New-York tribune., 1900-05-16
BONDS.
THE DAYS OPERATIONS IN STOCKS.

! K L
THE DAYS OPERATIONS IN STOCKS.
The market for railway shares was firm and
generally higher under the influence of buying
for the short account. Commission house busi-
not important factor in. the days
business, as far as buying for ordinary account
was concerned, but a number of houses had
orders from substantial market interests.
Prices have declined to a point where good
stocks ought TO prove attractive to capitalists.
II is probable that rich men have accumulated
securities in the last few weeks. stocks Of
fered have not been taken by weak commission
house traders entirely by spectators who
had shorts TO cover. Excellent buying was
reported in Burlington in yesterdays market;
also in Atchison preferred, Northern Pacific and
Union Pacific. Stocks of this class offer
good investment return at ruling figures, and
especially Burlington which may be picked
up return nearly D per cent. Bear traders
assert that every rally will induce fresh liquida-
ton, and that prices will only be put up in
order TO help big holders out of their stocks;
but it is well TO bear in mind that liquidation
has already been heavy, and that investors will
not sell unless they convinced that their
income is to be reduced by the course Of business
in the next year. There is no indication that
dividends will be cut suspended this year;
no evidence that money will be withdrawn from
the channels of trade. evidence that the
country trade will react beyond the limits of
profits. The railroad list was strong in the
greater part of the day. and foreign houses
were active buyers Among the industrials the
steel stocks and American Tobacco were heavy.
while Sugar Refining and Peoples Gas were
strong. In the last hour the steel stocks broke
Sharply, and the whole list was affected. The
close weak and unsettled.
Wall Streets heavy hearted element and pes
sirnsts in general who believe that current stock
fluctuations made by professional traders reflect
conditions governing the actual value of securi-
ties. ought to study with diligence the statement
OF the country's foreign commerce in April. The
figures show that the United States is fast ba-
coming the greatest financial and commercial
power in the world. The United States is send
ing enormous amount of raw and finished
products to other nations. largely in excess of
its imports, and at the same time it is lending
its gold to the money markets of Europe This
country is supplying Europe with food with
manufactures and with money. Foreign loans
In the local market sterling exchange collat-
eral amount to upward of $4,000 600. and gold
is being exported in response 10 inducements
which make the operation profitable to local
bankers In some poorly informed quarters pre-
aictions have been made that the country's for
eign commerce will not continue to expand The
record In April does not warrant any the
most hopeful view. Total exports in April in
which large percentage of gain in manu-
factures, were heavier than in any preceding
April on record, and despite big increase in
imports, showed an excess Of exports over i'm
ports IN value of S43 459 7G5 against S23 $50 645
In April year ago. and S43, 36S 4O6 In 1898
Actual exports were in value about S20.OOG GEO
heavier than in 1895 while imports this year
showed a corresponding increase. April is not
OF the heavy exporting months as a rule
yet this fiscal year the total business was not
much under the records of October, November,
December. February and March, while slightly
above the record for January.
The foreign commerce of a country shows its
strength weakness better than any other
factor In the case of the United States for
eign commerce indicates remarkable strength
and the monthly reports foreshadow the near
approach Of the time when New-York will out
rank London, Paris and Berlin the worlds
financial centre. New-York will be the clearing
house OF the world. This is the opinion Of local
bankers. 1t is the forced conviction of foreign
bankers. 1t is the necessary sequel to the cur
rent progress OF financial and commercial affairs
in the United States. In the ten months of the
fiscal year total exports OF merchandise amount
ed in value TO SLIP. 136,6S5. an excess over i'm
ports OF S455. 495 141, against an excess in the
preceding ten months Of S471 551 OIL Actual
exports for the ten months Of this year We're
much heavier than in the same time in the pre-
ceding year, but imports in value S152-
O10 737 heavier. In view of such heavy gain
IN imports, the excess of exports is truly mar
vellous In the ten months Of the year net gold
imports were only S9216623 as an offset
against the trade balance while net exports OF
silver Were S17 665. .292. Allowing for interest
on foreign held American stocks, undervalua-
tion Of imports and travellers credits the excess
trade balance must still be heavily in favor OF
the United States.