New-York tribune., 1909-04-16
FINANCIAL AFFAIRS
STOCK PRICES HEAVY.
Realizing and Bear Pressure 4fect
T0Iues-Fmther Ease IN Money.

,,,,i+,. marked the course Of stock mar
ket values in yesterdays trading. cary a
yances being followed by substantial uecHheS'
which in turn were succeeded by moderate re-
actions toward better values with final quota
tions however at net losses in the greater
number of issues. The weakness was WhouS
in line with technical conditions, While the
same thing may be said Of the decline IN the
wheat market in which an overloaded bull ac-
count toppled from its own weight, but in bolh
markets buying on the recession came IroIh
good sources. evidently with the purpose III
view of preventing, If possible, a collapse OF
the buU movement Stop loss orders were
caught both in stocks and grain. and indlca-
tions suggested desire on the part OF the
leading speculative interests to weed out the
weak spots and place both markets in a posi-
ton for further Improvement in values, though
a newly formed bear element operated in stocks
in a manner that apparently foreshadoWed
greater opposition from now on to rapidly rising
prices. The latter element believes that com
mission houses have large number Of selling
orders at prices slightly under yesterdays clos
ing and it is working on the assumption that
the reaching of these accounts VIII result IN
heavy liquidation and materially lower quota
tiOns. The theory is sound enough, but ii may
not work out successfully unless the big specu-
lators who have been the chief factors in The
current advance are ready for a killing.
While commission houses doubtless have many
selling orders under the market, 1t is known
that they also have many buying orders for all
reactions which will furnish the bull specua-
ton with reserve force Of no little power.
The hard coal shares, National Lead and the
Southern Railway issues made the best show
ing in yesterdays market, especially the last
named, which closed at net gains of pa and
Il. for the common and preferred respectively.
the movement probably being based a desire
of interests connected with the property {"
make a more attractive market for issue Of
bonds just announced Reading declined with
the general market but in most orderly man
ner, and though ending Is under its best quo
tation of the day. it showed a small fractional
net gain. Most of the standard shares Were
lower at the close.
The full report of the country's foreign com
merce for the month Of March received yes
terday, following the recent statement of do
mestic exports in that time, supplies further
evidence of the distinctly unfavorable position
Of our export trade, and furnishes ample
planation of the current abnormal strength IN
the foreign exchange market. With the exccp-
tion of March 1903, the outward movement Cf
merchandise for that period this year
lighter than in any corresponding month on rec
ord, while against this poor showing imports Of
merchandise were larger, with but eXceD-
tion. December, 1906, than in any month in the
history of the country, amounting in value to
S1:i;} 419 291, increase the same time
last year Of S44,305 $50. Exports exceeded i'm
ports by only So, 7S;', 423, compared with an
excess in March, 1893 of S52,414, J42 and SIS
J10,0JS in 1907, making for the nine months of
the fiscal year an excess of exports to the value
of S34T, 49, IA, against S5G1 .6S1 ,23 in the
responding time in the preceding year. The
duction in exports for the nine months amount
ed in value TO sol 430 IO2 of which $1O4 SOC
$40 represented the falling off in the shipments
of foodstuffs cotton, mineral oils, cattle and
dairy products. The export trade has been de-
pressed as u consequence Of the high prices of
certain commodities and the decreased pur-
chasing power abroad, while the recent growth
in imports has been stimulated by the depletion
of stocks here and the gradual improvement in
business conditions throughout the country that
have encouraged more active demand for
foreign goods, a rejection OF which is presented
in rising government revenues from Gust Jms
receipts. which, since April /. show a gain Of
S4.JJ1 ,}13 s compared with the same period
year ago Export wheat is selling at the maxi
mum price for a series OF years, and the
ward movement is pitifully small. In the grain
trade II is believed that the current situation
will improve the basis OF supply and de
mand, but before any such turn is reported the
chances are that gold will be engaged for
shipment TO Europe, owing 10 the actual scar
city of exchange bills and the active demand
for remittance.
The position of the local money market does
not encourage the drawing of finance bills, and
the help quite often extended to the exchange
is in sight al present. The actual amount
Of cotton exported in the last nine months CON-
pares favorably with that in the corresponding
period last year, but the shipments haYe been