New-York tribune., 1910-12-16
BANK STOCKS ON STOCK ExcHAN
FINANCIAL MARKETS
Country's Foreign Trade in No.
vember Shows Excess of Exports

The bidding up of the stock market
prices in the last two days has failed to
attract an outside demand for securities.
and from current indications there will
be nothing in the nature Of public in
terest IN speculation at any time in the
rest Of the year. In yesterdays opera
tions the general list was strong in the
best part of the day. without, however
important net advances, last quotations
as a rule showing unimportant changes
from the closing in Wednesdays trans
actions. OF the total business the larger
part was supplied by Union Pacific, Read
ing and United States Steel. in which
the dealings represented little beyond
professional traders scalping movements
on both sides of the market, while
throughout the list transactions were
made up chiefly of the same character of
speculation, with an increase in activity
tor short account in the afternoon when
substantial reactions We're recorded from
the high levels of the morning. A re-
port subsequently denied, that there had
been an earthquake in San Francisco
encoura ged some selling in the last hour,
but the heavier tone was due chiefly to
the absence Of buying power and TO
some uneasiness in speculative circles
OF disturbing rumors regarding the labor
situation on the Western railroads. In
the best informed quarters an engineers
strike is not looked for, despite the
recent vote in its favor, but in view Of
the stagnation in the stock market the
idea of a big labor upheaval Of this
character may be advanced, in the hope
of creating activity III speculation. The
governments final report on the years
crops. showing extremely satisfactory re-
suits. with a record corn yield OF 3,12a,-
$4,000 bushels. received little attention
in the stock market, which closed as
inactive as it opened.
The country's foreign trade in Noyen-
Der. the figures OF which were received
Y yesterday, makes a gratifying exhibit
and brings the total excess of exports of
merchandise over imports for the au-
tu,11n months TO the value of S211,795
900 As in the preceding twelve months
exports and imports about balanced, the
Significance Of the growing trade balance
in our favor as q factor IN the inter
national money market readily viii be
anpreciated bv people who follow f1nan-
ciaI transactions between countries, es-
neciaIlv as between the United States
and Europe there is an invisible money
balance against Us, due to operations
other than foreign trade. for the settle
,nert OF which we depend upon an ex-
ress of exports of manufacturing and
domestic products. Compared with No
yember q wear ago, exports last month
showed an increase to the amount OF
S12. .JOO. 600, while imports decreased up
ward of S10000,0n, the total excess or
exports reaching the large total Of SO
ao3. .353, which compares with an excess
in November. 1909. of S53, 4S9 ,9o5. 1t is
worth noting that imports were about
evenly divided between the dutiable ana
non-dutiable groups. and that for the
eleven months ended November 20, i'm
por,s free of duty were valued at S694,-
37a 432. against those subject TO duty
of SI3l .39.O CSC. The Bank of England
made no change yesterday in its mini
,7111n1 rate of discount, while 1t showed IN
its weekly return p proportion Of reserve
n liability higheI lan generally looked
for at this time OF t.-e year, the percent
are of 5O.O1 comparing with an average
az a24T for the second week I'm De-
eember in the last seven years