New-York tribune., 1900-01-18
RONDS.
THE DAYS OPERATIONS IN STOCKS.

The fate Of the Nation does not depend upon
news from the Transvaal, but speculative Wall
Street apparently believes to the contrary. In
Yesterdays market there was practically moth
ing doing outside of the highly speculative Is
sues even the professional operators taking 1T
tie interest in transactions, which in all stocks
amounted to only 276.OOo shares. The bear
trader showed a wise spirit of caution. When
aIl conditions at home favor higher prices. and
when the progress of a foreign appears to
be in a direction favorable to market values. it
IS well to think several times before selling
stocks short. AS TO favorable home condltlons'
attention is called to the foreign commerce re-
port and railroad earnings which are printed
elsewhere in this issue. Prices were strong the
greater part Of the day, especially in the BOND
department. which was relatively more active
thansstocks OF the railroad issues Norfolk and
Western common was a feature on purchases by
a sood class of buyers. The London market was
almost buovant the influence Of which helped
local rrjces although it did not lead to activity
The report of the country's foreign commerce
in December and for the year makes cheerful
reading for believers in the commercial su-
nremacv of the United States. Owing to fall
ing off in exports of breadstuffs, cotton, cattle
and provisions, amounting in value TO S2o'fII'-
36S, total exports. compared with December
1898 were somewhat smaller the actual de-
farm products were less by $25.711,36S, and all
exports by only $14, ,565 431, it can readily be
seen that there was bfg increase in exports
of manufactures. The excess of exports over
imports was in value S51, 800, despite the
fact that as compared with the preceding year
imports increased in value SIG, ,408,134. For the
full year the value of exports was ,4S664l,
an increase of S19.940.375 over 1898. In the
same time imports increased S164,S10,172, and
The total excess of exports over imports was
therefore less than in 1898. but it amounted
nevertheless to the enormous sum of S4I5.6o2,-
OIL making for three years an excess or mer-
chandise exports over imports of 81 403, ,34I 900
A country that can send its goods abroad TO
the excess of 81 453,347 600 over its imports is
indeed prosperous, and il must in consequence
become a controlling factor in the international
exchange and business markets The United
States is rapidly becoming the clearing house
of the world. Against this large balance in three
years exclusive of silver exports of SI2SS44 4l3)
this country has imported gold to the amount
OF S147, ,530, ,962 net the net money payment by
Europe on trade debt account. The amount of
money spent by travellers abroad, interest pay
ments due foreign holders Of American invest
Inents and other offsets are factors in the trade
account, but the greater part of the enormous
trade balance has been settled by the return of
American securities. This is also bull factor.
The United States has been able to absorb vast
amounts of securities, and it's interest payments
due abroad have, a consequence been re-
duced. With the exception of December, 1898,
exports of merchandise in December, 1899, were
heavier than in any preceding December known,
while for the year total exports exceeded all past
records. Imports in 1899 were heavier than in
any year since 1899