New-York tribune., 1900-11-13
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
The boom in stocks continued yesterday. with
no indication Of firing. All past records for
activity were broken. More issues were dealt In
than ever before known in the history of the
Stock Exchange while IN point Of price improve
ment few preceding markets have shown such
extensive maximum advances A sharp reac-
tion in the late trading reduced early gains, out
in the greater number Of issues prices at the
close were above Saturdays final quotations.
The market opened with burst of extraordi-
nary activity and continued to move under heavy
pressure throughout the day. sales showing the
enormous total of 1.60362O shares. divided
among 119 different issues Commission house
buying orders were heavy. Brokers who operate
for prominent interests were active buyers and
purchases were generally better than sales. But
professional Wall Street heavy seller, and
in the last hour this trading was effective in
checking the advance. although II did not re-
strain speculative enthusiasm over the future
OF the market a safe bull proposition. Call
money rates high per cent, but
the money market was without indication OF
approaching disturbance. The steel stocks were
leading futures throughout the day; also Peo-
pies Gas, the traction shares. Sugar Refining.
Southern Pacific Pennsylvania, Missouri Pa
cihc and United States Leather. The regular
detailed table of transactions shows the magnt-
tude of the days business
The exports Of domestic products in October
amounted In value 20 S1O52606 $780, the heaviest
for any one month in the history Of the country.
and one-quarter again heavy the total for
October year ago The full statement Of for
eign commerce for the month will be issued on
Thursday and the chances that IT, too. will
show largest exports of general merchandise for
all Octobers on record. The excess of exports
over imports for October is likely to be enor-
1oc t6a tn rte
Of domestic products was due to the cotton
movement which amounted in bales to 1.211 ,234
against I90SJ5 a year ago, and in dollars to
S60391, ,107, against SOS, ,34S 41S in the same
month last year. With foreign trade running
steadily in this country's favor there is no
reason for alarm over the local money market,
despite the active speculation now in progress
on the Stock Exchange. Europe sold many
American stocks last week. but it did not liqui-
date its trade debt to any material extent Eu-
rope may seek to pay its debts by stock sales,
but its supply of American securities is not
heavy, and the amount 1t sells one day Is Off
set the next by trade debts If money ad-
vances here local bankers will call home some Of
their balances now lending abroad. New-York
is becoming the clearing house Of nations and
its control Of the European money markets is
growing stronger every day. To feel at ease
over the financial situation here it is only neces-
foreign trade, the production of the local mines
and the income from the Alaska and Klondike
gold fields. When these factors are taken into
consideration, and when II is recalled that the
Nations currency is based upon a stable
standard, there should be nothing but profound
confidence in money and business affairs In the
United States
Stocks are advancing in response to enthu-
siasm and buying based upon legitimate condi-
tons affecting values There can be no long
period of sagging prices long as capital re-
mains confident. Sharp reactions that will upset
small margins VIII develop. but there will be nc
crash in the market unless speculation runs
beyond the bounds Of wisdom. The fact that
men Of substantial fortunes are carving tbe
heaviest speculative loads insures strength ir
technical market conditions. while the tendency
IN commission house circles to discourage over.
speculation by small traders supplies an add
uonal prop 10 the fabric of values Commission
houses not only should discourage wild specula
ton. but they should absolutely refuse to ac
cept accounts that not heavily marRfned
while they should also forbid customers from
increasing their lines with paper profits as mar
gin. In their desire for commissions some bro
kers may permit unwise speculation and In 81
doing dig their graves as well as those a
their customers.