Albuquerque morning journal., 1908-07-17
FINANCE AND
COMMERCE
wall Street.

New York., July 16.-The movement
to take profits in stocks which de-
veloped yesterday was extended for a
time in todays stock market. This
process of digestion of profits caused
an irregular price movement and un-
settled the tone to a degree. The in
dustrial stocks and specialties, some
of them of lower grade, received the
greatest share of the days new buy
ing orders while issues which have
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 OF
last October that the resulting shrink
age in the export trade was being out
stripped by the curtailments of i'm
ports, so that the excess value of ex
ports from month to malsh was great
er than in the corresponding period
of the year before. For the complet-
ed year the trade balance in our fave
has reached 1856, ,457.i0S, which Is
$22O,O27.45O greater than in the pre-
ceding year and establishes a recore
for that time. The shrinkage in the
twelve months of $240 O29,4S1 in i'm
ports points clearly to the prime cause
of this showing and throws light OF
the comparative moderation Of the re
fiux of gold in the movement which
has followed the 800, 100000 import'
of that metal last fall. Less than hall
of that amount has been reshipped
The June figures show with equa
clearness that shift has occurred IL
these tendencies. The large decrease
in value of imports compared witf
last year is exceeded by $22,344,OOO
decrease in exports. Not since Octo-
ber of 1907, has the falling off in ex
ports exceeded that in imports. tn
loss in export valuation during the
month is traceable to manufacturer.
the decrease in agricultural products
having been less than $S.0O0,00O 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
elgn markets, while the value of i'm
ports is the largest for any month o
the present calendar year. 1t may b.
accepted that these later changes in
dicate a readjustment to serve norma
conditions in the international trad
such as has been going on in the do
nestle trade situation. Additional tes
timony to this readjustment is receives
daily in the financial district, that il
the form of published interviews fron
prominent capitalists and expressed u
general terms receiving the greates
amount of attention. Thet for tpdaN
coming from the executive head of tn
Amalgamated Copper company i'm
piled rather striking exception in tn
case of that metal from the cheerfu
views he expressed of conditions else
where. The fact was seen in tn
early reactionary tone in the coppe
group. Government disbursement
have so far offset the withdrawal Q
government deposits from the bank
that the net absorption by the sub
treasury thus far this week amount
to only $1,296,OO0. The call none
market was unruffed by the paymen
today of 25 per cent of the subscrip
tions to the Union Pacific bonds call
ing. for some $23,0O0,0O0. The tim
loan market, however. was strong /
tone. The days changes were sma
for the most part with gains an
losses mixed Closing stocks: