New-York tribune., 1908-06-17
FINANCIAL AFFAIRS
STOCK VALUES STRONG.
Prices Aduance on Light Trading
Moneu Rates Easy.

1-d,- tho influence of covering of shorts
prices moved TO a higher level IN yesterday :
stock market, advances of one point ana Iioi
reing common among the leading issues Whle
there was no outside participation IN the specu-
Iation commission houses as a rule adFlSeu
their customers to buy for A turn, on the theory
that the nomination of Secretary Tart Tor FTesi-
dent would supply the market with an eIecIiNe
huU argument for time at least. 1t Is gener-
ally believed that about the date OF MI
T3rvan's convention the market Will develop an
oldtime Bryan chill. but no one VINO owns secu
rites should pay any attention 10 oecllhes u'dt
NAV result from the doings or expected doIhs7
of the Democrats at Denver, for the good reason
49, tho business interests of the country-and
they are the controlling interests in the United
States-will support the Republican party just
as they did in the Mckinley and Roosevelt cam
paigns keeping in power the party OF progress
and prosperity. Conditions are not favorable 10
a successful bear campaign, and the people VINO
are able to maintain position on the long side
Of the market for an indefinite period shouid
get out of their contracts with good prontS.
Though prices were strong throughout the day
the volume of business small and made up
,r great mart of the operations in Union Pacific.
Reading United States Steel, st. Paul. American
Smelling Amagamated Copper, Northern Pa
cific and ST. Louis & San Francisco. Union
Pacific and Reading supplied nearly one-half Of
the total and also were leaders in point OF ad-
vance the first named gaining more than ? per
cent in spite of large dealings in the new Union
Pacific bonds under the subscription price. The
heavy dealings in these issues evidently repre-
sented the desire Of operators to sell their con-
tracts rather than to accept delivery OF the
bonds when issued. There moderately
active demand for Ontario & Western, wh1ch
apparently is being accumulated by interests
which are well advised regarding the affairs of
the property This stock is selling under the
figure at which the New Haven acquired its
holdings while it is intrinsically more valu-
able than it was when the New Haven secured
control of the property 1t is the cheapest coal
stock the list.
Sterling exchange strong yesterday, and
indications pointed to further exports OF gold
to Germany AS long as exchange rates remain
at or near the current level and the German
Bank is willing to pay interest on the metal in
transit, shipments for Berlin account can be
made at q profit, and financial conditions in
Germany continue unfavorable the chances
advantage will be taken Of the exchange market
situation to increase the gold holdings at Berlin
at every opportunity. The movement. however,
attracts little attention in Wall Street, owing TO
the extensive resources of the local banks In
connection with the foreign exchange market
il is interesting to note that in the month Of
MAY this Country's foreign trade, the figures of
which were received yesterday, showed a heavy
falling off in imports and exports of merChan-
disc from the same month last year the decline
in imports amounting in value to s42,2S0G63 and
that in exports S21 362,345, both items being
smaller than in any May since 1904 Exports,
however, were wei IN excess or imports, me
balance in favor Of this country amounting to
s29.1657S0, compared with excess in the
responding time last year of ss.247.462. For the
eleven months of the fiscal year exports and i'm
ports amounted in value 10 S2S47,7 ,293 against
So 065 SIS in the same period in the preceding
year. with the excess Of exports this year $642-
657.159 against s421.200.238 in the year before.
This large excess of exports has been offset by
interest payments on American securities held
abroad. by American travellers expenses in
Europe, by the underva uation Of imports and
by international financial transactions. and does
not as il appears the surface, represent that
this country is d creditor nation Recent gold
shipments prove that the balance is against the
United States, but when this years crops begin
to move abroad conditions on trade account will
turn in our favor The shrinkage both in i'm
ports and exports since last November. amount
ing in exports to s91 066,995 and in imports to
s26,711 ,473, reflects TO some extent unfavorable
business conditions at home and abroad, but ii
should be borne in mind, however, that at this
time Of the year exports always are under those
of the fall months. while last November exports
were swollen by abnormal rush of grain and
cotton Europe for the purpose of bringing in