New-York tribune., 1905-11-01
STOCK MARKET OPERATIONS.

e., ,orlre+ nrtces at home and abroad re-
sponded in uncertain manner 10 'he 'he0'io u
news from Russia that steps had peeh 'ahei ~
bring about domestic peace In the country Oh tiie
"Autocrat of All the Russias BEFORE the local
stock market opened prices for securities IN
London were moving toward a better level "hhe
similar movements reported on the Con-
tinental bourses, the demand coming In great
mart from traders short of the market, Or as
If ia called In London bear Of stocks. Nat
urally the prices of securities at this centre
responded to the strength shown ABROAD all
shares showing substantial gains as compared
with the closing Of the preceding day, with the
heaviest advances in Amalgamated Copper,
American locomotive, American Smelling issues.
Brooklyn Rapid Transit. Louisville and Nash
VILE National Lead, Reading. Tennessee Coal
and Iron and Union Pacific of the active list
The net gain in National Lead amounted to
more than per cent The upward movement in
this issue apparently due to buying for the
account of interests identified with the current
speculation in American Smelling, the latter
stock also being strong On transactions that
were heavier than in any other stock dealt in on
the basis of full share transactions Trading
active in all departments OF the market. in
cluding bonds; dealings were we'll distributed
and there fair increase in commission
house business, although the greater part of
the transactions represented the operations of
the professional element. Closing prices
near the best of the day, while sentiment in
speculative circles intensely bullish, despite
the fact that quotations in the greater number
of securities are selling at a level that fully
measures their intrinsic value Notwithstanding
all the current bulushness it may prove profita-
BILE for public traders to exercise extreme
ton at this period.
Money rates were firm throughout the day.
while sterling exchange was weak, the latter
rejecting the stronger tendency which has de-
veloped in the money market in the last two
days Further shipments of currency were re-
ported for the account of Chicago and New
Orleans. the total for the day amounting to
more than 100000, and this movement naturally
encouraged the idea that there would be i'm
mediate relaxation in the rates for loans and
gold exports at present. OF course the i'm
provement in the Russian situation has brought
about better feeling in the money markets of
the world but the outlook for domestic peace in
Russia does not mean that there will be fall
ing off in the demand for funds In the foreign
markets. Indeed, the INJURY for money doubt
less will be heavier as with return of normal
conditions in the Cars realm there will be a re-
sumption of the Russian loan negotiations, fol-
lowed by the placing of the loan In the capitals
of France, Germany, England and the United
States. In addition to the demand for funds in
connection with the Russian loan there will be
heavy requirements on japanese account.
Japan proposes to issue, according to informa-
tion received yesterday, bonds to the extent of
over s300.00000o. With foreign nations exert
ing pressure the money markets and with the
urgent demands for money incident to trade
pansion throughout the world, the prospects
certainly do not favor the idea that the United
States is about to enter long period of easy
money. There is every reason to believe how
ever that there will be no disturbance in the
money market, while there are also many rea-
sons for the belief that the market Is not in a
position to support large bull speculation in
securities This view is rank pessimism from
the speculator's idea of the situation, but there
are a few cautious souls who inclined to
argue IN this fashion.