New-York tribune., 1908-04-16
FINANCIAL AFFAIRS
GOLD EXPORTS BEGUN.
BEGUN
4 Million Taken for Paris-StocA
Market Dull, Closing Lo7rcr.

The announcement OF the beginning of the
outflow Of gold TO Paris had been understood 10
be a matter of only q few days and when II
came yesterday produced practically no effect
the stock market. Extreme dulness, TO be
accounted for in part by the nearness Of the
triple holiday on the Stock Exchange, prevailed
during the greater part of the session. total
transa ctions being slightly under 100000 shares
In the early trading some degree Of frmness
was manifested. and several OF the issues made
advances ranging from u TO / point, but the
day Went on weakness developed, which
most pronounced in the last hour and the
ket closed with general net declines. the ma
iority OF which, however, were fractional. The
local traction followed the general list all clos
ing at net losses, did also the various spe-
cialties, the advance of which has been Of late
a feature of the trading. Very little business
was done here for London account, and in Lon
don the market was as inactive IN this city.
The receivership OF the Underground Electric
Railways Company OF London had no market
influence either here or in London. as it was un-
derstood to be only necessary step in the
working out Of the plans, which Tor several
months have been in process of formation. for
the reorganization Of the property. An incident
Of the day was the reduction of the dividend OF
the United States Realty and Improvement Com
pany, but this was disregarded, for dividend re-
ductons are so frequent in these times as sell
dom 10 cause market disturbance An un-
favorable impression was caused by the an
nouncement OF an increase Of about $500 in the
h4444UCI VI lllS II6lglI cars II the last
weeks Of March, and this news may have con-
tributed to the market weakness in the late
afternoon, as tending to confirm the reports from
various quarters or a slaCkening in the business
improvement recently evident. Dispatches from
Chicago and from Philadelphia tended 10 con-
firm the reports that a concerted movement was
under consideration among the railroads in
trunk line territory looking to a general advance
in freight rates although doubt is widely felt
as 10 the success Of such an effort in view of
the business depression
a further advance in the rate of exchange on
/ London here and a decline of p centime in the
Paris checque on London made possible yester-
day the shipment of gold TO France at q profit
I on the basis of the triangular operation - and
an engagement of Sl,O0O,O00 was speedily an
nounced. It is in all probabilit the beginning =
! OF movement which may reach S15O0O0gU or
o-oVpUoo, or more, but however large the
amount It can readily ne spared by the United
states, Where the supply OF money is at present
so greatly in excess of the OpportIIni-v for f-s
profitable employment that money market rates
are ruling al virtually nominal figures and ever
! tending downward GOLD goes 10 the points al
which II IS needed. and Paris needs il al present
as the course Of foreign exchange demonstrates
probably as consequence Of the drain result
ing from the recent iotation Of the great Ger
man loan, drain which has been directly felt
by mercantile houses in this city n the drawing
down Of their German credits. In the last FIVE
months beginning with November, The total ex-
cess of exports over imports has been sara
I. eJ0ptO, and with the balance Of trade running
in favor Of the United States to this colossal
amount, II viii be seen that the gold which nav
20 abroad on the current movement Will 20
purely on exchange transactions. and VIII nor
represent repayment of gold borrowed hy the
United States last fall
The statement Of the coIntry's foreign com
n2crce in March. issued yesterday. shows an in
crease Cf about &loOG00O0 in merchandise I'M
ports over February, and a decrease Of about
S26pOooO in exports. largely due 10 the falling
off in the exports Of cotton, noted last week
The imports. however, were $4,000 900 less than
in March. 1907, while the exports showed 9
shrinlsge Of only $4,000, 600. the excess Of ex-
ports over imports being So 2S3.74S the largest
on record for March, and comparing with an er
cess for the same month last year Of 500 500 Sc