New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-05-12
FINANCIAL AFFAIRS
STOCK VALUES STRONG.
Hard Coal Shares Lead the Market
Sterling Erchangc 1dUanccS.

stool, market trading was moderately active
throughout the five hours OF business. though
the total volume of business was well under the
average daily operations in last weeks dealings,
amounting to 734 SO shares, against 1l0lO9o
shares on the corresponding day week ago
In the early transactions price movements
showed great irregularity with a firm undertone.
declines when recorded being confined as a rul7
TO small fractions. while in some parts Of the
list advances were made. notably IN Reading
which was the most active feature in both the
morning and afternoon speculation. Bear trad
ers apparently were not anxious TO put out III
10, tant commitments while until the late DEAL
ings there was little disposition to buy the gen
eral list. commission houses having rev ORDERS
and professional operators holding aloof on the
theory that the decline that marked the course
of prices in the last hour Monday might attract
a substantial amount of liquidation for public
account The public did not sell much. WINE
toward the close il began to buy as quotations
began TO Ia rden under the lead Of the hard coal
shares Jersey Central and Delaware & Hudson
were strong features, and excellent buying was
reported I'm the Fries, the movement In the group
being accompanied by talk Of valuable rights TO
stockholders in connection with plans to make
the relation between the coal roads and the
mines not only in absolute accordance with the
supreme Courts Interpretation Of the Conmod-
ities clause Of the Hepburn act but to place them
on a basis that will obvate the necessity Of ad-
ditional legislation proposed by certain Con-
gressmen. better character Of buying in
Union Pacific and Southern Pacific helped the
general list in the last hour, but the great
strength in the anthracite issues supplied the
main support to values which showed heart
less disregard of James J. Hills pessimistic
views on the crop situation in the Northwest
The market closed at about the best with &C
tive buying outside the coal stocks in American
Beet Sugar. the metal shares, AtchisOn and the
Hartman issues. Reading sold at its best price
since 1906. There has been some high grade
buying of this issue in recent weeks. evidently
on knowledge of future developments that will
strengthen its intrinsic value.
With the exception Of cotton and mineral oils.
exports of domestic products in the month OF
April showed a material reduction from the
same time a year ago, the falling off in ship
ments Of brea dstuffs amounting in value TO
s.. $50 rs. against an increase in the outward
movement of cotton Of s3,7S5.483 the total net
decline reaching a total Of S1,870.40S. Compared
with the preceding month, there loss of
s7.S114S2, and from April 1907. loss Of *22.
363, 332. Since the beginning Of the fiscal year
there has been a falling off in exports Of do
nestle products to the value Of $1O4465,712- As
there have been no heavy general merchandise
shipments in the last thirty days. il is likely
the full statement of the Country's foreign COM
merce, which will be published before the close
of the current week will make poor exhibit
far exports are concerned, while from the
record of customs receipts at this port imports
doubtless will present another heavy increase,
with unimportant balance Of trade account ,
in favor. High prices for grain here have !
been effective in giving the United States eX-
tremely poor market abroad for its cereals in /
recent months though the Chicago Board of :
Trade bulls assert that light exports are merely /
a matter of short supplies at time of increas- !
ing home consumption. The gain in cotton (
ports in April the month in 1908
insignificant when compared with the shipments
I'm March and April 1907 the movement in the
latter period amounting in value to $35,946,384, /
against $22, 60S,721 last month but in cotton
trade circles the belief is expressed that better
results will be recorded in the near future Such
a development would be welcomed in foreign ex-
change circles, owing to the present great scar
city OF commercial bills and the active demand
for remittance which recently has increased
consequence Of heavy speculative selling OF
American stocks by European operators. There
are practically finance bills in the market,
and continuance of present conditions in
change will lead to further exports of gold the
chief obstacle at the moment to shipments being
found in the light supply Of bars at the Assay
Office.
Wall Street commission houses as a rule are
buish in their market advices. and are sug-
costing the purchase OF stocks all recessons
and at prevailing prices. Margins ought to be
heavy with speculation in its present
position. but the fact that money is easy and
every one apparently operating for higher quo
tations evidently convinces public traders. who
are now buying issues that they would not
touch when quotations were from II to % points
lower. that the question Of margin is a second
any consideration. And not a few houses are
permitting the purchase Of stocks on small mar
gins end encouraging the pyramiding Of ac-
continues in bonds. some noteworthy absorption