New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-05-16
FINANCIAL AFFAIRS
HEAVY STOCK. TRADING.
Reaii-ing Sales Follosced By 4ct1re
Buying Issues at Ne7o
High Records Gold Exports.

A fair degree of strength reported in the
forenoon dealings in yesterdays stock market
but the Improvement subsequently was lost un-
der the pressure of realizing sales and moderate
transactions for short account which were Ell
fective in carrying prices for many Of the lead
ing speculative issues a point or more under the
high range of the early trading At the lower
levels strong support was encountered ana IN the
final operations quotations moved rapidly up
ward. in many instances new high figures for
the year being recorded. In the case of Read
ing the decline was checked by the purchase OF
o5 600 shares by one firm, while in various other
sections of the market important houses had
buving orders Of substantial proportions. and
their willingness to take stock created the I'M
preston that there was intention on the part
Of the bull party retire from its position at
this juncture. especially in stocks like Union
Pacific and Reading, which far have been
such successful speculative leaders. wall Street
is watching these two issues more closely than
any other stocks on the list. and il believes the
duration of the bull campaign depends entirely
the course Of these securities
In the last half hour of trading Hartman in
terests We're important factors in the recovery
of Union Pacific. the stock making a new hlsn
record the current movement and registering
a gain at the close of more than points from
the level touched on the reaction. 1t may be
interesting recall that when Union Pacific was
selling in the neighborhood of 125 interests
identified with the speculation in the issue made
the prediction the price would cross IA be-
fore the middle of May. Perhaps the stock was
helped in the final trading by the report from
Washington that Mr.. Hartman and Secretary
Taft had reached agreement by which Mr.
Hartman and his policies would be Endorsed by
Washington in the event of the election OF the
Secretary of War to the Presidency Wall Street
is in the swallowing mood, and no tale is too
big for its digestion. Strength in the early
market. sharp declines succeeding, and violent
upturn in late operations are good signs OF a
highly manipulated market, especially when
there is real news affecting the intrinsic value
of investments. The machinery of manipulation
was well oiled yesterday. One of these days,
however, ii will slip a cog
Foreign commerce figures for the month OF
April make striking changes as compared
with the same month a year ago and reflect
material falling off both in this country and
q broad the demand for consumption. imports
decreasing in value $42,072,S17 and exports de-
creasing So, 9S144S. The slump In imports off
set to such an extent the decline in exports
that this country had in its favor d comfort
able balance of trade account the excess of tx
ports amounting TO sS7.061,959. which was 49,
1928 more than in the corresponding time in
1907 For the fiscal year to April 80 the excess
of exports over imports amounted in value to
s6l3,560325, but this sum was balanced by imam
cial operations between the United States and
Europe by American travellers credits abroad.
by the differentiation of imports and by the
heavy gold imports last fall. These factors
practically leave the United States at the mo-
ment debtor nation, an indication Of which is
presented in current shipments OF gold 10
Europe.
Further engagements of the yellow metal for
export We're made yesterday, and 1t 1s quite
probable additional shipments Will be made next
week This movement is interesting to the OBJ
server of financial affairs but it is not OF suff-
Gent importance to attract attention from the
ordinary Wall Street follower The banks are
rich in reserve power and credit facilities, and
they can well afford to give up some of their
holdings without fearing the least disturbance
in the money market. Bank reserves indicate
q plethora Of funds at this centre, and the only
way holdings can be reduced at the present time
is through gold exports and government with
Dire walls, though the bookkeeping reserve against
deposits could be lowered through expansion in
loans. If current stock market speculation for
the bull account at the present rate
there doubtless will be a material increase in
bank loans. Part of the gold engaged yesterday
was for German account. Berlin discount rates
are well above those prevailing at this centre,
and further inducement for shipments Of gold
from New York is found In liberal interest al
lowance by Berlin the metal while In transit