New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-22
rHE WEEKS OPERATIONS IN STOCKS

THE WEEKS OPERATIONS IN STOCKS.
few minds IN Wall Street are worrying over
the future because for some unaccountable
reason they torture themselves with the strange
fear that the years OF plenty are approaching
their end and that the period OF famine is about
N overtake the country. This idea is not con-
An.S 10 the lightweights OF the Street alone or
10 bear traders. who believe IL for revenue only;
but II is gaining strength among few operators
and houses which have until recently been pro-
nounced bulls on the situation. The majority OF
far-seeing bankers however. are not alarmed
over the situation. nor is there any disposition
among investors to worry themselves concern
ing the outlook A careful survey OF the situa-
ton reveals nothing OF sufficient Importance
upon which to base the belief that the present Is
a favorable time 10 go short of stocks for long
pull II may be that the prosperity OF the last
year and the accompanying advance in market
values have impressed some people with the
idea that all good things must to end.
and that the country has enjoyed prosperity
FOR a time II must Of necessity begin TO suffer
reaction and fall back to a position Of depres-
sion.
The chief arguments that pessmists bring
forth are apparently based upon a probable
smaller harvest. a falling off in agricultural ex-
ports. the prospect Of Presidential campaign
in another year. the possibility Of State Legis-
latures passing drastic laws against corpora
tons next winter, and the possibility Of sudden
changes in the country's political and economic
conditions II may be granted that the harvests
will be smaller and that the foreign demand for
American food products will be lighter but it
cannot be admitted that the intrinsic worth Of
securities will be affected by such developments
The railroads which run through the farm de-
tricts Of the country are no longer dependent
upon grain traffic alone for their revenue. And
even If they were. the large earnings in the last
two years would about make UP the losses on a
reduced grain movement this year. At this time
a year ago the grain traffic was enormous
owing TO the high prices induced by the Letter
wheat speculation, but, as a rule, earnings at
present are heavier than they were at this time
last year. owing to the gain in general merchan-
disc traffic. And 1t is this increase in the move
ment Of merchandise that is beginning 10 play a
most important part in the countrys foreign
commerce. ample evidence Of which was given
in the last two monthly statements Of exports
and imports. Despite the rise in prices Of man
features since January. general exports continue
10 increase. In April the exports Of breadstuffs.
cotton, provisions and mineral oils were in value
about S20,OO0OO0 less than they were In April
1875 whereas total exports were only about
slLVOOOO less. or an increase in exports other
than oreadstuffs, cotton. provisions and mineral
oils OF about SO. 900 900 as compared with April
1895
Estimates Of the foreign trade should be COM
pared with years other than 1898 when the
greatest total record was reached Taking
the record Of April. 1897. the excess OF exports
over imports amounts in value to 500 927. 1856
The largest favorable balance for any April in
twenty-one years. with the exception Of April
1893 while for the four months OF the calendar
year the excess OF exports over imports amounts
TO S145 SOB O10 a total never before reached In
any corresponding time In the trade record OF
me United States. with the single exception OF
1898 There is no justification for uneasiness
over this magnificent showing Of the country's
Foreign commerce. and as for the next Presi-
Genital campaign and the possibility of changes
IN financial and economic conditions there is no
occasion for excitement. The way the stock
market recovered from the shock Of Ex-Governor
Flowers death indicated the strength Of general
underlying factors and the bushness OF the
Ieading banking and investment houses in the
city. II further evidence of he willingness OF
capital 10 move INTO securities is desired q care
lul study or the current operations in bonds
should be undertaken The demand for bonds
Is enormous. Prices are gradually advancing 10
a higher level, and the floating supply of at
tractive issues Is growing less every day. The
time VIII come when capital will overflow into
stocks, ana long before the approach OF a down
ward movement in the country's Industrial ac-
tvties.
STOCK market values may 20 lower before q
general advance sets in. but II is extremely i'm
probable that further declines wifi be brought
about by investment liquidation Stocks are
now in strong hands and the people who bought
on the recent decline did not secure their mold
ngs 10 sell at lower level Several large opera
tors are working on the bear side and they an
nounce 10 their faithful folio that the hoonn
is over II they mean the speculative boom ia
over 90 much the better but II they believe
that a legitimate business boom Is a thing OF
the past and that market values will not move
10 a higher level, s warranted by investment
WELD and money market conditions. they must
be wilfuy blind 10 actual conditions. Money
is growing easier and, while sterling exchange
Is firm. there is no prospect OF gold shipments
this season Real conditions in favor Of
holding securities, and IL the course Of values
last week indicates anything, II IS that the
greater number OF important interests In and
out OF Wall Street are firm believers that stocks
purchased at the current level will show hand
snr he clnsA of 1S.GD