New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-05-17
BONDS.
STOCK MARKET OPERATIONS.

Lower prices IN the London market for Amer
lean securities and an absence of active conIf's-
SION house buying were responsible for "euA
opening on the local Stock Exchange. Declines
however were uninpoTtant, and in the gFeaIeI
number of issues sales represented nothlhg Oe-
,-ond the operations Of the professional e4eIeii''
eenecia1,, in the case of the leading speculative
issues as, for instance. Amalganateo Coppei'
Union Pacific the local traction stocks, Reading
Tennessee Coal and Iron and United states 0'eel
preferred The volume OF business was light
Indeed total transactions amounted TO only 4Uo'-
:9G shares the smallest days trading In the cur
rent wear although in a number Of securities
there were indications of activity on the part OF
operators who generally buyers after q
period Of falling Stock Exchange values. In 81
Paul Union Pacific, Reading and Canadian Pa
ci7c offerings We're taken by operators who for
ma.sr months have been identified with the
movement in these issues, while in the general
list there appeared to be a good demand at the
low level Of the day, particularly for st. Paul.
which ended at a net gain of 4 to 176A, against
e high price Of III. The fact that the st. Paul
company has decided to extend its line to the
Pacific Coast IS beginning TO attract an active
investment and speculative inquiry for st. Paul
stock At the close prices were slightly above
the lowest of the day but trading was intensely
dull and uninteresting.
Foreign commerce in the month Of April, de-
tailed figures Of which were received yesterday,
ran heavily in favor of this country, the ex-
cess OF exports over imports amounting in value
TO So, T22 0S7, compared with excess in
the same month a year ago of S26 35S 523 and
81, 145, 109 in the corresponding period in 1908
Exports Of breadstuns, cotton and manufactured
articles showed an encouraging increase from
April in the preceding year, while the total out
ward movement Of all articles was heavier than
IN any corresponding month in the history Of
\ the country. amounting in value 10 S129 1913 229
\ Imports were also heavier than in any preced-
Ing April on record, amounting in value 10 500
636142, compared with $50, 521, $50 in the same
month last year. The fact that both exports and
imports are increasing reflects the great expan-
sion that is taking place IN the individual and
corporate wealth Of the United States and il
ought 70 prove an important factor in encour-
aging confidence in the value Of American in
vestment securities, especially at this time. when
50 much IS heard in certain circles regarding the
high prices" at which our stocks and bonds are
selling. In the greater number of issues stock
market values do not fully measure intrinsic
worth while from a speculative point of View
prices are cheap, owing 10 the enormous amount
OF liquidation that has taken place in the last
few weeks, TO the transfer Of stocks from weak
hands 10 strong hands and 10 the ease in the
money market.
It is not likely that rates for loans will under
30 a material change in the course of the next
few months. There IS an abundance of money
II the country and despite the Withdrawals
from the local banks on Federal Treasury ac-
count there is little likelihood of an important
advance in quotations in the near future OF
course. If international complications should de-
Nelop as a result Of the war in the Far East
there would be a certain amount Of pressure on
the money markets OF the world. followed by e,l-
ports Of gold from the United States for Eu-
ropean account, but at the moment there is
nothing In the international or Far Eastern
situations that suggests the probability of the
development Of conditions that would bring
about disturbance in the foreign money markets
People who are watching the securities 7arkets
carefully are not at all upset over the current
hesltatlng tendency in speculation. They see in
the present speculative movements a disposition
on the part OF the larger interests to acquire
stocks on all declines, unwiuingness at the mo-
meht on the part Of the commission bouse
trader TO make large commitments on either
side Of the market an1 a disposition on the mart
OF the room traders TO run to cover at the
slightest evidence Of bull support Stocks are
In good hands. and the ultimate tendency bar
ring really adverse developments ought 10 he
in the direction Of better quotations 4 period
Of dulness in Wall Street will not hurt the
actual value OF securities nor VIII II create
pessimism among the interests who al present
believe that prices should move to a higher
range.