New-York tribune., 1905-02-18
BONDS.
STOCK MARKET OPERATIONS.

Trading in stocks was heavy in volume on a
movement of values that showed at times great
irregularlty, while in the majority of issues
final prices were at net losses as compared with
the closing Of the preceding day. In number
OF cases sharp advances were recorded, notably
in the United States Rubber shares, Federal
Mining ana Smelling issues and the National
Lead securities, while in several parts of the
list new high record quotations for the year
were made Union Pacific, for instance, selling
at 1265z. a figure that returns TO present buyers
of the stock trife over per cent. OF course,
the assumption is that eventually this stock
will be placed on a higher dividend basis. None
Of the somewhat unfavoralble developments Of
the last few days were factors in the market;
even the threatened strike on the New-Haven
with the possibility of other roads being affected
failed to discourage speculative sentiment. Th"
Standard oil investigation, the outlook for
higher rates for money and the unfavorable re-
port Of foreign trade for January were not
effective influences, as far prices were con-
cerned, the small final declines in the greater
number Of issues merely representing ralizing
sales that were just heavy enough to bring about
fractional reactions. OF the active securities
the only important strength at the close as
shown in the change from the preceding days
last figures presented by the American
Smelling issues, Great Western. Erie, Federal
Mining and Smelling. Illinois Central, National
Lead shares, Reading, Sloss-Sheffield and Union
Pacific. Elsewhere in the active stocks small
net declines were shown. Call money ruled at
214 per cent, while sterling exchange was weak,
OF interest to followers of the international
financial markets is the course of trade be-
tween countries, and the statement of foreign
commerce of the United States for the month
of January. figures of which have just been re-
ceived. viii therefore be carefully scrutinzed in
financial circles, more especially in the
figures may be found explanation of
the recent strength in the sterling exchange
market. Exports from this country amounted
in value to S123, ,445, ,404, the lightest for any
corresponding month since 1900 and a de-
crease from January a year ago of SIS, ,599,-
166, Of which $1S,49SO6S represented the falling
OFF in shipments Of domestic products, leaving
decline in exports of manufactures TO the
value Of S1Ol69S. While exports contracted,
imports increased, amounting in value to $685.
Boz, 1885, an increase of S15, ,76S, $50 as compared
with the same month last year. There has not
been month in the last seven years when i'm
ports have exceeded the total for the last
month The excess of exports over imports
amounted in value to So, 5,0S6, GAS. against an
excess IN January, 1904, of 500 400 3O4 The
sInal excess on trade account was wiped out
py the payment OF interest due foreign holders
OF American securities. by the differentiation
Of imports and by other known factors which
enter the international financial situation. Fort
unately the falling off IN exports from the
United States and the outward movement of
golc come at a time when the country is well
supplied with funds, q reelection of which is
presented in the low level of money rates de-
spite gold exports in January in excess of inn
ports TO the amount Of nearly S15OO0OOO
however, are more promising than they were a
le" weeks ago, evidence Of which was presented
In thursdays and yesterdays call money mar
ket. According to the known movement of
money IN the week the local banks have lost in
cash holdings over S4.GO0O00. ana as the stock
market mas been active il is likely that there
AiaS been a further expansion in loans and n de-
crease IN the reserve above legal requirements
Inc movement OF money TO the interior is grow
ing l4Shter, while shipments from this centre are
DeglnnIng 70 grow heavier, as is customary al
TINS perloo OF the year, but this fact is well
coIled by money lenders as a more prohta BILE
money market Is IN sight. And it ought to he
welcomed by all americans as il reflects in
ereaslng activity in the country's general in
oustrles- The spring demand for accommodation
ought 10 be heavy in mercantile sources and If
Ills proves to be the ii, of course win he
less easy than at present for Spectators 10 car
~ on big Dull campaign in stocks
n