New-York tribune., 1905-10-25
STOCK MARKET OPERATIONS.

In the greater number of securities dealings
were heavy in the early trading on an advanc-
ing movement of values. spectators for the rise
being active while commission houses furnished
fair support The fact that prices continue to
advance in spite OF the warnings that have
been sent out from conservative circles against
the danger of conducting bull market at this
level. doubtless has been effective in convincing
certain enthusiastic public operators that the
time has come for big advance in quotations
and that the men who are not in favor of spec
uIation for higher prices at the moment are alb
solutely mistaken in their market conclusions.
Perhaps the so-caIled pessimists are sailing on
the wrong tack, but there are number of signs
in the speculative skies that indicate TO the old
mariners of the Wall Street seas that breakers
are ahead for the sailors of the overladen bull
craft Realizing sales in the early afternoon
were responsible for a general recession through
out the list, and Notwithstanding a firm close
final figures among the active shares showed
more net declines than advances, although the
losses as & rule were confined to fractions. The
chief strength was reported in American Smelt-
ers. Sugar Refining, Brooklyn Rapid Transit,
preferred, Ontario and Western. Pressed Steel
Car and Reading London heavy seller
in the local market. At the close sentiment was
somewhat mixed rega arding the probable course
of the market in the balance of he week Call
money ruled at 4 per cent, while sterling
change strong.
Money market conditions at the moment point
toward relatively easy rates for loans in the
course of the next few weeks, although, accord
ing TO the opinion of the best Informed men in
the banking community, there will be a fairly
firm level in December with the possibility of
stiff quotations. There is a large amount of
money in the country but the demand for
comodaton is heavy from mercantile centres.
while the requirements of the Stock Exchange
operators are large. in regard to the latter.
however. It should be borne in mind that such
demands must become secondary consideration
when the necessities of trade urgent. 1t Is
asserted in some quarters that there soon VIII
be large return movement Of currency to this
centre. No doubt there will be heavy receipts
from the interior. but the fact should not he lost
sight of that the expansion of the countrys
industrial activities will result in Il certain
amount OF pressure in the local money market,
while It also should be remembered that the
foreign exchange market is moving against this
country to an extent that probably will bring
about shipments of gold from New-York The
foreign tinanciers who viii have In charge the
floating of the Russian loan undoubtedly
viii exert every effort to prevent disturbance III
the worlds money markets in accommodating the
money for the Russian government. Neverthe-
less the mere fact that 1t will be necessary to
collect money will work against a cheap money
market in the various financial centres. Con-
sdering the position of the money market
throughout the world and the demands that will
from sources outside the speculative COM
lnunity II is easy To why people are
not inclined to advocate vigorous speculation for
higher prices i'm securities at this time General
conditions are sound and bankers are endeavor-
ing to maintain stability In the financial markets
by disCouraging over speculation in securities
The par of exchange is not a movable quantity
but there various factors in the exchange
gold may be exported or imported at a profit
Under present conditions it may be assumed
that gold will not go out from this country until
quotations for sterling enjoy considerable
further advance but it IS quite likely thar In
the of the balance of the year the rate for
exchange vii! reach point at which shipments
of the metal may he made. II was reported
yesterday that this country had been allot.ad
100 900 600 francs of the Russian loan etuf,,a
lent to $20000,0O0, and that the entire amount
OF the loan would be 12O0OO0O00 francs mr.
about $40 100000 OF this amount the CREATE.
part will he taken by France. the allotment or
that country amounting To about Sl3O 600 O0o
Berlin. according To report gets 100000 900 ana
London S20OO0O00
EXPORTS OF MERCHANDISE.