New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-17
BONDS.
STOCK MARKET OPERATIONS.

Stock market values were heavy in the greater
number Of securities throughout the day. Ex-
IRENE weaness IN the Erie shares exerted a
sympathetic effect the rest Of the anthracite
coal list while most Of the market was influ-
enced TO some extent by the sales in these is
sues, although exceptional firmness in the steel
shares tended TO check activity on the part OF
the bear element There were no news factors
responsible for the decline IN the Erie stocks.
but the Street was filed with rumors regarding
the company, based to a great extent on the
ideas Of various interests regarding the future
OF the road under what is now practically new
management. 1t was reported that the Morgan
interests We're disposng OF their holdings in the
stock owing to the refusal Of the stockholders
% continue the voting trust, and it was also re-
ported that the Hartman party was adding TO
its investment In the property. with the view Of
recurring absolute control. The idea that the
Hartman methods Of management will be in
troduced IN the Erie suggests to many Wall
Street traders the possibility OF a reduction or
a passing Of the dividend on the first preferred
stock Earnings Of the Erie have shown large
decrease IN the last ten months, and as the
property Is IN position which requires heavy
expenditures to bring ii up TO the Hartman
standard 81 may be considered wise to put for
time a part at least OF preferred stock dividend
into roadbed, equipment and other improve
rnents Erie first preferred, however, has
great intrinsic value, and even the common
stock has a prospect that viii eventually bring
forth q dividend. The introduction Of Hartman
methods viii be splendid thing for the Erie
The heaviest dealings were in Amalganlated
Copper. Pennsylvania, Atchison. the Erie
shares, St Paul, Union and Southern Pacihc'
Steel preferred and Consolidated Gas The last
named stock was pushed up point, but lost its
gain before the close, ending at net loss OF
nearly per cent while the majority Of issues
closed at about the lowest figures of the day.
Statistics Of the country's foreign trade in
April while showing the smallest volume OF
merchandise exports IN the last eight months,
present favorable comparison with the same
month in the last few years, being slightly heav-
ser than in April 1903 and 1902, and about
Sl0UOOOOO in value less than in the heavy
periods in 1900 and 1901. Total exports
amounted in value to S1O9, 1895. 100. while imports
reached a total of SS3496521, making the ex-
cess Of exports OF merchandise over imports in
value SIG, 49S, 500. The comparative showing Of
exports in April was much better than in the
preceding month, when the reduction from the
corresponding month last year amounted TO
about S13o0oO0O. AS matter Of fact the total
value Of the country's merchandise exports
since the first Of the fiscal year makes a much
better showing than IN the time IN 1903,
while the excess Of exports has been heavier
\ go far this fiscal year than in either 1903 or
b 1902 OF course, the heavy shipments Of cotton
at record breaking prices earlier in the year
have been chiefly responsible for the gain in for
eign trade, but IN the rest OF the year results
VIII hardly be as favorable, owing TO the marked
decline IN the outward movement Of breadstuffs.
II Is encouraging TO note. nevertheless, that in
she ten months OF the fiscal year actual ship
Inents on al accounts We're heavier than in any
corresponding period record, although the
excess OF exports much lighter than in the
last Eve years.
An interesting feature of the Treasury De-
pa-tments statement OF foreign trade in the
last ten months is the compilation showing the
movement OF gold and silver TO and from this
country. Despite the fact that over S50.0O0.OO0
in gold has recently been engaged for shipment
20 Europe, imports Of gold for the ten months
ended April 30 show an excess over exports OF
SAG S25 262 In the month Of April exports of
the yellow metal amounted to over S19,OOO,vUO,
but the excess over imports less than
Sl0O000o0 In view OF the fact that the
try has imported since July over SS3UtUOOO in
gold, while in this time its actual supply Of the
metal has been increased heavily through local
gold production. there is no occasion for alarm
the large outward movement OF the metal
which IS under way. In addition 10 the
merchandise exports IN the last ten months over
S16,oeOoOo IN silver was shipped abroad and
this amount practically went out merchandise
account. Further exports Of gold
nounced yesterday, and the total Of engage
ments for to-day and Thursdays steamers
stands at Sll.Jo0000. Money market rate ex-
hibtted a hrIner tendency.