New-York tribune., 1909-04-24
FINANCIAL AFFAIRS
STOCK TALUES DOWN.
Call Money at 3 Per Ccnt-n ore
Gold Taken for Export


manner throughout the day. with the Eiee'
,,per of issues at net losses in the final oper-
s+ions Heavy realizing sales ana pear -.
11re at times were effective II pTihsiIls 60
conditions of extreme weakness but as
tbeee movements were followed by reco'eFleS'
-, .,,o,.b tho closing was heavy the losses re-
corded were not large outside Of Reading 0ou''l-
ern Pacific Union Pacific. American olllel.inS'
American Beet Sugar and Wisconsin ~,
selling Of the last named being based upon t'
r,nnor Of an early sale of $20,OOO'OOO Oohus "
the company The decline in the late oe+iiiiie' ms!
succeeded in forcing liquidation by specuia'iVe
holders eud a report that large lnterhdtioii4
banking house putting out STOCK win . "
dence Of active selling by well known moor run,
traders encouraged uneasiness on the part VI
1,jrs;o, I,oTse customers who were heavy
saI1ers especially Of Reading and the Hartman
shares in which a large pubic interest liau a a.
c,roulated On the mid-afternoon uecHi,'
Tinted States Steel was well supported VIM.
tbe Hill stocks received the smallest measure ..
attention from prominent interests OIL any "a
+be leading issues The days business appar-
entity represented an overbought market Ia'iieI
than anv general distributing movement among
the leading speculative holders ana as d c"HSe
o,,ance of the improvement in technical condl-
+ione brought about bv the selling Of weak long
accounts the bull leaders were conhdent thdI
higher quotations would be recorded IN next
weeks transactions. There was no selIlns OF
Investment holdings while in the bond depart
dealings running beyond s1,000OO0, Win the
+radinr well distributed. A market that repre-
sents a bond business for Two Gays OF more
than sl.OOO,O00 par value is unusual, ana re
fleets a remarkable desire on the part OF Capl'dl
10 find employment. There are no SAFER IN
,-estnents IN the world than high grade AmeTl-
can industrial and railroad mortgage issues.
Sterling exchange was easier yesterday, ana
the Paris check on London was slightly hlgher'
while general money market conditions here
I'm
movement in the sterling market was not ex-
tensive enough to suggest the lnposslplIlty OF
further shipments of gold from New York, but
il is hoped that the decline in the grain markets
will create an export demand for wheat TO an
extent that will bring about a supply Of ex-
change sufficient 70 meet the active demand for
remittance. According to the known move
rnent Of money in the present week the local
banks have gained upward OF S2ooo,ooo. due 10
excess receipts Of currency from the INTERIOR
and unless there has been large expansion in
loans to-day's statement of the associated IN
stitutions ought to show further addluon 10
reserve holdings II Is. however. quite propaoie
that the weeks speculative operations and cor
poration financing will be reflected in an in
crease in the loan item and deposits. Time
money exhibits a somewhat frmer tone without
an advance in rates, but the absence OF an ac-
tive mercantile demand for accommodation
which is indicated by large receipts OF money
from out of town points does not encourage the
expectatfon of an immediate stiffening In quo
tations which are ruling from Pa 10 324 per
cent according to the maturity commercial
paper is in light supply. Merchants have all
the money they need for current requirements
but il business throughout the country con-
tinues to improve in volume as reported by the
trade agencies and as reflected in railroad earn
inEs and bank clearings. II VIII not be long De
fore the amount Of high grade mercantile paper
Offering will be materially increased
Iron and steel conditions have shown I'M
provement in the current week. while there mas
been noteworthy increase in the demand for
copper With a more active business in the
metal trades the entire situation will be helped
and the signs of coming better days in this i'm
portant branch of the country's industries
therefore are particularly encouraging to busi-
ness circles as well as 20 the holders Of the
curities of the steel and copper companies.
heavy export movement of copper is under way.
Foreign consumers apparently believe that prices
for the metal will not go lower. and as a conse-
ouence are accommodating supplies for the future
Production is abnormaIiy heavy, but the better
buying orders should be reflected in higher
quotations Stock market interests believe that
the development OF more favorable conditions In
our industries viii be accompanied by further
gains in securities values, and in addition to in
creasing domestic buying they look for a large
movement Of foreign money into our first class
stocks and bonds. There will be many
curities issues in the Of the current year,
and il is expected that g large amount of these
will be placed abroad. Despite the advanced
levels at which stocks selling London has
been buyer on balance in this market in the
present week