New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-21
FINANCIAL MARKET
STOCK PRICES DOWN.
Foreign Houses Heavy Sell
ers of United States Steel.

Stocks were heavy in the best part Of
the day. with net losses throughout the
active list. though. as a rule, the final
figures showed only fractional declines.
Sales were well absorbed and the various
bear rumors in circulation and the heavy
liquidation by foreign houses failed to
attract important offerings from COM.
mission houses. while the latter in many
instances were active buyers on the re-
cession. apparently for the account of
substantial interests especially of United
States Steel. Union Pacific, Amalgamated
Copper, Reading. American Shelters and
Pennsylvania. The general trading was
uninteresting and exceedingly narrow,
the larger part of the total dealings be
ing supplied by twelve issues, United
States Steel alone furnishing about one
third of the transactions in all issues.
London was a heavy seller of Steel. but
the movement was not effective in reduc-
ing the price of the stock to a material
extent, the final quotation showing a loss
Of less than / point. while in the list of
prominent securities New York Central
furnished the only important exception
to the showing of fractional declines
from the closing Of the preceding day.
Reading ended at a net gain; also Wa
bash preferred and Pacific Mail. the adj
vance i'm the last named being accom-
panied by revival of ship subsidy talk.
The general course of trading showed a
complete absence of investment buying.
Loans recently shifted from New York
to London are being paid off by the Dor
rowers, and the chances are that the
movement will be shown in an increase
in the local loan account in Saturdays
Clearing House statement. Rates for
sterling exchange have advanced as a
consequence of the buying of exchange
10 meet maturing obligations abroad,
while the market also has been strength
ened in connection with the demand for
remittance incident to the payment of
the $4,000, 900 New York City loan at
London on November 1. the latter being
reflected in the high quotation for sight
sterling at this centre. These factors
have more than offset the increased ex-
ports of cotton, which are being made at
the best prices of the season. and larger
shipments of grain an influence
foreign, exchange conditions, and they
have brought about a situation here that
has convinced our bankers that the
money market VIII QeeQ CaGeIul nursing
for weeks 10 come in order to prevent the
development of really high rates for loan
accommodation.
II is encouraging to note from the fig
urcs of the country's foreign commerce
IL September, issued yesterday by the
Department of Commerce and Labor. that
after three months Of adverse trade bal
ances exports Of merchandise again are
exceeding imports, Notwithstanding d
heavy gain in the latter the excess
amounting in value to $32, 94S.767, against
an excess of imports of S7,471,452 in the
preceding month and an excess of i'm
ports for June July and August of SIS
S41.594. Though total exports were
larger than total imports in September
the gain in receipts of merchandise was
greater than that in shipments, imports
as compared with the same month year
ago Increasing $22.513,65S. against an in
crease IN exports of Sl4.563,204, the latter
being due entirely to the Improvement in
the outward movement OF cotton at
prices far above those prevailing in 1905
Tor the nine months ended September
80 imports were valued al 6S,5lS,9I7,
an increase of $270.02O. S09, while in the
same time exports amounted to SLIGO
Sll.S59, a decrease Of SOS. 55.490. the ex-
cess Of exports amounting 10 S92.292SS2.
a decline Of 1898. 976 299 from the CORE
spending period in the year before.
Against our small excess of exports
since January ] there has been enormous
borrowing for American account abroad,
heavy expenditures by American travel
lers in Europe. differentiation of i'm
ports and large remittances of interest
on foreign held American investments,
which nave served TO maintain exchange
rates AT high level for many months.
while they also have encouraged active
shipments OF gold from the United States
TO Europe and South America the ex-
ports of the metal i'm the spring and
early summer 10 the latter country re-
iecting the payment by London of its
obligations in Brazil and Argentina
through The medium Of its credits at this
centre. Money continues 10 go To the
interior. and yesterday shipments Of
100000 gold We're made 20 Canada and
100000 gold 10 Brazil.