New-York tribune., 1908-07-17
FINANCIAL AFFAIRS
STOCK PRICES FIRM.
EarIg Weakness FoLo5oed by RecoU7
eries-Money Rates Easy.

Stock market values were weak in the early
dealings but IN response to an Increased de-
nand in the afternoon the entire list moved
toward q higher level net gains being reported
in most issues at the close In the selling IN the
morning which merely represented a continua-
ton Of the realizing that developed in the late
trading Wednesday, speculation was inclined 10
become dull, while in the subsequent raliy the
volume of business expanded in a way that en-
couraged bull sentiment in floor room circles
Houses that have been buying the leading issues
in the last few days again were actlVe market
factors in these stocks and in other parts OF
the list notably in Colorado Fuel and Iron ana
Central Leather the latter security apparently
being taken for the account of interests VINO are
we'll Informed regarding the course of affairs in
the Swamp where it is said the leather busl-
ness has not felt to any marked degree the ef-
fects of general trade depression Substantial
houses we're buyers of United States Steel COM
nlon There is evidently less OF this issue in the
Street than when it selling five points lower,
while the preferred has almost disappeared from
speculative channels and seldom appears IN
loans its scarcity rejecting its popularity as an
investment This stock and American Sugar
Refining both per cent issues. are con-
.sidered by intelligent market students the best
industrial investments on the list and safer than
many of the railroad securities. Sugar was one
of the strong features yesterday. The general
market closed under the best OF the day. Money
was easy and sterling exchange hrrn' put no Iur-
tber gold engagements were reported
Exchange at interior points New York is
beginning TO exhibit easier tendency, and
from now receipts Of currency from the IN
terror at this centre will be lighter, owing to the
growing need of bigger bank balances in the
South and West for crop moving purposes.
Local banks in the wheat belt are arranging to
care for the wheat crop without drawing on
their balances in the East but this operation in
wolves the cessation of remittances to New York,
while later in the season the requirements Of
hp IN
large shipments Of currency from here to the
West, also to the South As interior banks are
drawing interest their deposits in the New
York institutions they naturally are not disposed
to withdraw their balances until home conditions
compel them to do so, and it therefore is unlike
" there will be important outward movement
of funds from New York before the end of Au-
gust when. as a rule, interior requirements be
come urgent. The banks at interior cities and
smaller towns are in better position to meet the
needs OF the harvests and general mercantile ne
cessities than they have been at this period in
many years, and IT therefore is probable borrow
ers will secure all the accommodation they re-
ouire at easy rates. Money will rule at rela
lively low level throughout the crop moving
time There will he plenty of money for the
farmers the merchants the manufacturers and
the Wall Street operators. The accumulation of
funds in the banks Of this country and those
abroad will be important factor In bringing
about a resumption of industrial activity. while
II also viii serve to help the securities markets.
in which many attractive issues are now sell
ing at quotations which do not measure the
actual worth of the investments. Though many
securities have enjoyed great Improvement since
the low figures Of last year. the current market
offers good opportunities for speculative and in
vestment movements
In the statement of foreign commerce for
June received yesterday from Washington, both
exports and imports of merchandise show I'M
provement over the May figures though pre-
senting a heavy falling off from the correspond
ing period q year ago. Imports increased IN
value over the preceding month about S8,O0Oooo,
while exports increased upward of $2,0O0OUe,
but both items showed total decrease of $42,-
! 1884 compared with June 1907. The excess of
exports over imports amounted in value to $685.
| 2SS lOI. making for the fiscal year excess Of
exports to the value of SG66,4571G3. Against this
balance there imported net In the year $75.
S6A sos gold There We're other offsets in the
wear, such money spent abroad by American
travellers, interest payments on American
curities owned in Europe, differentiation of inn
ports and international financial transactions
and as a consequence the United States not only
is not in a position to draw gold from Europe
at present but is compelled to send the precious
metal 10 Paris and Berlin.