New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-28
Closing prices yesterday Of bonds dealt in.
STOCK MARKET OPERATIONS.

Compared with recent heavy operations in the
stock market yesterdays transactions were
light in volume the total dealings amounting to
only 4s651o shares. a record, for these days of
strenuous life in Wall Street of extremely small
proportions. Prices moved in an irregular man
ner throughout the five hours of business, with
few important changes at the close net gains
and losses in the general market being about
evenly distributed, with the largest advances in
Anaconda Copper. Denver and Rio Grande
Ontario and Western, St Paul, Northern Pacific
and Southern Pacific. Declines as a rule were
confined to small fractions. Commission houses
were not important factors in the days trading,
while the more important speculative leaders
were not disposed to enter actively either side
of the market this lack Of interest doubtless
being based on the theory that there may be
furry in money rates at the end of the week
incident to the arrangements for the October
interest and dividend disbursements; also to the
unexpected strength in sterling exchange on
Tuesday and yesterday. Exchange is above
the point at which gold may be brought in at a
profit but this fact does not indicate that there
will be no gold imports or that there will
be disturbance in the local money market. II
the United States needs the gold it will have no
great difficulty in securing it abroad. and If
rates for exchange continue to advance for
few days the hasty conclusion should not be
reached that permanent strength will prevail in
the balance of the year. Cotton bills have been
scarce in the last few days, but tt is likely that
yesterdays decline in the price Of the staple
will be reflected in a better supply of bills in
the foreign exchange houses. The stock market
closed dull and heavy.
Trade activity and the country's ability to
find large foreign markets for its goods are
fected in the detailed statement Of foreign COM
merce for the month of August. received from
Washington yesterday. Exports of manu-
features amounted in the month in value to
s51. 355,593 compared with $42415,644 in the
corresponding period in the preceding year.
while for the eight months ended August 81
the outward movement of manufactured
articles showed an increase in value to the
amount of $53.2SS236. Including shipments or
agricultural products and miscellaneous articles
the increase in the eight months amounted in
value TO $115,409,150 while imports in the same
time showed gain of $103142,662. The largest
gain in imports was in articles in a crude con-
dition for use in manufacturing. The figures
of the import and export trade are we'll worth
studying, for they reveal in a most convincing
manner the character of the current condition
of business in the United States and show how
great is the material prosperity of the land
Based on the remarkable strength of trade con-
ditions in the United States there is good rea-
son for the optimism that prevails in Wall
Street for the tendency of prices of securities
TO move toward higher level despite the fact
that quotations already are selling many points
above the low figures of the year. and for the
confident belief that there Will be disturb
in the financial markets in the current
year. That there will be higher rates for money
and periods of reaction in stocks is not doubted
Conditions in the money market warrant the
expectation of sitter rates for loans. but there
is no reason to believe that there will be such
an advance as 10 interfere with legitimate bust
and financial operations.