New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-03-10
FINANCIAL AFFAIRS
STOCKS CLOSE WEAK.
Metal Shares Under Pressure
Engaged for London.

Stock market trading was light in volume
throughout the five hours Of business, with hnaI
prices showing net losses in the greater NUMBER
OF issues. In the early dealings attempts were
rnadz TO bring about q higher level OF values
but there was absolutely no response on the
part Of the public and large speculative inter-
ests to traders operations for better range Of
QUOTATIONS and as a consequence the profess
sionaI element turned its attention to the short
side and was successful IN establishing lower
prices. which from fractions to more tnan
one point down in the leading active shares. with
the heaviest declines in the metal stocks and
so-called CHEAP priced railroad securities that
recently have been moving under the influence
Of bull manipulation. In the last hour the
pressure against United States Steel common
was heavy while AmaIgamated Copper also
suffered from the effects Of bear pounding. the
movement in both stocks being accompanied by
the development of further pessimisuc talk IN
the Street regarding the position OF the metal
trades It is believed that the report Of the
Copper Producers Association, which will be
made public to-day. Will show large increase
in copper on hand IL is well known that de-
liveries in February were extremely small. The
copper situation however, doubtless is making
for better times while the sans thing may be
said Of steel, notwithstanding the fact that con-
sumers are still small buyers despite the lower
prices prevailing. The independent steel manu-
facturers suffering more. than the United
States Steel Corporation the latter now receiV-
ing the bulk Of the business being placed The
standard railway shares were inactive, as rule.
at fractional declines, Reading losing II, Union
Pacific q, Southern Pacific Il, Pennsylvania %
and New York Central H. Total sales both in
stocks and bonds were unimportant as compared
with the daily totals OF few weeks ago and
represented little outside Of speculative transac-
tons. Some investment buying Of odd lots was
reported.
All the available gold bars at the local assay
Office were taken yesterday for shipment to
London to-day, and further exports Of the metal
in the immediate future will be made in coin.
Current foreign exchange rates are moving in
the direction that suggests moderately large
shipments at the end Of the week and possibly
g firmer price for money, though il is likely
the Offering Of out of town funds VIII be heavy
enough TO prevent any appreciabe advance in
quotations. The local banks are placing no
obstacls in the way Of outward movement
Of gold. for the good reason that they realize
the exchange situation is wholly normal, also
because they are willing to agree to a reduction
IN their holdings II the operation will give them
a better price for their loans. The strength in
sterling yesterday morning and the day before
brought out Unexpectedly large supply of
bills, and a result rates closed easier and
somewhat under the level at which gold coin
could be shipped with any especial profit. but
the indications in tbs market suggested an
active demand for remittance at the close Of
the week heavy enough TO require the forward
ing Of the yellow m etsl. It is to be hoped that
the break in the price of wheat Tuesday
marks the close of the extravagant speculation
in the cereal markets and that prices will now
move to q range at WHICH foreigners VIII De-
come heavier buyers Such a development would
serve TO bring the gold movement 20 end
not only shipments to London. but also to Ar
gentina where I1ondon's trade debts have set
tied since the first Of the year, through the local
market. as reflected IN gold shipments TO Buenos
Avres from New York Of more than Sf5OOOOO0
Europe has been buying its. wheat in Argentina,
but lower prices in the United States ought 10
be followed by heavy demand here for foreign
account especially foreign supplies, including
+toea an South America. are light, while in this
country the holdings III farmers hands are
expectedly large