New-York tribune., 1909-05-27
FINANCIAL AFFAIRS
OT-TET STOCK M1RhET.
Reading Only 1ctirc Feature at
Loss of 2 Points Sterling
Rates Higher.

Transactions in yesterdays stock market
were made UP almost entirely Of the operations
Of the professional element. commission houses
having no important orders either for the sub
stential interests who for many weeks have
been active buyers of securities for speculative
account or for the so-caned public which re-
Gently has shown extreme caution in its opera
tions Prices were irregular, with the tendency
in many issues toward lower level. though
losses as a rule were confined to unimpOrtant
fractions the heaviest decline among the promt-
nent shares being recorded by Reading, which
lost more than 2 points on dealings that exceed
ed those in any other security, even on the basis
Of half stock Weakness in Reading shares was
accompanied by the rumoT that the dlNldehI
would not be increased at the next dividend
period, but the chances are that the decline rep
resented selling on the well founded theory that
the issue was selling too high per cent
investment. though with the prospects of going
to the per cent column on a per cent basis
Reading would not be attractive purchase Tor
permanent income yield at current quotations,
unless the buyer had the surety that bigger re-
turns eventually would he forthcoming. The
larger Stock Exchange interests apparently are
not trying attract public following in the
market at the moment and the fact that they
have In mind important corporation financing
and mergers later in the season. which viii ap-
peal for outside support. suggests that they are
waiting until their plans are ready for launch
ing before bidding for public favor through &C
tive transactions for higher prices in the stock
mak1et a number Of speculative lines were
closed out in the course Of the day and much
of the weakness in the general list was due 70
this movement though in few stocks the sell
ing was met by sufficient support and covering
of shorts to prevent pronounced heaviness. par
tic1IIarIy United States Steel common, which in
the afternoon made new high record for the
fifth successive day. The close was quiet and
heavy in most departments. even Steel showing
a reaction from its best at a net loss Of Z.
Sterling exchange at this centre was strong
while at Paris the rate London declined
against further strength in the British money
market. where call loans ruled above the level
quoted here with corresponding strength in dis
counts. Exchange is near the point at which
gold may be taken for shipment TO Paris and If
there were an available supply of gold bars ar
the local Assay Office engagements of the metal
for export to Europe doubtless would be under
consideration. If the tendency in exchange at
New York and Paris continues on the lines that
developed yesterday resumption OF the out
ward movement OF gold coin may be expected,
and the offerings of bills in this market
against merchandise exports extremely iim-
tied. with immediate prospect of an increased
supply, the chances appear to favor additional
shipments of our best money abroad A small
engagement made. yesterday for Ecuador
on London account, the operation representing
the first of its kind in favor of that country,
though since the first of the present year more
than S22 100000 in gold coin has been sent TO
South America, chiefly to Argentina where Lon
don obligations have been settled through the
medium of the New York market In view of
current strength in the foreign exchange market
the full report of the nations foreign commerce
I'm the last month, the figures Of which have
been received from Washington, is of especial
interest It shows total imports to the value Of
s12217O675. against SS7437.s27 in the same
month last year. as compared with total domes-
81. Of e.
IN 1908 The loss in exports naturally is disap-
pointing but the gain in imports presents rea-
son for encouragement over the position of the
country's industries. II shows enormous
increase in the demand here for crude materials
used in manufacturing and a substantial gain
in manufactures for further use in manufactur-
Ing and in manufactures ready for consumption
Our exports of manufactures show falling off,
while shipments Of food products continue tO
make poor exhibit.
no demand at the moment outside of the call
department, and even call the inquiry is un-
important, owing TO the cessation of activity IN
Stock Exchange speculation. Leading lnstitu-
tions believe that after June / they will be able
to secure better figures for time money and as A
consequence they are making efforts TO place
funds at current low quotations merely for the |
accommodation of people who are looking for |
bargains. Wall Street commission houses are
doing nothing in the time money market while |
from mercantile quarters the inquiry continues |
exceedingly light. Commercial paper rules at |
3is TO per cent for the best names but the |
supply is small.