New-York tribune., 1909-06-03
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
EdrIy Break and Late RGIly-Nezc
High LeCeI for Steel Common
Gold for Paris.

The stock market opened irregular yesterday,
and after showing for a few minutes an ad-
vanCing tendency, despite the lower range or
prices from London declined sharply on heavy
selling, which was apparently for bear account,
the copper stocks being the principal sufferers.
Little rallying power was displayed, the market
continuing irregular and weak until about 2
o'clock. when buying movement developed IN
United States Steel common which sent that
issue up 2 points within the hour to 67h. new
high record. the general list rising with ii. The
close was irregular, with more net losses Khan
gains, although final prices We're in most in
stances above the lowest Of the day. The tran
sactions in Steel common aggregated nearly
10000 shares and the stock closed with a ncC
gain of "a points At 67is the buying being
partly by important banking interests ana in
part representing covering Of short commitments
by operators made apprehensive by its continued
advance and by the withdrawal Of a large
amount Of the stock in connection with the ar
rangements made for the listing the Paris
Bourse. Further excellent reports of the condi-
tion Of the steel industry came from the manu-
featuring centres. and this fact also figured iu
explaining the activity and advance in the issue.
The directors of the St. Louis Southwestern de-
clared an initial dividend the preferred stock
a step reflected by advance Of well over
point in that issue and COnfirmatOry of the gen
eral reports of increased business and reviving
prosperity among the railroads. The announce
ment Of the Atchison bond issue caused some
selling Of the roads stocks. the common losing
half point the day. the feeling that tho
additional interest charge might initiate against
the chances of early increase Of the dividend
rate the common.
Under current local money and sterling
change conditions foreign bankers find il profit
able TO put out time funds in this market. 4
Election of which IS found in the appearance #
bankers long bills here. Money rates abroad
are easier than reported a week ago. and the
tendency Of conditions affecting the European
markets is in favor Of continued low levels for
loans at the foreign capitals throughout the
summer ii is not unlikely that a substantial
amount Of foreign money viii find its way into
American loans particularly If time rates harden
as generally thought probable. A pronounced
upward movement in the stock market at this
centre in the summer months will encourage
higher quotations for time accomm, stion, while
business growth throughout the country and the
approach of the period when the interior will
call upon New York for currency in connection
with the financing Of the harvests also will serve
make this market more attractive for loan
operations. both on call and time. The interior
has sent enormous sum of money TO this
point in recent weeks for in the stock
ket in speculative and investment transactions
and consequence money rates at Western
and Southern cities being maintained at
better level than reported mere, with the ind-
cations pointing to active Withdrawals from our
banks just as soQp as crop and business require
ments become at all urgent Such a develop
ment however, need not be looked for until later
in the season. Although engagement OF 81
100000 gold for Paris was announced yesterday.
lower money markets in Europe and the move
ment of Continental exchange in favor of Lon
don eliminate the possibility of important ship
ments of gold from New York 10 Paris. for the
present at least, with the chances against q re-
sumption Of the exports TO the French capital
in the coming months though it is probable that
further amounts will be sent to Argentina on
Eondon account in settlement of obligations in
Cured in the grain market at Buenos Ayres
Europe is importing large amounts of grain but
the proportion sent from the United States is
small in comparison with shipments this time
IN other years, owing TO the high prices prevail
ing here. From current indications the tactics
employed in the market for May wheat will he
continued in the July option for the next sixty
days.