New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-19
STOCK MARKET OPERATIONS.

Activity in yesterdays stock market was con-
fined to a few shares. while the movement OF
values failed to present important changes IN
the general list. Prices were not helped by the
efforts Of certain interests to advance some OF
the specialttes but there was, however, no indi-
cation OF weakness until the last hour, when
under the influence Of bear pressure. the greater
number OF issues sold off fractionally. Final
changes showed for most shares only small diff
ferences as compared with the last figures of the
preceding day, net losses predominating.
somewhat sensational rise in the common stock
of the American Locomotive Company was not
accompanied by news developments AFFECTING the
property. the upward movement apparently
being due to manipulation incident to efforts by
certain operators to squeeze Spectator who OF
late has been most unfortunate in his market
transactions The advance in this issue was
followed by a severe drop in international
Power. another stock In which there have been
active dealings for the account of the same
operator Total sales heavier than on the
preceding day, but the larger part was supplied
by Amalgamated Copper, American Locomotive,
Erie Pennsylvania. Reading, Southern Pacific,
Union Pacific and the United States Steel shares
Leading interests made efforts to steady the
market and as there no support from COM
mission houses the trading element did about as
it chose with prices. Sentiment was adversely
affected by further strength in the foreign ex-
change market.
In the September statement Of the country's
foreign commerce there will be found adequate
reason for the argument that the United States
! is an extremely rich country and Astounding in
| property There also will be found reason for
the contention Of the close observers Of the in
ternational monetary situation that the excess
| of merchandise exports is not large enough to
Offset the other known factors that go to make
| rfa
an influence on the movement of gold Increas-
ing imports indicate growth in the wealth Of
nation, and a gain therefore in the value of i'm
ports to the extent of $18,O13,O56, as compared
with the corresponding month year ago, ought
to convince the doubters in our cOuntry's pros
perity of the weakness Of their assertion that
present conditions in the business world
not resting substantial foundations. There
was also increase in exports of general mer-
| chandise, despite falling off in the outward
movement Of domestic products such as cot
ton. but the large gain in imports left only
| excess of exports to the value of $33 S67 642
compared with excess in the same time last
year OF 0,140449. There a gain in the
exports of manufactured articles OF the value
Of 81. 705 472. With the exception of March
September's record was better in the matter
of exports than in any preceding month in the
current year. and it much better than in
any preceding corresponding month IN the his
tory of the country, while the import record
was the second best ever known for any one
month. For the nine months ended September
80 the excess of exports over imports has
amounted in value to $3.50 SAB. while in the
same time there has been an excess of shipments
of gold over receipts from abroad Of over S12,-
100000.
Foreign exchange market conditions clearly
prove that the United States is a debtor ma
ton, despite its favorable balance strictly
| trade account. but this fact merely reflects the
strong credit we have abroad and the prosperity
that prevails throughout the land. Prosperity.
of course, does not that Wall Street has
q license to indulge IN reckless speculation in
the securities market. and the fact that con-
dtions governing the actual worth of invest
ment issues absolutely sound does not make
| higher prices for stocks and bonds a certainty
especially at present. Sterling rates were strong
| yesterday and call money continued TO rule at
| a stiff level In the foreign markets discounts
! generally were firm with no indication Of an
| immediate change in the tendency of quotations
| The demand for money abroad is active and If
| our own sterling market moves much higher
goid viii be exported from the United States