New-York tribune., 1905-12-14
SECURITIES VALUES ADVANCE,
PRICES UP ON HE4VY VOLUME OF TRADING
Gains in Al of Acire LUaion Pacific Strong
HEAVY TOLUME OF

tant downward movement in prices 1t is
big market with big men behind it, 1t is one
of the most remarkable markets ever recorded
I'm Wall Street. and yet it is believed by the
best informed men that the stupendous proper
tions of the present speculation will be ex-
ceeded in the operations of 1906, this theory
being based on the belief that there will be
no adverse change in conditions affecting the
country's money business and, politics.
Already the large crops of 1905 becom-
ing important factors in the country's export
trade. According to the government report
for November shipments of breadstuffs for that
month amounted in value to S17,373,O26, COM
pared with S6769 654 in the. corresponding
period a year ago and S15 2O5 S67 in 1908,
while the total exports of domestic products
for the month of November amounted to S3S,-
341 O52, against $SS 106606 in 1904. Notwith-
standing the high price of cotton, shipments
of the product showed only a small railing on
from the same time in the preceding year, ana
for the eleven months ended November 80
there was an increase in the outward move
1nent of cotton in value to the amount or over
So 500 600. 1t is quite probable that the full
statement of foreign commerce, which VIII be
issued Tomorrow will show a large excess OF
merchandise exports over imports, but even II
this NAV be the case it should be borne In
mind that this excess will be more than OFFSET
hy other factors which enter the International
financial movements. This country has been
a heavy borrower of funds in Europe, and not
withstanding a favorable trade balance our
OBLIGATIONS abroad are so large that there Is
no money due us from Europe. while. as a
matter of fact we are heavily in debt to for
eign nations. Just as soon rates return to
normal level sterling quotations will advance
and it is not unlikely that gold will be shipped
from this country in the year. The fact
that the United States will be in position to
send the precious metal abroad ought to act
as bull argument on securities, 1t will
indicate the great financial strength of the
country Another factor which reflects the
growing wealth of the United States Is the
expansion in it's import trade. large imports
meaning that the country has plenty OF money
with which buy materials. manufact-
ured articles and luxuries which cannot be OBJ
tanned at home. Imports in October were
enormous and it is probable that the country s
statement of foreign trade for November will
show a movement equally heavy.
Considerable interest is exhibited IN Wall
Street over the resolution which has been pre-
sented to Congress calling the Secretary
of the Treasury for explanation of his
policy in not placing government money in de-
pository banks of the current period of high
money rates It is we'll known fact that GER
tain Wall Street banking interests have been
opposed to action by the Secretary of the
Treasury seeking to relieve the money market,
but there are many men who believe that
while government money should not be placed
at the disposal of spectators there is no use
in boarding it when it might be used to adj
vantage in the channels Of trade.