New-York tribune., 1905-11-17
sUniis.ed. TEX dividend
Closing prices yesterday Of active bonds deal
In with net changes, follow:
STOCK MARKET OPERATIONS.

Stock market values were strong at the OPEN
ing, while throughout the first four hours of
business the tendency as rule, was in the
direction of higher quotations. advances Of
point or more being common, but in the late
afternoon the entire list receded under the infu-
ence Of realizing sales and bear pressure AS a
result OF the last hours weakness most issues
showed net losses at the close. The downward
movement caused no surprise; indeed. many OBJ
servers wondered why the decline was not more
extensive, inasmuch the recovery from the
low points touched in Tuesdays market had not
been accompanied by a material change affect
ing the investment and speculative situation.
The best point in favor of the bulls at present
is the strong ownership of stocks. The big men
are not parting with their holdings, and declines
represent little beyond the liquidation of people
who only jump in to jump out again and the
sales Of traders who seize such Opportunities
to make quick turn the short side of specu-
lation. In the early dealings prices sold not
far from the best figures OF the year, Reading,
for instance. touching 141H. against its high
figure of 143A made a week ago, an advance
from the low point of the current week OF more
than points. In the case Of American
Smelling new high record price was recorded
at l47, with the close 2 points under, which
nevertheless. was net gain for the day of 2Es
per cent Foreign houses sold In the local mar
ket, while in the markets abroad prices generally
were lower, especially Russian bonds which. of
course, were affected by the latest develouments
IN the russian Empire. Berlin discount rates
were higher, but the Bank of England's weekly
return showed improvement over the preceding
"eeA' "hHe there was no change in the in
stitution's minimum quotation for money. In
St Petersburg the market vas panicky.
conditions in the foreign exchange market
are now more In favor OF gold exports from this
country than gold imports from Europe owing
10 the reaction in the rates for money and the
strong demand for remittance. There is
strong inquiry for the precious metal IN the
European capitals and 1t is not at all unlikely
that the United States will be called on before
long to supply the foreign needs. particularly
in the event Of the establishment of internal
peace In Russia, a factor which, Of course. will
be followed by the placing Of large Russian
loan. In connection with the foreign exchange
market 1t is interesting to note that in the
month OF October the foreign commerce of the
United States, figures of which were received
yesterday. showed excess Of exports of mer-
chandise imports to the value of S46. .S00,
SO6, compared with SEQ, 750.023 in the same
month in the preceding year and S7S.467, ,361 In
1903 Imports in October heavier than in
any preceding month in the history of the coun-
try with the exception of March Of the current
wear while exports were lighter than In the
corresponding period in the same time last year
and the year before. The growth In imports
reflects the material prosperity OF the United
States and the fact that the exports Of mer-
chandise are heavier than imports ought to be
received with satisfaction by any one who is
interested In the growth of the United States
but It should be remembered that the excess
of exports has been more than offset by other
factors in the, international financial situation
an Indication Of which is presented In the pres
ent advancing tendency OF the foreign exchange
market The United States has good credit
abroad, and II the necessity should arise it
would be possible TO bring In gold from Europe
but the normal position of the exchange market
is against gold imports at present. while 1t is
decidedly in favor Of an outward movement Of
the metal.
Our country is financially strong. we are in
q position to ship gold II the metal should be
needed abroad without upsetting the financial
situation here, and therefore there is no occa-
sion for alarm over the strength that has de-
veloped in sterling in the last few days. Money
will soon be coming to this centre I'm volume
from the interior, unless all signs fail. and the
fact that the rate for call funds has declined
in the last two days proves concusiveiy that
funds have sought this market in order to take
| advantage of the attractive rates for loans
Money seeks the place where it may be most
proftahly employed. except in the casse of the
United States Treasury and as a result funds
are coming to New-York for in the local
loan market. Call money ruled at Z per cent.
while demand sterling Up 90 points.