New-York tribune., 1901-12-17
BONDS.
THE DAYS OPERATIONS IN STOCKS.

THE DAYS OPERATIONS IN S1OGhS-
Stock market trading was light in volume in
the greater number Of shares on an irregular
movement of values. Renewed weakness in
Anlalgamated Copper was responsible for bear
pressure throughout the list in the early deal
ings, and while subsequent buying helped prices
for a time, the general level of values at the
close was under Saturdays last quotations.
The course of Amalgamated Copper stock re-
fleets a belief in speculative circles that the
dividend will be reduced at the meeting Of the
directors on Thursday. If the dividend should
be reduced to a / per cent basis no further de-
cline in the stock would be warranted; but IL
the dividend should be passed. lower prices for
Ar7algarnated shares may be expected. This
stock made a new low record yesterday at 6l;s.
The general market was dull and without sup
port or interest from commission houses. Money
market conditions were again factors in
straining trading, although rates for call funds
did not rule at exorbitant figures In the cur
rent week the local banks will receive the bene-
fit Of advance government bond interest pay
nents and disbursements by the Sub-Treasury
on account Of gold deposits at Western points.
While the majority Of stocks closed at net de-
clines. strength shown by number or is
sues. including New-York Central, Long Island.
St Louis and San Francisco. Manhattan. Iowa
Central Rock Island and Colorado Fuel and
Iron. Loans for call money went as high as Y
per cent, hut the average business was done at
per cent
The statement of foreign commerce for No
vember exhibits many interesting features, and
shows no material falling off in the volume of
+his country's export trade Exports OF corn
and copper were under the record Of year ago,
hut this loss was offset by gains in other dfrec-
tions the total movement amounting in value to
Sl36511 763. against S136, ,702,34 in the same
month a year ago. In the month imports in
creased in value 81 143, ,209 over November. 1900.
yet the excess in exports amounted In value TO
S64 014.514, against excess last year OF SI1,-
34S2 2S4 and S53 Coz. $50 in the year before. With
the exception of November year ago. the vol
une of exports was heavier than in any Novem-
ber on record. Heavy gold exports from New
York were offset in part by imports of the metal
at san Francisco from Australia, SC that the
net exports for the month were only S1O635, BOP.
For the eleven months ending November 80
the excess Of merchandise exports over imports
amounted in value to S52S.06S,764, against
S571 603 735 IN the corresponding time in 1900
Total exports for the eleven months were only
slightly under the record of the preceding year,
but imports We're larger by upward Of $4,000
600 In the time named the excess Of gold ex-
ports over imports amounted to only S27eo1S0
while exports of silver were So. 2.548.466 heavier
than imports.
The balance of trade has been heavily In favor
OF the United States in the last year, and the
fact that gold has not been imported in excess
of gold exports IS due TO the reasons that our
trade balance has been offset by the sale OF
American securities for foreign account. by
enormous amounts Of money spent by Ameri-
cans abroad. by the investment of American
capital in European enterprises and by the pur-
chase by American investors of European Sc
curities. A large amount of American capital
has gone to Europe in the last two years. Amer
leans are quick TO opportunities for profit,
and it is therefore probable that American capi-
tai will seek employment in foreign cities in in
creasing volume from on. The foreign
cities are in need Of capital to promote their
surface railway improvements, to erect ta-.
buildings TO buy their government bonds and
TO assist in the modern reconstruction of bus-
ness enterprises in general There was time
when money came to the United States from
foreign investors 70 help lay the foundation for
American Industrial prosperity Much OF this
money has been paid back, and now American
captaI IS drawing interest abroad.