Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-07-17
AND
COMMERCE
wall street.

New York, July 16.-The movemen
to take profits in stocks which de.
veloped yesterday was extended Tor
time in today's stock market. This
process of digestion of profits caused
an irregular price movement and I'M
settled the tone to a degree. The In
dustrial stocks and specialties, some
of them of a lower grade, received the
greatest share of the days new buy
ing orders while issues which nave
figured hitherto in the strength of the
market were subjected to profit taking
No strictly new factors were introduc
ed into the situation. 1t became mani
fest early after the financial storm o.
last October that the resulting shrink
age in the export trade was being out
stripped by the curtailments or I'M
ports, so that the excess value OF ex
ports from month to m HIth was great
er than in the corresponding period
of the year before. For the complet-
ed year the trade balance in our favC
has reached 1866, 457,10 which is
$~22O.O27.45O greater than in the pre-
ceding wear and establishes a RECORD
for that time. The shrinkage in th'
twelve months of $40 029, 431 in i'm
ports points clearly to tie prime caust
of this showing and throws light OF
the comparative moderation OF the re
IL of gold in the movement whlch
has followed the 500, 000,00O imports
of that metal last fall. Less than hall
of that amount has been reshipped
The June figures show with equa
%clearness that a shift has occurred IL
these tendencies. The large decrease
i'm value Of imports compared with
last year is exceeded by 1922, 344, 600
decrease in exports. Not since Octo-
Der of 1907. has the falling off in ex
ports exceeded that in imports. Tn
loss i'm export valuation during the
month is traceable to manufacturer.
the decrease i'm agricultural products
having been less than $4,000, 600 fol
the month. The months exports were
In fact the smallest since September
1907, before the financial panic start
ed the rush of our commodities to for
eign markets. while the value of i'm
ports is the largest for any month OF
the present calendar year. 1t may b,
accepted that these later changes in
dictate a reimbursement to serve norma
conditions in the International trade
such as has been going on in the do
nestle trade situation Additional ties
timony 10 this readiustment is received
daily in the financial district, hat il
the form of published interviews from
prominent capitalists and expressed II
general terms receiving the greates
amount Of attention. Thst for today
coming from the executive head of the
Amalgamated Copper company, i'm
piled a rather striking exception in the
case of that metal from the cheerful |
views he expressed of conditions else |
where. The fact was seen in tht |
early reactionary tone in the copper !
group Government disbursement |
have so far offset the withdrawal OF |
government deposits from the banks
tina the net absorption by the sub
treasury thus far this week amounts |
to only 81. 296. 900. The call money
market was unruf1ed by the paymen'
today of 25 per cent of the subscrip
ions to the Union Pacific bonds, call
ing for some S23. 600, 900. The tim
loan market. however. was strong in
The days changes were small
for the most part with gains anG
losses mixed. Closing stocks:
A m Ipau,atad Tnnnar eozg 1