New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-19

rur nAY.s orrRATIONs IN sTOCKs.

Tho etocl, market was strong the greater part
~ tho dav on a fair volume OF business. In
fo,,. e+ooks substantial net gains were recorded
while throughout the list final prices were well
above Tuesdays closing 5evcl Increased inter
est I'm the so-caled Vanderbilt issues was iea-
lure. hut the more important factor in the Day
trading was the apparent change in sentiment
among professional operators \ more cheerful
view was taken II the market situation. opera
tions for the short account We're not so popular
and huving for a rise was more in vogue IN
the last few days yesterday excepted PROBES
sional traders have made active enortS 10 ue-
press values. and perhaps their failure 10 lhuu'e
liouidatjon has had more to d. with their change
on the market than possible determination TO
recognize the contention Of the bulls that higher
,alucs are warranted by business conditions
The fact that holders Of stocks did not rush in
g. sell as The result Of the pessimistic remarks
Of a prominent bear Spectator doubtless i'm
dressed the bear element that the market had
already been sold TO a standstiM
II NAV be that the leading operators for the
decline have decided to renew operations at
higher level THIS viii be more sensible than
attacking the current level for at present prices
there Is little stock that can be forced out Talk
ing and hammering the part Of the bears
have failed 10 weaken the market IN the last
fortnight, and II Is not likely that people VINO
have held their stocks in the recent period OF
decline and through the period Of money mar
kct stringency will now sell, when money rates
are casing both at home and abroad, When the
foreien markets have ceased 70 be scared over
the Transvaal war, and when technical ana
business conditions warrant the belief that Sc
curities values viii sell higher before business
expansion eliminates. Traders who are com
United to the short side not IN an envable
position They are trying to force liquidation on
arguments that have already been effective but
il looks as II further efforts Will only tend 70 in
crease bear lines. 1t is not time for enthus-
astic bull speculation. but conditions seem TO be
working toward that end and II Is In view or
such market that the more substantial inter-
ests are adding TO their holdings. and we'll pro-
tected public traders are refusing to be fright
ened into selling by bear generalltes that make
up current bear literature"
A frmer tendency in sterling exchange yester-
day caused renewed fear among some people
that gold exports Will be made. As foreign disa
counts are easing, the need Of assistance abroad
from this country IS not apparent. If gold ex-
ports are made from here at normal gold i'm
porting period they will represent foreign Dor
rowing in this market. and not the settlement
Of trade debts by this country. The balance OF
trade in favor Of the United States since Janu-
airy l amounts to $5l7OOOOOO, and in the last
three years to S1,4O0O0OOOO against which tho
country has imported net about $lOOOOOOOt
gold. Europe has liquidated the greater part OF
the balance in securities. II cannot continue Il
sell securities indefinitely but the trade balance
promises TO run IN favor OF this country in
definitely. As Europe has been selling American
securities ever since 1893 the interest payments
now due Europe small, and with travellers
credits furnish an insignificant offset 10 the
heavy excess Of merchandise exports over i'm
ports. The temporary scarcity Of steamers anC
the resultant advance in ocean freight rates anC
remittances on Central Pacific account are re
spOnsible for the higher sterling market