New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-09-18
FINANCIAL AFFAIRS
STOCK VALUES DECLINE.
Professional Traders Hammer Prices
Money Rates at Easy Level.

In the early dealings in yesterdays STOCK
market prices moved toward higher lever
under the influence of covering of bear con-
tracts while in the afternoon the tendency was
in the direction Of lower quotations as result
of selling that was based on the absence or
support from inside interests, on liquidation Oh
overextended bull accounts and on aggressive
operations of traders who believed that In view
of the almost uninterrupted advance of the last
few months speculative reasons warranted
transactions for the short account.
In this column in recent weeks the probable
itv of sharp declines has been suggested, and
the wisdom of reducing bull commitments mas
been commended, but at no time have the
Tribune's market opinions encouraged sales by
investors Investors ought to buy on all recess
sons for the good reasons that intrinsic values
are based on solid foundation, that the couh-
try is moving forward and that current move
rnents in stocks which are the direct conse-
ouence of speculative operations, bear no rela-
ton to the general investment position
Wall Street advanced the theory yesterday
that the market declined because of mlsgiVlngs
over election results but a matter of fact,
the decline represented little beyond technical
market conditions which, in the last few days,
practically have forced a selling movement Pro
fessional traders, realizing that the market was
in a weak technical situation, naturally talked
in doleful tones about the poor prospects Tor
Mr. Taft while they pointed out that from their
ideas on the situation Mr.. Hartman had fooled
the Street, because, upon his return from tle
West, he made no announcement or nhahcIdl
plans which would help along the bull specula-
ton While stating their opinions they nam
mered values in all parts of the market eaten
ing stop loss orders made by commission mouse
traders whose bank accounts and common sense
apparently were parity. The minor followers
of the HarTiman-Frick-R Rockefeller combination
evidently the chief losers on the DAY
movements Good buying reported on the
decline but no vigorous attempt was made TO
rally prices which closed near the bottom the
market was full Of stocks at the emo OF the DAY
Though sterling exchange rates are not far
from the level at which gold could be exported
to Europe at a profit, it is not believed in for
eign banking circles that the market Will con-
Time TO move in the direction that would make
possible a large outward movement OF the
metal At rate of 1864 for demand sterling
and with cable francs at 5.153s gold could be
sent to Paris If Paris bankers would pay inter
est on the metal in transit, but the present at
titude of the Bank Of France apparently Is not
in favor of offering any inducement 10 attract
gold from the United States, especially as the
French institution is able to Increase It's gold
holdings by bidding for the weekly receipts of
South African gold in the London open market
paris has been strengthening its gold supply
for a long time in expectation of requirements
in connection with new Russian loan' ana IL
is understood that when this loan is offered
efforts will he made by French bankers to place
a large part of it in the United States. In view
Of hoped for American bidding for the bonds
II is not likely that PARIS VIII 90 anything d.
this time to weaken the gold reserves IN TINS
country There has been a large amount OF
selling of American securities for foreign ac-
count in recent weeks and much Of the strength
in sterling rates has been due to this movement.
On trade account for the month Of August,
the figures of which were received yesterday,
F5uroDe Is in debt to the United States, but the
excess OF exports of merchandise over imports
to the value of $40, 1853, J6S is Offset by other
factors which enter foreign exchange caicula-
lions as for instance, sales of stocks for
European holders, differentiation of imports,
interest due abroad and expenses Of American
travellers in Europe
Exports for August amounted in value to
Sl10411.714 the lightest for any month since
July 1865 with the exception of July of the
current year Imports lighter than in any
month this year, except IN July. and lighter
than in any corresponding time since August
1904 In the eight months of the year there
has been falling off in imports from the
time in 1907 to the value of 1901 DIS DO while
exports in the same time have decreased TO the
value Of $104. S61,551.
The export trade the of the next
few months will increase a result of a better
demand abroad for cur cotton and food prod
nets an indication of which is presented in a
more active export demand for wheat and in
creasing shipments OF currency to New Orleans
10 move the cotton crop. which is coming to
market more rapidly than recently expected
In correction with the foreign exchange mar
ket the report of a proposed international con-
ference having in view ehe adoption of laws for
the regulation of exchange is particularly in
teresting at this time, but there will be many
difficulties in the way, ewing to the variations
of the gold premium in different countries and
the fact that exchange rates move in response