New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-15
sEz dividend
BONDS.
STOCK MARKET OPERATIONS.

After an exhibition of decided strength in the
carly dealings, stock market values declined uil-
as- the influence Of selling pressure induced by
the announcement OF large engagements OF solo
for export Although the wire service OF COM
mission houses was seriously affected by Sun
davis storm. brokers had moderately large ouy-
ing orders at the opening for OUTSIDE account
.,,ra local professional traders and substantial
hill pools were actively engaged IN the caiilpai u
for higher quotations, which, ACCORDING ~ 'i'o
opipion Of big spectators VIII not De piousN.
. IN s,a Of nresent, despite the possibility OF
higher rates for money owing 10 inc O'
~ bank reserves through gold shipments ana
an increased inquiry for money for accoinilioua-
ton from mercantile quarters IN INC e@ii'
6.sl,nrs striking gains were made by NUMBER
- ,ssues notably Canadian Pacific Detroit
Southern. Louisville and Nashville, United
States Steel preferred, American Sugar hennlhs'
Rrooklvn Rapid Transit, Metropolitan Corn
pro6,,crs Manhattan and Duluth, South Snore
and Atlantic preferred
7, .,,eee issues advances ran from l to per
cent ard above, Brooklyn Rapid transit anu
Sugar Refining for instance. enjoying maximum
,,-.,,,er,7e,,t of 2ss and 37s respectively. Part
10 This Improvement was lost in the later trans
actions. but in the last hour active buying OF
served to rally the whole market, causing hrm
.o,e al the close with more net gains than
7oeees IN the decline which followed the an
,,ourcen2ert Of gold exports losses OF per
cent ard above from the early advance were
recorded but the selling movement vas cohllleo
IN great part TO liquidation Of small speculative
accounts the larger interests showing no olspo-
sitjo1, 70 part with their holdings, While at the
lover level they were active buyers throughout
the list Trading was heavy ~ the afternoon
and total dealings for the day amounted to over
100000 shares.
Sterling exchange was strong at this centre,
demand rates advancing % points While con-
aitions abroad were more favorable to shipments
~ cold from this side An advance in the price
~ har gold IN London indicated efforts on the
,,art Of London bankers to shift the demand for
.I,a metal Oh that centre from Paris and Berlin
10 New-York, and, according TO cable dispatches,
70 eign bankers expected large exports of the
precious metal from New-York. Naturally the
low condition OF local bank reserves encourages
the belief that better rates for funds Will soon
develop In this city, but the idea that disturb
znce will occur as result OF gold exports ana
the financing OF foreign government loans is not
entertained IN well informed quarters AS far
as the japanese loan is concerned the operation
merely amounts to the borrowing by Japan from
already owes and will owe in the future to
American merchants and manufacturers, which
means that not cent OF the amount will leave
this country.
As to the payments from subscribers to this
loan # is well TO bear in mind that under the
bankers terms the greater part Of the suhscTip-
lion will not be due until January. 1t was re-
ported from Washington yesterday that despite
the decline in the Treasury's working balance
there would be no call for government deposits
from national banks until after the turn Of the
year, when it IS believed the reserves OF the
local institutions will be in a much better po-
eition TO stand drain for government account
Secretary shaws policy toward the banks is too
well known to encourage the idea that he Will
DO anything that might upset money market
conditions at this centre. Wall Street sentiment
was not at all depressed over the Slight check
TO the upward movement in values. and at the
close Street gossip favored the buying Of stocks
FOR further improvement.