New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-17
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
light in volume, amounting TO only 347,529
shares of which the greater part was supplied
by Reading and Union Pacific. Prices moved
In an irregular manner throughout the five
hours of trading, with final changes showing
more net losses than gains, but the differences,
as compared with the preceding day, were gem
orally within narrow limits, the only important
exceptions being National Lead which declined
2A points. being sold heavily on the dividend
increase and Chesapeake & Ohio. which closed
rs points down, on rumors of a new securities
issue Commission houses were not factors in
the dealings. the more substantial speculative
interests showed no disposition TO trade on
either side OF the account. and investment
operations were confined to small totals, trad
ing in stocks quieting down excitement~in
the wheat markets of Chicago and this city
gathered way. Practically nothing was done
in the bond market. Despite the attractive
prices at which railway mortgage issues are
selling, trading in bonds is al standstill, and
people who compelled to sell are receiving
poor figures for their offerings, not because of
any depreciation in the actual worth Of their
/
demand. Prices are attractive for buyers. but
disappointing for sellers. The dulness in the
local stock market in line with the dealings
on the foreign exchanges, where operations
We're made up entirely Of traders efforts 70
catch profits small price variations, the eX-
tent of the market abroad being reflected in the
small transactions for arbitrage account at this
centre.
Foreign exchange market conditions do not
Europe in the near future despite the advance
in sterling yesterday. According to the adj
vices received from London and Paris the posi-
ton of affairs at the chief European capitals
has been materially improved in the last few
weeks, and the idea Of drawing gold-from New
York in any volume is found only in speculative
circles, where such movement would be used
as a market influence against American securi-
ties. The report of the foreign commerce Of the
United States in the month Of April, received
yesterday from Washington, shows that this
country had excess Of merchandise exports
over imports in that time TO the value of $2S-
1881, making an excess for the ten months of
the fiscal year of S413. 23O,529. against which
there has been imported in gold $50 $4,000 net
part Of the balance having been lquidated
through interest payments on American seouri-
ties held abroad, through expenditures Of
American travellers in Europe. through financial
operations involving foreign loans and other
transactions too we'll known to need any COM
ment. There yet remains in our favor q COM
Portable balance, and the theory held in some
quarters that we are in debt to Europe hardly
Will impress those who take the time to study
international trade and financial conditions. Ex-
ports of merchandise from this country in the
month Of April larger than in any CORE
spending month known, while imports also were
heavier than ever recorded in similar period,
the latter rejecting the increased buying power
OF the people a result Of the last few years of
results reported in December 1906. imports of
preceding month in the history Of the United
States.
With a balance of trade 10 the extent of more
than S4OO,000,000 in favor for ten months
OF the fiscal year. with an increase in the amount
OF money in circulation in the same time OF
upward Of 100000 600 and with an available
cash balance to the account of the federal
Treasury of about 1854 100000 there doubtless
will be uneasiness in investment circles over
! the future of the money market and the ability
Of the country to stand up against trouble If
trouble should develop. Factors OF this sort
may not lead to a bull movement in securities
| at present. as there are conditions of passing
Importance that are operating against activity
! on the long side of the market. but they win
! serve, nevertheless. 10 strengthen confidence
among investors IN the belief that represent ti,
American railroad stocks and bonds and securi
ties OF first class industrial companies are worth
holding.