New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Gold exports to Europe have begun, but they
will be offset by receipts Of currency to this
centre from the interior The best feature in
the local financial situation is the unmistakable
evidence. as reflected in domestic exchange
rates Of the beginning of heavy movement OF
money this way. Perhaps an appreciation or
this factor was responsible for the strength In
yesterdays market. Stocks advanced the great
er part OF the day, shorts covering freely and
substantial interests exhibiting disposition to
encourage active buying Of all the bargains that
were offered. The announcements OF heavy en-
eaRements OF gold for export were practically
unnoticed. but this not surprising as the
market had been sold throughout the week
the expectation that gold would go out to-day.
There were many sharp recoverles In the indus
trial and more active railroad stocks, and bear
traders found that their commitments had over
reached the limits Of the supply OF stocks avail
able for short selling The close was strong and
active at about the best figures Of the day.
The expectation OF gold to Europe IL not a
serious matter. especially when the fact Is borne
I'm mind that this country holds more gold than
ever before in It's history. Then II Is well to
note that as far as the stock market Is con-
cerned gold shipments have been discounted by
the weeks fall In prices and that stocks are
now in the hands OF people who have a clear
conception OF the situation and its prospects
Current owners OF securities held stocks in other
periods OF gold exports. at times when gold was
going out because Of an adverse trade balance
and panicky business and financial conditions
that led to heavy liquidation Of foreign held
American securities People who held stocks
through the hard times OF 1893 subsequently
sold at a profit. And the same people are now
holding stocks bought in recent declines in the
hat
conditions will not act as a permanent weight
upon values This country will receive fair
equivalent for the money sent abroad, and If
local gold serves TO ease the foreign financial
situation a reactionary effect should be felt in
this market London is bidding for our gold.
II is offering inducements TO get II, and snip
ments from here reflect the strength OF the do
nestle financial position.
Gold exports do not represent a change in the
balance OF trade on merchandise account Treas
ury statistics received yesterday showed an ex-
cess OF merchandise exports over imports IN NO
vember in value Of $40 900 100, despite an In
crease in imports In value Of S22,0O0,000,
comnared with the same month a year ago. Re-
cent sales Of American stocks and bonds and
other offsets have reduced the favorable trade
balance; but the constant growth In the Amer
lean export trade suggests that this country
will always be a creditor nation, ana mat fur-
Their selling OF American securities for London
account will serve only TO strengthen the grip
NJ New-York on the worlds financial situation
by reducing the interest payments due from here
abroad European holdings OF American securi-
ties are not an inexhaustible quantity. while
the power Of this country TO find new markets
abroad appears to have no limit Total exports
I'm November amounted in value to Sl23.io2,o3e'
,Lo tn Dot oha NNh NTqQ
the heaviest month Of the year, and about
81 600 600 less than in the same month last
wear. Imports were heavier than in any month
OF the year and with only few exceptions the
heaviest for any month on record. FOR the
eleven months OF the year the excess Of exports
has been in value S419.7SS.I4t, against s53I,-
SO 1868 last year, and S2S3. oOo'SiS IN 1851 com
pared with 1898 imports have increased In
eleven months S152, 57G,412. Big imports and
big exports are records Of prosperity. Exports
of manufactures In November Increased In
value S90OO.OU.