New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-08-20
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market "eie
light on a movement Of values that showed
great trreguIarity in the leading active issues
which closed at unimportant changes as COM
pared with Saturdays final figures In the carry
dealings prices IS a rule were strong "iil'0
throughout the forenoon trading the general ten
dency was IN the direction of better quotations.
bIIt the best part Of the Improvement was lost
IN the last hour OF business under selling press
ure for both accounts. the chief sales represent
ing operations by the shorts AmalgaNnateo
Copper American Smelling, Reading, Union Pa
cific and other active issues advanced from 10
points in the mornings movement ana losI
much OF the gain before the close. selling in the
last hour being based the completion or COW
ering operations and on the strength in foreign
exchange which made gold exports possible
The metal to the amount OF 100000 was taken
for Berlin account. Commission houses were not
active factors either side Of the marker as
far as speculation was concerned, but there was
some Investment buying among the hlgh sraoe
shares as well Improvement In the de-
nand for bonds the inquiry for the latter how
ever. being significant only in view OF the re-
cent stagnation in railway mortgage issues
Bond houses do not look for much activity IN
this department OF the market until money con-
ditions change. and as the chances favor stin
rates for loans for q long time to come the out
look for the bond men is not promising of profits
in the near future. At the close prices were al
the lowest OF the day, though most OF
the active shares showed IN net results part
of the early Improvement, Amalgamated Copper.
for instance, exhibiting g. net advance of Y:
Smelling. q; Canadian Pacific 1a4; st. Paul,
Il: Great Northern, ia: Northern Pacific, Il,
and Reading, 13s Union Pacific closed at net
loss Of Is. down 31s from the high price Of the
day. Extreme weakness was reported in Distil-
lers' Securities stock, the decline being accom-
panied by the rumor that the pool in the issue
had been compelled to liQuidate. The need Of
ready cash or else foolish fear that American
stocks no longer are good investments were re
Elected in sales of a number Of inactive issues al
notably in American Express and Associated
Merchants first preferred.
Strength in the foreign exchange is due to
foreign selling Of American securities for Eu-
ropean account and to the enormous imports Of
merchandise, which are offsettfng to great
tent exports of merchandise from here despite the
fact that the latter are exceptionally heavy. The
report of the bureau of statistics for the month
of July shows the largest imports and exports
ever recorded in corresponding period but the
gain in imports compared with the same
month year ago is larger than the gain in
exports. and the excess of exports amounts in
value TO only S4,O01. 291. which is wiped out as
foreign exchange factor by the sales OF
American securities, by the underva uat ton Of
imports. by interest payments due European
holders Of American securities and by the Amer
ican travellers expenses abroad. Total exports
amounted IN value to $12S. 49,, 354. compared
with Sill, 693,274 in the same month in 1906,
while imports amounted in value 1924. 764 yO63.
against S103, 592 449 in the corresponding period
last year. For the twelve months ended July
81 the excess Of exports over imports amounted
In value to S441, $50 119. q decline from the pre-
ceeding year of SCI, 654 9f5. the reduction being
due entirely to an important gain in imports.
Large imports reflect the material wealth OF
the country and they ought not to be taken as
adverse stock market factors. notwithstanding
their influence on the foreign exchange market.
Gold exports at this time, Of course, VIII not
tend TO increase bull operations on the Stock
Exchange, but they win not decrease the value
OF American investment securities. some peO-
pie apparently believe Nor will the selling by
foreign holders Of American securities damage
the intrinsic worth Of investments. For
eign LIQUIDATION Of stocks Is due TO the
financial necessities of the holders rather than
to foreign distrust of conditions here
Inquiries received by prominent commission
houses from out of town clients indicate
easiness on the part of the so-called public
over conditions in Wall Street. These inquiries
are in reference TO the best stocks to buy at
current cheap prices, and the fact that orders
OF this kind are coming into the Street nat
urally serves to reassure the financial commu
pity regarding the condition Of public sentiment
throughout the United States the business
and political outlook. Tho public has not
worked itself into condition Of nervous pros
tration because OF the attacks Of Wall Street
upon the President Of the United States and
the bear campaign against securities. has
IL lost money because OF the decline in values,
except In the case OF some timid souls who
against good advice. have sold their investments
a. sacrifice prices. Wise men keeping a
tight hold of their security possessions. Wise
men who have idle money on their hands are
buying stocks at prevailing quotations. for they
know prices under the real worth of invest
ment issues. and that the country Will not go
to the dogs. In spite of the wild talk that Is
heard In certain quarters
STATEMENT OF NON-MEMBER BANKS.
The weekly statement of averages of the banks