New-York tribune., 1909-04-28
FINANCIAL AFFAIRS
LIGHT STOCK TRADING
IRREGULAR Morements and Cn'm-
portant Price Changes
Monetary Conditions,

Stool market trading showed fur1heI con
traction in the volume of dealings anu -,
,Inufllingness on the part OF operatoLs - +,
extensive commitments on either sue 0i -
account the result of which was InoNelheit' NJ OI
values that presented unimportant fiuctua l.onI I
,r the greater number of issues, WIN hlldi
rricas showing about an equal number or sIllall
net gains and losses among the pIoilllileH'
shares Perhaps If the Street had known oeloie
the close of business the character of the earn
,nes of the United States Steel Corporation III
tho first ousrter of the year there might nave
been more definite trend toward hlgher
o1otation level. In view Of the depreSSeo state
Of the steel industry and the big reduclloh Ill
rricas for steel products the corporation Hdue
a most excellent showing net earnings amount
fr, 70 500 e91 268 a decrease of only s3,304.21I
from the December quarter and an increase oI
q 6q2 253 over the corresponding quarter IN
1908 The balance after charges interest," dP
r,ronriations for sinking funds and depreciation
and reserve funds was Sll'S'3'loo ana HI.el
dividends for the quarter there was surplus
of s3 Oo6 674 The month of February showed
tetter earnings than January, while those or
March exceeded the February exhibit. Inc
heaviest net earnings for quarterly peFlod III
the history of the United States steel Corpora
ton were s45503 704, in the second quarter OF
1907 Stock market bears have been LOOKING
for excessively unfavorable figures for the
March quarter, but the stock has oeen nrIhiy
held at most times and in yesterdays uadlhg
ended fractiOnaly above the CLOSING oI tHe
rreceding day The action Of Reading suggest
ed that distribution under way, a ref1ectlon
% which was presented in the failure of the
stock to enjoy improvement following the an
nouncement of assurances of an agreement De
tween the miners and the operators. Stocks IN
general met good support on recesslons' and the
only important decline from the high point OF
the day was suffered by Brooklyn Rapid Tran
sit which broke sharply following the dispatch
from Albany that the Senate had passed the
Conev Island scent fare bill Atchison. Rock
Island and American Telephone ana 1eiegraph
were in fair demand
The foreign markets were heavy yesterday
and arbitrage houses were not factors in the
local dealings. While there were no important
declines abroad there was just enough weak
ness TO indicate some uneasiness in speculative
circles over the position OF affairs in Turkey
rarticularlv in regard to the outcome of the
new administration at Constantinople with re-
spect to the future relation Of Turkey 10 the
great powers OF Europe. Contlnenta! exchange
Is moving against London, and the fact That
Paris is taking advantage OF every opportunity
to secure gold at London and in the United
States suggests TO many minds determination
on the part of the Bank of France TO be pre-
pared for any emergency that may develop
This institution increased its gold holdings 10
an enormous extent prior 10 the fotaton of the
Russian loan, and il assumed that follow
ing this financing there would be a complete
cessation by the bank in its gold operations
For A time exchange conditions did not favor
gold shipments 70 Paris. and the Bank of
France offered no inducement to draw the metal
TO its vaults but in recent weeks 1t has been
in the market again, and if it has any idea OF
future European conflict of nations its
chest will be well supplied to handle French
requirements. In the matter of cash hand
and cash resources France is the best equipped
country in Europe. Its current necessities d.
not REQUIRE addition TO its gold holdings. and
the conclusion therefore may be reached that
its anxiety 10 increase its gold account is based
on a policy of preparation for possible unfavor-
able developments In the United States paper
money increases in volume. while gold leaves
our shores a situation that would be materially
modified if we operated under scientific
rency system.
Local money market rates are firmer than
they were a few weeks ago. but the change is
not wide enough to have influential bearing
a trihe easier yesterday. helped some extent
by an increase in the outward movement Of
merchandise from this port for the last week
compared with the preceding week and with
the same week year ago. The exports Of
grain heavier as a consequence of the de-
cline in the price OF wheat and there IS
apparently little probability of a resumption
in the immediate future OF the furious bull
speculation in the grain pit. despite yesterday s
advance. il is reasonable to count upon growing
shipments of food products. In the detailed
report OF the country's foreign trade for the
month of March received yesterday from
washington. total imports placed at the
-alue OF s132,S79.4s0. increase OF s43766. 573
| over the same time last year. while exports
were only & little larger than imports slightly