New-York tribune., 1908-07-11
FINANCIAL AFFAIRS
SECURITIES DECLINE.
General Profit Taking the Cause
Bruan Nomination Not a Factor
The Years Exports.

rurins th. rreeter part Of yesterdays
sion the stock market showed a declining ten
Gency due to general profit taking. and the
close was irregular, with final prices at or
around the lowest of the day and in most IN
stances lower than at Thursdays close. The
action of the Denver convention in placing MT.
BRYAN in nomination had been commonly ex-
pected and had apparently been discounted; 1or'
after an advance in the first hour, In the course
of which the best prices of the day were made,
the nroft taking began, for Wall Street always
sells when the good news is out, and thls
selling reflected the opinion OF stock operators
on the prospect of success of the Democratic
nominee The trading on a reduced scale,
total sales being nearly 100000 shares less than
on the preceding day. That the present Dun
movement has run its course Is not prooable,
but that it has far to run is also not probanle.
Although the indications favor the success or
the Republican Presidential ticket, the fact is
recognized that the campaign which will begin
with the completion of the Democratic ticket
will he no lifeless contest, and between now and
Election Day there will be "scares" which will
find reflection in stock market disturbance
The season of crop scares" is not far distant
but I'D to the present and 1t is now almost mid
summer the prospect of excellent harvests is
highly encouraging, and a, radical change OF
condition must occur TO defeat that anticipation.
With the safety of the crops assured and the
menace removed of the programme of sweeping
radicalism which is Mr.. Bryans, the full restora-
ton of confidence. following which will come
the full revival of business activity will not be
long delayed in making its appearance
News affecting the markets for securities was
lacking yesterday. except for the Denver nom
jnation and the announcement of the sale by
the New Haven road of its holdings of Boston
& Maine stock. 1t has not yet developed for
what railroad the purchaser is acting, but 1t
may be assumed that the control will pass to
a friendly system, probably the New York Cen
trail or the Delaware & Hudson. The New Ha
ven and the Boston & Maine not parallel
and competing roads, but the merger would
have given the New Haven system virtually a
monopoly Of the transportation field in New
England and in view of the public hostility to
monopolies in the East well as in other parts
of the country, the New Haven management
are probably abandoning without much disap-
pointment their plan, since they are able to
lodge the control of the Boston & Maine in
friendly hands.
A favorable bank statement to-day is ndi-
Gated by the preliminary estimate Of gain Of
nearly S4.O00OO0 in cash by the local banks
during the week, largely from the interior. Call
and time money rates are at about nominal fig
ures, and idle funds are still pi1fng up in the
banks which in many cases are anticipating the
repayment of their proportions Of the S4!0hn-
600 of government deposits called by the Secre-
tary of the Treasury The government state
ment of exports of domestic products. issued
yesterday, included the returns for the fiscal
year as well AS for the month Of June. The re-
port Tor June SHOWS II IdllilS olI VI dpput
$4.o10.o00 from the total of the same month in
1907, which is in line with the showing of the
preceding three months. For the fiscal year the
exports totalled $940 800 600 a figure exceeded
only in the preceding year. when the exports
ran to 1851 ,634, 600. Exports Of breadstuffs.
representing chiefly the heavy shipments of
wheat made a of alleviating the panic
situation, ran nearly 10000 900 in excess of the
fiscal year ended June so. 1907 and exports of
oil S1S,0O0.oO0 in excess, while the heaviest de-
crease was in the exports of cotton. which fell
off about S44 100000