New-York tribune., 1905-08-17
sCniisted.
Closing prices yesterday Of active bonds dealt
n with net changes. follow:
STOCK MARKET OPERATIONS.
with net changes. follow

Stocks strong in the greater part Of the
day on a large volume Of business IN the leading
speculative and investment issues, total deal
ings amounting to 9659s0 shares Several issues
advanced 10 new high record figures notably
Reading, which sold at 1928. closing at a net
gain Of 2& per cent. The advance in this stock
In Union Pacific. in Analgamated Copper in
Sugar Refining and in various other issues
not accompanied by news developments affect
ing the properties. the upward movement being
due entirely 10 Wall Street operations based on
the theory that conditions affecting the actual
worth of securities warranted sustained bull
speculation I'm all parts of the list The fact
that prices for the greater number OF the lead
ing stocks selling at a level that more than
measures their actual worth counts for little at
present and it is not all likely that considera-
tons bearing the present dividend yield Of
securities will for some time TO come be dis
cussed in speculative circles in reference to
Stock Exchange values. Wall Street is satisfied
that the bull market will run on for a consider
able period; that while many stocks are at fig
ures well above their real worth there are also
q number of securities that have not Yet en-
joyed the Improvement to which they are en-
titled. and that in view Of the splendid condi-
tion of the crops. with all indications favoring
bumper harvests, there is reason to operate
on the short side of the stock market In the
afternoon the entire market was favorably in
fuenced by the great strength in Union Pacific.
the advance I'm the issue creating the belief that
something more than manipulation was respon-
sible for the movement. At the close the
heaviest gains were reported in Union Pacific
Amalgamated Copper. American Locomotive
Chesapeake and Ohio st. Paul Missouri Pacific
Northern Pacific. Reading. Wabash preferred
and Wisconsin Central preferred Last prices
a. n rule were at near the best figures oi the
DAY.
Statistics OF the country's foreign trade in the
month Of July. which were received yesterday
from Washington, show an excess of exports Of
general merchandise. including cotton and
breadstuffs. Of $24.O77.710 IN value. compared
with S14029536 in tho same month last year.
General exports were far heavier than in July
1904, but the chief increase was in the ship
raents CT cotton, although there was a gain in
the outward movement Of manufactures TO the
value OF S5,d20.122. a record which doubtless
VIII prove extremely gratifying to the holders of
securities that represent the railroad and in
dustrial energies Of the American nation. I'm
ports were larger than in any corresponding
month in the history of the country. amounting
in value TO SS3.S56. IA. against S7l. 1899 in
July year ago. Exports also were larger than
in any July on record. The fact that the coun-
try's foreign trade IS growing reflects the won
derful progress Of the United States in finding
markets throughout the world for the products
OF the ground and OF the manufactures, and II
shows in the gain in imports the material in
crease that is going on in the wealth of the
people. For the seven months ended July 81
the excess OF exports over imports amounted
in value 10 S175. .105. 800 but Of course this
amount has been Offset by international fnan-
cial operations TO extent that makes settle
ments in the shape OF gold imports unnecessary
The United States owes Europe money, DESPITE
the large excess of exports OF merchandise over
imports and 1t is quite likely that in the fail
gold VIII be shipped from here. although such
shipments win not necessarily cripple the local
money market According to the Information
received by The Tribune from the leading finan-
cial interests in Wall Street, there will be No
disturbance in money this year Rates for
money are expected 10 advance I'm the fan but
every precaution is being taken TO prevent n
squeeze.
Current Wall Street enthusiasm Is based ON
the excellent position OF the crops on the grow
ing expansion In the general industries of the
country the belief that there will be no
disturbance in the money market and on the
expectation OF favorable results from the peace
conference at Portsmouth Notwithstanding the
fact that prices in the greater number of first
class issues selling for much as they are