New-York tribune., 1908-12-12
FINANCIAL AFFAIRS
STOCK PRICES DOUN.
Moderate Liquidation by Commission
Houses Banks Lose Cdsh.

- -7iree YESTERDAY the general tendencySwas
in the direction of lower level, based more Oh
the markets topheaviness than on oulslut ''.i
siderations such as further engagements OF gold
fo- annort and President elect TaftS statement
regarding his determination to have thorough
tori4p revision Some of the selling in the
Steel shares may have had its origin in the loeA
that 2 rea0justment of the import duties Oh
.toe1 would materially reduce the profits of the
limited States Steel Corporation, but the specu-
lative position of Steel common was SuHlc'eH
req son for the heaviness in the issue IL Is qui.
arnsrent that a number Of large lines OF TINS
stock have been in process OF liquidation IN tne
laet few dsys and in view OF the extent OF TINS
selling it is surprising the price has held SO Wen
on all declines. however the stock mas oeeh 'i'-
usually we'll bought. Opening quotations III '''e
general list were at fractional Improvement ~
> rule as compared with the closing OF the pre-
cadiug dav but the subsequent operations were
not accompanied by aggressive support t''
greater number of securities gradually iaii'"S
under their own weight with the chief Wea aknesS
in American Smelling. Union Pacific. st. Paul
United States Steel common, Great Northern
and Colorado Southern. the last named io9ii's
27s on the days dealings. The lnteroofous"-
Metropolitan shares were strong features on I"-
1rors of an effective reorganization OF the prop
ct ,,l,iIo t'besa Daake & ohio Consolidated
Gas Wabash preferred. Allis-Chaimers pre-
ferred and Baltimore & Ohio supplied the ohF
other strong points among the active ShaFeS-
IA ltimoTe & Ohio sold at new high price l"'
The vear at I1G1z Trading vas heavy in vol
ume including 4 large amount Of liquidation by
commission houses. The close was shSh'E
above thc lowest
Time money showed a slightly hrmer tone
while sterling exchange moved to a higher lever
ae 2 result Of an active demand for remittance
and scarcity of bills The gold engagement n;
the National city Bank Fridsy WAS increased
10 the extent Of 81 5n101O. and in foreign bank
ing circles il thought likely additional ship
monts Of the precious metal would be made
mex; week unless there should be an unexpected
change in the movement of sterling rates. 1hH
local banks, according TO the known movement
Of money in the week have lost upward of
sGInoooo in cash. but it is possible that through
q transfer Of loans from the Clearing House
banks to the trust companie- this reduction Ia
cash will offset to a material degree as al
Influence upolf tho reserve b0Ve leCal require
ments in to-days statement Of averages. In
view Of the payments that must be made by
the banks on Panama Canal account. the pos
sfhlity Of further exports of gold and the prep
arations for the financing Of the January inter
est and dividend requirements tt is not Un-
likely the general money market will harden
apureCiabl" before the end of the year, easing
again in January result OF the movement
Of currency from the interior, which always is
heavy under normal conditions in the first
month of the year. The current strength in the
sterling exchange market is not expected to
for any length of time, but just as long
as rates remain at their present level and no
marked advance takes place in the price OF
money France Will lose opportunity to take
gold from this centre. Exports OF commodities
not running particularly heavy at the mo-
mcnt, but il is reasonable TO believe that in the
course of the next few months the outward
movement Of breadstuffs and cotton from mere
viii grow in volume a consequence of low
visible supplies abroad The export demand for
cotton already is increasing. foreigners appar-
emily having given up the expectation OF ma
terially lower quotations. Wheat shipments.
however light
The silver market is in Il demoralized condi-
I tion with bar silver near the lowest price on
record, which A cents, established In jan
uarN. 1905. There IS little demand for the
metal, while stocks in this country and in Eu-
rope continue to increase. ana number of low
: grade ore mines have been closed with a conse-
Guent adverse effect upon the smelling inter
e-ts d reflection of which found in the hea 81
hess Of the shares % the American Sine Hng
ana Refining Eompany The silver market
merely represents a situation Of supply ana de
lnsnd in which the current supply is far heavier
than the inquiry for The metal. though the mar
Lst has heen affected - extent bv tn.
operations or speculative pool in India, nhich
contemplated advancing The metal. but vas
forced 20 coIIapss o. heavy offerings OF London