New-York tribune., 1908-08-19
FINANCIAL AFFAIRS
STOCK V4LUES FIRM.
Southern Pacific a Strong Feature
Money Rates Easy.

s+oclx market values moved IN an irregular
manner throughout the five hours of business
with more net gains than losses at tie close
Final changes s a rule were confined 10 trao-
tions the chief exception being supplied py
Southern Pacific, which enjoyed net advance
Of 21s on the best sort of buying. some OF 1t
coming from Hartman interests who are still
committed TO the bull side Of speculation South
ern Pacifc's earnings for the last fiscal year
were far in excess Of dividend requirements ana
as the stock is on 6 per cent basis 1t Is not
surprising that substantial people are anxious
to secure the stock at its current relatively low
quotation. Both Union Pacific and Southern
Pacific report excellent earnings In the last
twelve months. in spite Of the depressed condl-
ton of trade in q good part Of the year and as
both companies are backed by big banking IN
terests and have Harriman's work and name as
one Of their most valued assets 1t is not un-
likely the securities Of the two roads Will con-
tfnue to be prime favorites with the investment
and speculative community. While there are
many uncertainties in the present speculative
situation. there is reason to doubt that the
Hartman Kuhn, Loeb & Co. party is working
for better prices The professional element at
the moment has decided views the mar
ket. but it is quite evident it is willing to follow
any strong leader. Great Northern and North
ern Pacific were sold down the report that
Mr.. Hill was seriously i'll a result Of an auto
mobile accident, the general character of the
days trading outside of that in the Hartman
stocks being shown in this movement. which
actually was based on the fact that Mr.. Hill
That little scratch cost Great Northern maxi
mum loss of 29s and Northern Pacific 25s, with
losses of % and IL respectively. Smelling
and Reading suffered fractional declines at the
close Smelters is to be put to 112, according
to Mr. Lawson. Doubtless this stock eventually
will sell higher its merits; likewise st. Paul.
which Wall Street gossip says also Is to be
doomed by the Boston man before he ends his
campaign. st. Paul is a Rockefeller stock, and
the Butte extension Of the road will help the
cornpany's earnings, especially as the Rockefel-
lers practically Butte.
The effect of business depression on the coun-
try's foreign commerce is reflected in a heavy
falling off in exports of merchandise in the
month of July and even larger decline in
inports Exports of merchandise from this
country in the last month. official figures OF
which were received yesterday, were lighter
than in any preceding month since August, 1904,
showing decrease from the same month a year
ago to the value of S25349316, and q decrease
from the first month the current calendar
year to the value of $102. ,489- Exports In
July always are lighter than they in Jan
uary, but the falling off in the present case Is
far above the normal and compares with a re-
duction in the corresponding period in 1907 of
$50 747. 400 There q decrease in exports
of domestic products of 81, 500 and a de-
crease of $1S, 159, SIG in manufactures. Imports
were lighter than in any corresponding month
since July 1905, and $3S215577 in value
|, less than In July last year Since January
the countrys foreign commerce has declined in
value $3.50 045 no from the same time N 1901,
of which S267, go represent imports. For
July the excess of exports over imports was in
value SIC, 793, ,903. and for the seven months Of
the year S372, 40 261. This balance in this
countrys favor is something like the accumu-
lated bookkeeping surplus which the railroads
show in their reports from year to year. 1t g
more apparent than real 1t looks well on
paper but as matter of fact it has been Iqui-
dated through other factors entering the inter-
national exchange situation. Recently the
United States in debt to Europe as re-
Ia NayT York br1ra
the present time accounts pretty evenly
balanced. with the prospects of large credit
in our favor just as grain and cotton
begin TO move abroad in volume.