New-York tribune., 1909-03-11
FINANCIAL AFFAIRS
LIGHT STOCK TRADING.
EarEu Losses FoIIOzced by Reco0-
eries-SterIing Erchange
Easier.

On q light volume of business stock market
prices moved in an irregular manner with snlall
net gains in the greater number OF issues az
the close In the early dealings foreign selIhg
and bear pressure were responsible Ior nooeId'e
declines in most parts of the list, the Lohuon
selling being accompanied by adverse rumors
regarding the health of King Edward, whlIe III
the afternoon an improving tendency deNelopeu
under the influence Of covering OF shorts am
some fairly aggressive professional buying OF
United States Steel common. which recovered
more than one point from its low, though CLOS
ing unchanged from Tuesdays final Inc coi
lapse of the Standard Oil fine case encoura6eo
room brvine of the general market. but IN onIy
a few stocks did transactions reach suostah'ldi
nroporticns nine issues supplying the pest part
Of the total operations Of 476,12O shares 4fau-
ers rushed to the conclusion that the ueIeaI u
the government in its case against the Standaru
oil Company Of Indiana foreshadowed cessa-
ton Of federal efforts to compel corporations 10
lyean within the law this foolish theory doing
no credit to their intelligence, but furnishing
passing argument for bidding up prices III d
market void of public speculative or investment
interest In the high grade railroad issues. last
quotations presented small fractional chahse9
from the closing Of the preceding DAY, except III
the case Of Chicago & Northwestern. witch
on transactions of a little more than l'ooV SHARES
gained IA and Minneapolis, ST. Paul & Sau4'
Ste Marie preferred, which on one fun lot pur-
chase gained IL. The bear movement against
United States Steel common in the forenoon
dealings failed to bring out any important
ltquidation while the covering operations III It.
in the afternoon were not followed by an out
side demand for the issue. Chesapeake &
Ohio made the best showing an the close among
the active railroad issues. Hooking Coal ana
Iron established a new high record price in the
late trading.
Low prices for copper have not been effective
in attracting an important buying movement
a reflection of which is presented in the report
of the Copper Producers Association received
Yesterday Figures as Of March show an IN
crease in the stock of metal on hand OF more
than % 100000 pounds compared with FEBRUARY
and an increase of more than 5O,O0O,OOO
T1o,nds over January / while in February a de-
crease of more than 100000 pounds in prOGuc-
ton is reported and a decrease Of upward OF
l6 coo 900 pounds in deliveries for domestic con-
sumption and export. Though this exhibit IS far
from encouraging, as far as current conditions
are concerned il should not be taken as fore
cast of the movement Of copper in the months 70
come inasmuch with the passing Of uncer-
tainty over tariff changes there will be, IN all
proba bity a marked revival in all lines OF
trade. including those which are heavy users OF
conner The return Of normal industrial condi-
tfons will be accompanied by tremendous IN
crease in the consumption of copper. and WElle
in the immediate future there IS no chance OF
cons1Iraption catching up With production, the
opinion Of the best informedHnen in the copper
trade suggests a rapid depletion Of stocks Just
as soon as general business activity develops
Conner prices were shaded yesterday, as con-
sequence of reduction in London quotations
for the metal. small lots being sold on basis
Of 125s cents a pound. In Wall Street there
is apparently no end of bear sentiment on the
conner securities, and Amalgamated Copper is
called dear at its current quotation, but there
are nevertheless purchases of the stock on all
declines for the account of responsible interests
who evidently believe and with good reason
that the issue bought a scale down eventually
will prove most profitable. And the same thing
may be said Of the Steel shares. There is
well defined feeling in certain quarters OF the
Street that cheaper quotations will be recorded
for the copper and steel securities before ma
terIaI Improvement develops. Various argu-
,nents suggest lower figures for all issues be-
fore q genuine bull movement begins. but there
is nothing in the present situation or in the
outlook for the future that need worry owners
of solid American railroad and industrial securi-
ties.
Money rates have not been affected by the
loss by the banks gold exports owing TO
heavy receipts of currency from the interior
and the light demand for accommodation
Though money is cheap in all departments Il
protracted period of excessive ease is not proba-
BILE. Sterling exchange was lower yesterday
a consequence OF poor demand for remittance
and fair supply of bills. but it was still thought
in foreign banking circles that additional gold
shipments would be mace Saturday, especially
If the local assay office should increase its sup
ply of bars.
CHICAGO CLOSING STOCKS.