New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-16
BONDS.
STOCK MARKET OPERATIONS.

Until the announcement regarding the pro-
posed plan of the Southern Pacific to increase
its capital by 500 900 preferred stock the
securities market was strong, with the tendency
favorable to net gains for the day in the greater
number of issues Doubtless part of the selling
that took place after the report that the South
Pacific intended to make a large preferred
stock issue represented profit taking sales. but
there was. nevertheless. considerable bear pres
sure. especially in Southern Pacific stock which
declined from its early high price of 1875 TO Asa.
closing net loss of 16s, while Union Pacific
ended the day at a gain of / a. its final quota
ton being a point under the best figure made
earlier in the day. Southern Pacific will author
ize an issue of S1OOOO0O00 I per cent preferred
stock of which S4OOO0.OOO will be put out as
soon as the stockholders approve the plan, this
amount to be used for the liquidation of the
company's floating debt including the amount
which the Union Pacific has advanced to the
company for Improvement work. Wall Street
did not take kindly to the proposed big stock
issue, and the fact that the Southern Pacific an
uouncement at a time when the market
advancing created disposition among the
professional element to change its position to
the short side OF speculation. Prices declined
throughout the list after the second hour. and
at the close a long list of net losses was shown.
While the local traction shares were moderately
active. their quotations were heavy owing to
realizing sales based on the preceding days
sharp upward movement. The chief activity
outside of the Hartman shares was in Atchison.
St Paul Missouri Pacific. Pennsylvania, Read
ing. Amalgamated Copper and United States
Steel preferred In the last named stock the
demand apparently came from a good class Of
operators. and II reported that accuu.ula-
ton OF the issue under way.
The preliminary statement Of the country's
foreign trade for the month OF May. pub
lished by the Department OF Commerce and
abor. shows, as expected large decrease IN
exports as compared with the same month q
year ago. the exhibit being the poorest for any
corresponding month IN the last seven years
The falling OF. however, IN exports IS due
trely 10 the lighter shipments OF domestic prod
ucts. such breadstuffs and cotton. shipments
of manufactures showing a gain over May "A
year ago There decline in the exports
of domestic products to the value Of SO 1850 IA.
while the reduction in the general mer
chandise exports amounted to S11.163337. ex-
ports outside of domestic products. therefore,
increasing in value nearly 100000. While
the countrys exports decreased in the month
imports showed a gain as compared with the
same month last year. the total being heavier
than in any May I'm the last six years amount
ing in value 10 more than SSOO00OOU. The
cess of exports over imports amounted in value
to only s.. 293 S47. as against an excess a year
ago OF nearly So 900 900 and nearly So. 900 900
in the preceding year. For the eleven months
ended May 81 the excess of exports over i'm
ports amounted in value to more than $45S,O0o.--
600 compared with S3S1 100000 last year and
S4G2 100000 in 1902 With the exception of the
record breaking exports in 1901. the record for
the eleven months of the present fiscal year is
better than IN any corresponding period in the
history of the country. total shipments of all
merchandise reaching value of 81 1861 ,5l61 30
In view of the high prices for cotton and bread
stuffs and all articles which figure in the
port merchandise trade. the foreign commerce
exhibit for the last eleven months is extremely
gratifying especially as II shows that the United
States is not losing it's hold on the markets of
the world for it's manufactured articles
Although in the eleven months of the fiscal
year the United States has shipped upward of
$S0OO0000 in gold to foreign countries, receipts
of the metal from Europe last fall and recently
from Japan have been large enough to Offset the
export movement, imports showing an excess
over exports of S14 ,23022 In the same time "A
year ago the United States shipped less than
$50 600 900 In gold. while its excess Of imports
amounted to only 1881. 467. In the month Of
May the excess of gold exports amounted to
So. .541. To the total of merchandise ex-
Of silver. amounting to So, 154025 Silver ship
ments made on merchandise basis. and
In the last eleven months the country has ex
ported total of $40 OS7 16S the excess of ex-
ports over imports amounting to S2O110O21.