New-York tribune., 1907-11-19
STOCK MARKET OPERATIONS.


the monetary situation were effective in bring
ing about higher prices for stocks and bonds in
the early dealings and though active selling de-
veloped at the higher level good part of the
morning Improvement was shown in last quota
tions which in the active shares averaged more
than ~ points as compared with closing figures
Saturday London sent a better price level for
our stocks, while values all the European
bourses for nome and foreign securities appar-
emily moved under the influence of the decision
of the federal authorities of this country TO end
If possible the scarcity of money in circulation
by the issuance of Panama bonds and govern
ment emergency notes. against which banknotes
could be taken out. There was no great response
from commission houses to the u ard ten
dency that developed in the initia. tralaactions
and no disposition on the part Of the substantial
interests to encourage active speculation, but
the professional element active in covering
shorts an operation which the chief factor
in establishing prices from TO points above
the last quotations in Saturdays market. On
the advance considerable amount of stock
fed" out and when the rise had carried prices
in some cases 10 4 per cent above the opening
the pressure of offerings became sufficiently
heavy to cause a sharp reaction, which was sue
ceeded by period of dulness that continued 10
the close last prices being somewhat higher than
+ the level touched the decline American
Smelling. Atchison, Canadian Pacific, Great
Northern, New York Central, Northern Pacific,
Reading, Southern Pacific, Union Pacific and
United States Steel preferred enjoyed the chief
net improvement among the leading shares.
Call money easier. sterling exchange de-
clined, the demand for currency was active and
further gold gements were made in London.
New York was not a borrower Of money in
Europe in the summer through the medium Of
finance bills generally incident to preparations
for the cash requirements Of the crops, and as
a consequence its supply of bills representing
I df-l hrG haa
autumn by maturing foreign obligation HaV-
ing debts TO meet abroad, our accommodating
credits trade account have been effective in
bringing a large sum of gold to this country in
settlement of accounts In our favor and the idea
that appears to be held in some quarters that
imports of the precious metal are loans TO this
country 10 help out the current financial sltua-
ton is not based on facts governing present
conditions. Gold comes here because we de-
mand of the foreigners payment in metal Of the
balance to our credit. 1t is thought probable.
however, important engagements Of gold for
shipment TO New York soon will cease. as ii is
believed the urgent necessity for continuation
of the movement no longer exists, owing 10 the
expectation that the Treasury relief measures
VIII serve TO bring out boarded funds and in
crease the amount of money in circulation to
an extent that will tend to make 1t a drug on
the market. Even If people who have boarded
funds in their possession do not to take tho
Panama 2 per cent bonds or the Treasury per
cent certificates of indebtedness it is likely the
action Of the government in making Its Oner
will be followed by the restoration OF confidence,
the return of money to the banks and active
investment movement in the attractive stocks
and bonds quoted the Stock Exchange at
prices that yield handsome returns on the pur-
chase.
The report Of the country's foreign trade in
the month of October, the figures Of which were
received from the Department Of Labor and
Commerce yesterday, shows an excess Of exports
of general merchandise over imports in value of
red a
ber Of sos and an excess in August of
81 SS3,352, making for the twelve months ended
October 81 an excess Of $411103.365. In Octo-
Der imports showed loss from the correspond
ing month year ago 10 the value of $6316,370,
and with the exception of the imports in Sep
tember were lighter than in any preceding
month this year, while exports, with the excep-
ton of October, 1906, were heavier than in any
preceding October in the history of the country.
In the current year there has been only
month-January-whe exports were larger than
in October and all indications point to a better
record in November. Total exports in October
amounted in value to s1S0559,464, and total i'm
ports to s111s119S2, figures that ought to bring
reinsurance TO the people who have the idea
that the United States is going to pieces. Total
foreign trade for the twelve months ended Octo-
Der 81 in value $1.SS5, ,203 S22, an amount
never exceeded in the history of the country.
There is vast amount OF money in the coun-
try but large amount of it is doing work
owing TO its withdrawal for boarding purposes.
boarding ouSnI 10 cease at once ana the amount
In the banks should increase to extent that
actually will encourage exports OF gold. There
undoubtedly will be al remote time enough
money available for business purposes at homo
and a surplus 10 lend abroad. Foreign financial
writers amusing themselves by figuring out
in a way known only 10 themselves that the
United States is in debt TO Europe and that gold
shipments to New York merely represent gen.
erous loans on the part OF London bankers. II
this way of figuring eases the mind of the for
eign press complaint will be made this