records were
broken. Exports Of corn continue to reflect
an enormous foreign demand for food prod
ucts. When the foreign trade statement for
October is issued Il doubtless VIII show a vol
urne Of business heavier than in any month on
record and II ought to act as an active bull
factor on stocks Europe cannot liquidate this
years trade debts IN securities. and as soon as
the Beers are pu; down and war is out Of the
way foreign gold will come to this country. It
is unnecessary 10 go further than the foreign
commerce situation To find a good reason for
remaining long" Of American securities
Activity in exports reflects the business posi-
ton Of the country better than any other factor.
II involves all markets. Increasing imports are
also good signs Of growing wealth. Trade re-
ports in the week tell the same old story Of ex-
randing business iu all parts Of the country \
careful examination Of the factors underlying
stock values results in but one conclusion re-
garding the future of prices and IT is that prices
must go higher if actual worth Is to be meas
ured by market quotations. Money market con-
sideratiOns Will doubtless prevent an excited
speculation. but they will not induce Incubation
or postpone for a long time pubic buying OF
stocks II is a fact worth bearing In mind thar
last weeks activity IN stocks was not accom-
ranied by an expansion in bank liabilities, IN
other words stocks we're bought outright ana
not on borrowed money. Stocks are IN the
hands Of people who either own their lines out
right or else are carrying them on margins That
cannot be wiped out by passing fluctuations.
After early weakness rallies OF per cent ana
more were mace throughout the list Inc
Burlington statement of net earnings TOT sep
tember helped 10 revive bull speculation, ana
the bank exhibit caused buoNant market in
the last half hour The iron and steel stocks
engaged sharp advances, wriie IN the railway
department Southern Railway issues. Missouri
Pacific Burlington. the traction issues ana 'he
coalers were active strong features. The close
was strong and active -,.......
The usual weekly table showing net price changes
in the more active issues follows