The Birmingham age-herald., 1904-11-17
SECURITIES SEEM
 VERY SENSITIVE RuSso-Brittish N Negotiations Were Responsible
NEW YORK DISAPPOINTED
Traders Had Expected Large Aecumu. latlon of Buying Orders Because of Recent Paralysis of Tele-
 graphic Communication.

New York. November 16.-Values of se- curities showed themselves sensitive to- day to the renewed uneasiness in London over the reports of friction in the negoti- ations batween Russia and Great Britain over the North sea trouble. The uneasi- ness was accentuated in London by the news of a hostile collision on the Afghan frontier.
 Rut the sensitiveness of the New York market to these rather remote factors was probably due more to disappointment that the gradual restoration of tele- graphic facilities with outside centers failed to bring In the unexpected accumu- Iation of buying orders which have been obstructed all the week. There was some vigorous opposition to the reaction at the opening, but the supporting tactics be- came languid when the lightness of the incoming buying orders was perceived. A fairly general reaction followed The later improvement in London sentiment. and the termination of the days business for account of that capital opened the way for recoveries in the later market, and there were a number of aggressively strong features developed to hip on the rally besides the violent movements in obscure specialties, which continued in evidence with a rather dubious effect on speculative sentiment as a whole.
 The action of stocks which were the subjects of good news announcements was especially disappointing in the early reae- ton. Atlantic Coast Lines ''melon-cut- ting" was greeted with a 2h-point de- cline in It's price, and Louisville and Nashville, for which an augury of an in- creased dividend is drawn from the Att 1antic Coast Line disbursement, was sharply depressed. The advance in the price of steel billets of s1.5O per ton in- creased the selling pressure on United States Steel and some of the other steel industrials, with resulting losses of point or more. It is now new rule for observance by professional traders iK Wall street to sell on good news. But the recent absorptive power of the mar ket has taught dealers to except the ac- compshment of such selling without making much impression on prices.
 News of general conditions offered noth ing to warrant depression of values. The optimistic speech of the secretary of the treasury at the chamber of commerce banquet last night was much commented upon. The cancellation of over $1, ,000, GOO of the intended gold shipment to Paris was announced, although most of this was re-engaged later in the day. The foreign trade statement for October showed a de- cline of over $8,000000 in the balance in our favor, compared with last October. But an increase in total value of exports of over $2,OOO,OO0, with the value of do- mestic exports alone lower by nearly $10,- 000000 than last October, indicates growth in exports of manufacturers of about GOO, Tn which the extraordi- nary movement of copper presumably fig ures
 With total exports of a value of $162,- b70, 393, the October figures are lifted above those for any preceding month since Oc- Der last. The statute of imports has also increased to a figure larger than since March of last year, thus reducing the balance in our favor for the month. But the foreign trade total for the month has amounted to an aggregate of $225, 900. .0O0. not counting movements of silver and gold, which is in excess of any previous monthly total in recent years The feat ures of strength in the market were lAmalgamated Copper, the local fractions and the subsidiary Pennsylvania stocks. They failed to sustain prices at the late recovery and the market closed easy with some stocks at the lowest of the day.
 Rock Island bonds were active and strong, but some of the other active spec ulative issues were weak Total sales, par value, s10,515, 900. United States bonds un- changed on call.