New-York tribune., 1905-06-17
BONDS.
STOCK MARKET OPERATIONS.

Stock market trading was light in volume In
the greater number Of issues throughout the fiVe
hours of business movement of values tnat
showed unimportant changes as compared with
the closing figures of the preceding day In the
majority of shares last quotations were at small
net gains with the chief improvement in Read
ing. which was among the few shares that ex-
hibited any semblance of life. Buying Of this
stock was based on the general belief that the
directors of the Reading company will increase
the dividend at their next dividend meeting,
owing to the large earnings of the road in the
last year and to the excellent prospects for
further gains in traffic IN the course of the next
twelve months According to the opinion of the
best informed market judges there will be
number Of dividend changes in the current year
that will work TO the advantage of the share
holders of the companies concerned. refeo-
ton of which is seen in the quiet buying of the
securities of the properties by substantial
market interests. While stock market trading
is extremely dull there is. nevertheless. buy
ing demand from class Of operators who sell
dom make a mistake In their Judgment regard
ing the future of prices This fact alone ought
to suggest great caution among traders who are
inclined to deal on the short side Of specula-
tion. While total operations were slightly In ex-
cess of the dealings in the preceding day. the
general market was the duest of the year, the
increase over Thursdays dealings being due to
the activity in Reading. Net gains ran from
Is to 12.
Foreign trade of the United States for the
month of May. figures of which were received
yesterday from the Bureau of Statistics showed
a marked expansion as compared with the same
time in the preceding year, imports for the
month being heavier than In any other May In
the history of the country and exports larger
than in any corresponding time, with the ex-
ception of May, 1900 when the total amounted
in value to S124 567 OIL against S123. .942 7S9 in
the period under review. The excess of exports
over imports last month amounted to $92,S2S,-
43T, bringing the total excess for the eleven
months Of the fiscal year in value to S369 1885,
561. compared with S457, ,672, ,269 in the same
time in the year before. The statement is n
couraging in many particulars. The increase in
imports reflects prosperity in this country, 9TH
erwfse the American people would not be able
to go into the markets of the world for the lux
uries and other things which the home market
is unable to produce while the large volume of
exports indicates a most prosperous situation
among the American manufacturers and farm
ers. Exports in May increased in value S34-
055S64 of which $4,000 169 represented a gain
in the shipments OF domestic products, such as
cotton and grain, the balance of the gain being
made up of exports of manufactures. This is
extremely proud, and in time it ought to have
q most favorable effect the securities mar
kets. At the moment there is stock market
worth mentioning, and a consequence deyel-
fail to find adequate response in stock market
movements.