New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-05-16
THE DAYS OPERATIONS IN STOCKS.

After a feeble show of strength in the early
DEALINGS the stock market developed further
weakness. with sharp declines I'm many issues
IN the afternoon trading. however, marked re-
coverses were made throughout the list, ard in
z number Of stocks substantial net improve
nent was shown al the close. severe drop in
Union Pacific was not accompanied by any new
development affecting the property, hut II was
reported that active manipulation was in prog
ress for the account Of interests who wished TO
secure the shares AT cheaper figures. This theory
was in a measure. justified by the subsequent
sharp advance in the stock Union Pacific and
Northern Pacific factions have, il is said reached
an agreement regarding the protection Of the
Union Pacific interests in the so-called Burling
ton deal, and as far as the railroad situation in
the Northwest is concerned, amicable relations
have apparently been restored
Buying OF the steel shares was good. and
throughout the list afternoon transactions re-
Elected a cessation of urgent liquidation. In
the preferred stocks Of solid industrial COM
2anies an excellent investment demand was
noted, especially in the issues that presented
such remarkably firm front in the recent
smash in values Sound preference issues of
this class are now gladly accepted by the banks
IN loan collateral, and in some eases they have
been preferred 10 the railroad issues in which
overspeculation has caused such heavy price de-
probation The calling of the first instalment
by the syndicate that is TO finance the Burlng-
ton sale TO the Northern Pacific and Great
Northern exerted favorable influence on senti-
ment. the view being taken that this action was
conclusive evidence that the Northern Pacific
struggle had been settled. The general market
advanced without much public support but ac-
tive buying for investment account and by i'm
portani banking interests was reported. Big
orders were especially marked in Union Pacific
Flock Island, Afchison, ST Paul and the steel
SHARES Excellent buying was also noted in Della
ware and Hudson, which made a net gain for
tie day q TWO points In well Informed circles
II Is thought that this stock VIII advance TO 40
or better within sixty days. As a per cent
ISSUE. and as safe security Of recognized merit
Delaware and Hudson is selling under its actual
worth. The company is in good hands. and its
business Is enormous Anthracite coal trade
cohdltons are unusually strong
Gold 10 the amount Of s. 2o0ooO Was engaged
Tor export yesterday. Europe needs assistance
and this country is able TO snare a round
amount Of the yellow metal despite the com
paTatVely low position Of the local bank re-
serves Gold does not 60 abroad in response IN
adverse conditions here. and the banking COM
munity is therefore not disposed 20 worry over
the current shipments Trade credits abroad
continue 10 accumulate. Foreign commerce in
Aprl resulted in balance in favor OF this
country Of Ss402960s making for the ten
months Of the fiscal year an excess OF exports
OF merchandise over imports Of 1884 2l2 300.
Total exports in April were heavier than in any
preceding April on record, amounting in value
70 SlSo1So.aSo against imports in value OF
ST6T509sO. For the ten months from Julv
exports were valued at 81. 260 4492 PAS an in
crease of SSSO45,972 over the corresponding
tine year ago. and an increase Of S223. eel
a2o over the year before. The country's flnan-
cial strength depends in great part on its for
eign trade. a study. therefore. OF the foreign
trade position Of the United States should con-
vince the most pessimistic bear in wan Street
that while stock market conditions have
changed. industrial activity continues In all
parts OF the country business is good, but in
creasng labor disturbances somewhat mar the
situation. The latter named factor, however As
doubtless an incident OF prosperity rather than
a forecast Of commercial depression.