New-York tribune., 1900-12-15
sex dividend
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN STOCKS.
Deals and ramors OF deals created great en-
thusasm in stock market speculation yesterday.
The fact that the negotiations for the control OF
the Pennsylvania Coal Company had been car
ried through successfully induced speculative
Wall Street 10 place confidence in reports regard
ing about every prominent railroad company IN
the country. Absurd stories found beief IN
commission house circles. and in consequence
heavy buying OF stocks was noted throughout
the day. Behind many rumors there was, how
ever. something more than fiction. The compile
ton OF the anthracite coal trade deal brought
10 the front as a market factor the known ten
dency among the leading railway interests in
the country toward a concentration OF control
policy. while progress Of this tendency I'm direc-
tions other than those already travelled entered
into market discussion a a development OF the
near future. Outside Of the purely speculative
buying stocks were taken for the account or
rrouinent banking and railroad interests and by
investors whose operations gave the market the
appearance Of excitement and buoyancy that
marked the course of trading in the two weeks
following the recent election. Few stocks failed
10 share in the advance. The anthracite coal
stocks were naturally active features, but in
terest was not confined TO any one group OF Sc
curities. Buying OF ST. Paul, Burlington and
other high grade issues. and steady accumu-
lation OF the cheap stocks including Wabash
Southern Railway, Texas and Pacific and
Kansas and Texas. were interesting develop
ments OF the day. The market closed at about
the best prices, with total sales Of stocks
1893 764 shares.
The trade balance continues 10 run heavily in
favor Of this country exports in November ex-
ceeding imports TO the value Of s71. $50 49, as
compared with excess in the same month last
year Of S536569SO. Imports were about So 1OO-
coo less than in November. 1899. while exports
were in value about S13O0OOOO heavier. amount
ing 10 Sl3667S594. the largest total for any
November on record. and, with the exception
of the October record. the heaviest for any
month this year. The October exports amounted
70 Sl6S3l7.367. While the gain in exports OF
cotton in November was not heavy in Oc-
tober there was an increase OF OH over
the same time last year, the total gain in ex-
ports OF domestic products amounting to S13,-
O47.95s making for the year to date an increase
OF S95l90l9l. Total merchandise exports in
the eleven months Of the calendar year have been
in value 1881 81, ,S97. against S1275 4S6641 in
the entire twelve months Of 1899. with an ex-
cess OF exports for eleven months OF S5T2 627-
Oh as compared with S475 $50 OBJ in the whole
Of the preceding calendar year. So far this year
the trade balance Of S5T2 OPT O12 has been Offset
ports for the year 10 November 80 amounting 10
S53705.524 and gold imports TO S56. .499. .635.
Europe has sold a large amount Of its American
held securities this year. Americans have spent
a large sum OF money abroad, and undervalua-
tions in imports have been made. But with all
the offsets 10 our big merchandise exports, there
have not been enough TO liquidate the balance in
this cOuntry's favor.
With the current large trade balance supply
ing a solid foundation for our money market
there need be no fear over current conditions
that appear 10 foreshadow higher rates for
loans. This country is lending vast amounts o,
money abroad. and IL stringency should develop
here foreign credits viii be called home
pinch IN money viii doubtless hurt a few specu-
lative stock holdings. but it xiii not cause a
panic or upset the position OF affairs underlyina
values. Expecting higher rates for money. ths
greater number Of Wall Street interests have
prepared for emergency, and, as a conse-
Quence, a sharp advance IN rates will not hnf
an Unprepared market. In the week the bank,
gained on interior shipments. despite the heay,
transfer OF funds 10 the South In addition I,
the interior gain. IL was reported yesterday tha
the banks had received about 100000 from
local sources. This viii more than offset IN
loss on Sub-Treasury operations. amounting Z,
SS554.oOO Unless the loan item shows q bI,
change. reserve above legal requirements oueb
not 10 be materially different from what Il wa
a week ago.