New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-08
STOCK MARKET OPERATIONS.

Stocks weak in the greater part Of the
day on a fairly active volume of business. sell
Ing representing in great part professional
pressure. commission houses reporting little
liquidation of long accounts except I'm cases
where profits We're shown or where margins had
become weakened. In Della ware & Hudson the
closing out OF block of stock accompanied
by attack from bear traders, and the weak
ness in the issue gave rise to number of re
ports regarding the properly, OF which.
however, Of sufficient Importance 10 war
rant the sale Of investment holdings Of the issue.
AS a matter of fact investors not selling
Delaware & Hudson. as they know the prop
erty is in a sound financial position and that
under the management of its present experienced
president. who intends TO surround himself with
the best operating men he find, the future Of
the property is extremely promising. In the
month of April gross earnings OF the company
increased 100000 and under the system which
will he introduced In the operation of the road
by Mr. Loree the chances will favor good results
in net without decreasing the physical efficiency
of the property. The stock declined more than
five points but the character of the selling ought
to result in an improvements in its price to-day,
While throughout the list higher quotations
ought to be recorded technical grounds if
for no other. The extent to which the long
shoremens strike has extended, the labor dis
for shipments of currency from New York to
that centre; crop reports from speculative quar-
ters and revival OF the rumor that the Union
Pacific will put out an issue of bonds are not
good arguments for the sale of we'll held Sc
curities. but they served yesterday to encourage
pressure against values. On the decline many
careful Spectators covered their short CON
tracts. while smaller operators who generally
lose money, no matter which side Of the market
they take. went home short Of the general list.
Money easy and sterling exchange was
down from the preceding day. being affected TO
some extent by bills drawn against the Paris
payments on New Haven bond account While
last prices above the lowest of the day
the greater number Of securities showed net
losses Atchison being a conspicuous exception
at net gain of one point
Wall Street is not likely to become excited
over the sensational reports ntimating that
millions in gold may go to Paris" Some gold
may be exported in the of the next few
weeks, but, according TO the best informed in
ternational bankers. Paris is in no need of
shipments of the precious metal from the United
States, while the same thing may be said Of
London. Monetary conditions abroad have un- !
dergOne marked Improvement in the last few
weeks, and both the Bank Of England and the .
Bank of France are in . strong position, with no
preparations apparent for operations involving
the bringing of gold from the United States
This country has not been borrowing heavily /
abroad, reported, and its obligations in for
eign capitals are not heavy but the difference
between money rates here and in London and
Paris, together with a temporary light supply
of bills at this centre. has brought about higher
rates for sterling and has given rise to talk of
gold exports. In addition to the scarcity OF /
bills the Discrimination of bankers /
TO draw long bills, except at a large premium I
owing 10 the fact that they have no for /
time money, is influence making for higher (
quotations in the sterling market The best in /
formed bankers believe this condition is likely u
prevail until the latter part of the summer
when there ought to be a supply Of finance bills
in the market. Our foreign commerce keeps up
well. and for the fiscal year the excess of OK (
ports or merchandise over imports will. it is esti
mated, amount to more than $4G0OOOCO0 the /
excess for the first nine months having exceeded
$3.50, 100000. With a big foreign commerce. there
need be no uneasiness in the United States over I
the gold export predictions particularly as irran-
ciai conditions in the country are so sound. and
even IL an urgent demand for the precious metal |
should develop in Europe shipments could not |
be made from here in large volume unless orr |
bankers should be in favor Of such a movement |
The amount Of money in circulation in the |
country has increased in the last twelve months
to the extent of s211 500 S22 and If the gain in
me next Few months continues in the same pro- /
portion as recently recorded the three hundred
million mark soon will be reached
The Treasury may withdraw some of its money
IN government banks in connection with the re-
demption OF government As but the fact 4bo+
the government vaults hold an enormous sur- >
plus. with its income exceeding expenditures at
rate that suggests an excess for the fiscal year
of more than S700o0,000. encourages the expecla-
ton in financial circles that the Secretary of the
Treasury viii not disturb government deposits
In the banks to any great amount unless he
should be advised TO do so by bankers owing
to 4 plethora Of funds ct tho financial osotrss