New-York tribune., 1909-06-23
FINANCIAL AFFAIRS
MOST STOCKS HIGHER.
Market Professional One-MOney
and Erchange COnditOnS

stock market movements were II Llei III '4l'
best part of the day. with small net gains IN the
greater number Of issues at the close. Trading
was made up chiefly Of the operations OF the
professional element, including pool buying IN
a number of issues, notably in Atchlsoh anu
Chesapeake & Ohio the first named evidently
being bought to hold for an indefinite period on
the theory that the stock will be returned TO the
per cent dividend basis IN the autumn de-
velopment that IS considered probable by the
best informed people in the financial coInmu-
nifty. The company is earning well in excess OF
per cent and there is every reason to suppose
that surplus available for dividends viii be
large if not larger in the next twelve months
than in any corresponding time since the reor-
ganization Of the property. Much of the buying
in the midday transactions represented covering
Of shorts this movement starting in the early
dealings, when prices sold off under the influ-
ence Of commission house LIQUIDATION which ran
its course for the time before the end Of the
first hour. Selling by commission houses has
been heavy in the last six business days; many
weak accounts have been eliminated from the
market. while stocks sold have gone into
stronger hands, and the general technical posi-
ton of speculation has been materially improved
There is no evidence at the moment, however
that the prominent Wall Street interests are
ready TO renew aggressive operations on the bull
side Of the market. 1t is possible that further
liouidation will be encouraged before a decided
stand is taken the bull account, the course
of values in the later trading yesterday appar-
entity indicating that the weak bull account has
not been entirely liquidated The general mar
ket displayed distinctly weak tone in the last
half hour Of trading, and in many cases prices
went back to within a fraction Of Mondays low
level the selling by commission houses attract
ing renewed pressure from the bear element
Bull tips were circulated Reading, but the
stock made response traders selling II be
cause of its high price and the probability Of the
issue remaining on per cent level for another
year at least the yield on that basis being about
2iz per cent at its present market value. Last
prices were above the low of the late trading
New York Central and United States Steel pre-
ferred showing the best net gains.
Current strength in sterling exchange is at
tracing a considerable amount of European
lending at this centre through the medium OF
the sale Of three months bills. which in effect
represent the drawing by foreign bankers
their balances here for in the local loan
ket. Notwithstanding the offerings of bills
this account the demand for remittance is
active that il is not unlikely further amounts
Of gold will be shipped from New York 20
Europe while it is probable additional sums of
the metal will be sent to South America in set
tlement of obligations in that country for Lon
don account. AS currency continues to move TO
this point from the interior in large volume
resumption Of the gold export movement will
not upset the money market at present, though
II is conceivable that in the event Of protracted
shipments loan rates would be affected to an ex-
tent that would serve the useful purpose of
bringing about cessation Of the outward flow
Of gold. which subsequently might be succeeded
by return movement 2 consequence of in
creased shipments Of cotton and breadstuffs
and heavy demand upon the East for money
in connection with the usual requirements Of the
agricultural section of the United States
Liquidation in stocks in the last week has
strengthened the position of the money market.
and. while rates doubtless will exhibit a ffrmer
tendency toward the end Of the month bankers
look for a relatively easy situation until the late
summer and early fall. Exchange operations
that involve the sale OF finance or loan bills here
promise large profits owing to the high prices
at which the bills put out and the certainty
OF much lower quotations at the time of their
maturity several months hence.
Since the first Of the year the United States
has exported $56.347.S02 gold. compared with
s45,ssS,591 in the same time last year, and s1s-
es5,35S in 1907 while in the same period exports
Of merchandise from the Port of New York have
decreased in value s51.643,5s1, against gain in
imports to the value of s106 700.5s1 The actual
trade balance in this country's favor in the cur
rent fiscal year will amount to about 1859 600 900
June figures estimated). against 1865 4S1554
in the fiscal year ended June 30 1908 but as far
as the exchange market is concerned the excess
Of exports of merchandise over imports has been
more than offset by our interest payments
abroad travellers credits. undervaluation of i'm
ports. etc, all of which is reflected in the per-
sistent strength in sterling The large import
trade is helping the federal income as customs
receipts so far in the current month are about
"a 600, 900 ahead of the corresponding time last
year, with general receipts exceeding expe,6t-
! lures to the amount of s1,T73s4s against an
excess for the same time in 1905 of s1.o1s565.