New-York tribune., 1909-06-17
FINANCIAL AFFAIRS
STOCKS CLOSE FIRM.
Talues Recorer on Active Support
Sterling Exchange Higher.

In the early dealings in yesterdays stock
market prices sold off to the extent Of point or
more among the leading issues under the influ-
ence Of speculative liquidation and aggressive
selling by the traders who found in technical
conditions adequate reason for operations on the
short side of the account, losses amounting TO a
point or more in the active list London was
heavy seller of United States Steel shares on the
reports that the Paris Bourse would turn down
the application for the listing of the stock IN
that market but the sales were well taken here
and in the later operations the price OF the Sc
c,Irity recovered most Of its loss, closing un-
changed from Tuesday, while IN the greater
number Of issues the early selling was onset IN
the subsequent trading by support of the best
kind, the result Of which was rejected IN more
net gains than losses at the end Of the day
Traders who have been working for lower prices
I'm recent DAYS utilized the so-called Paris
United States Steel situation and the recon-
rnendation by the President for tax On the net
earnings of corporations effectively against the
oyerextended bull account, but the character or
the buying on the decline attracted q change OF
nosition on the part OF the room element which
became quite active in covering its contracts IN
the final transactions, especially in Reading
United States Steel, Union Pacific and Southern
Pacific Reading at time in the afternoon
was extremely weak and then recovered on the
report that the dividend would be increased and
that the stockholders in addition would receive
substantial benefits from concealed assets
Near the close Of business Reading directors an
nounced the regular semi-annual dividend of
per cent and nothing else for the share owners
The stock yields at its present price about 21z
per cent In the general strength shown IN the
late operations sales were reported for the IN
terests who supported the market in the Morn
ing's weakness, prices, however, closing unat-
fected by the sales
Sterling exchange continues to reflect the alb
sence of active supply of bills at time when a
heavy demand for remittance is reported In
the last few days selling Of American securities
for foreign account has furnished an additional
reason for high rates in the sterling market but
under current conditions abroad gold exports
cannot be made from here at q profit II is con-
ceivable that further amounts of the metal may
be sent out before the end Of the fiscal year,
though the chances are that the Paris cheque
on London will not decline TO extent war
ranting shipments from here. while 1t is not un
likely money rates toward the end OF the month
Will harden to a degree that Will be reflected I'm
lower exchange quotations In the last two weeks
of June last year gold to the amount of s3S50.000
was sent abroad, and in the same time in 1907
shipments amounted to s13,400,000. Exports Of
merchandise from this country are too small to
bring in large offering Of commercial bills but
il is encouraging to note that in the last month
the outward movement OF general merchandise
showed gain over the same month year ago,
the increase amounting IN value to S9.74632S.
against expansion in imports TO the value of
s32,013 275. Notwithstanding the heavy gain in
imports, there an excess Of exports for the
month of 81, 300 So3, comparing with excess in
April Of 2,990151. In the eleven months Of the
current fiscal year imports have increased $S5,
O15,599 while in the same period exports have
declined S19977S6 623. the excess of exports since
July l amounting to s35s,374.9S0 against
cess in the preceding year Of s643169.202, loss
OF 32s4,794, ,222. 1t is not unlikely that in the
rest of the calendar year our export trade will
show marked improvement over 1903, and in the
event of large crops, which apparently appear
| assured, with the exception Of winter wheat.
| there should be enough exchange In the local
| market to depress rates to the point that will
| enable the covering of finance bills put out at
present at profitable figures and attract gold
/ from Europe If the needs Of the money market
should become urgent, as they doubtless will