New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-04-17
FINANCIAL AFFAIRS
STOCK VALUES DOWN.
Losses of from 1 to 2 Points IN Ac-
tie Banks Gain Cash.

The DEVELOPMENT of a reactiOnary tendency in
yesterdays stock market was accompanied by
moderate falling off in activity compared
with that of the preceding days of the week.
transactions in the five hours of business
amounting to 742.it3 shares. against 9lJ,3l2
shares in Thursdays operations Sentiment is
still bullish and the failure Of the declines TO
bring out important offerings naturally encour-
ages the belief that the greater number Of
speculative accounts on the long side of the
market are well margined and held by people
who have the utmost confidence that a higher
level of values will be Established in the near
future There was considerable wedding out
of weak accounts both yesterday and on Tues
day. with increase in the short interest, so
that technically the general position of the mar
ket is stronger than it at the beginning OF
the week, when prices on the average MADE the
best levels of the year and the best since the
high points in the first part Of l9Oi- There
were no news developments suggesting sales
Yesterday the reaction being due TO realizing
and bear pressure. based on the generally ad-
vanced levels at which securities We're selling
and to some extent on precautionary selIns
by interests which thought it wise to get out
of stocks the possibility of a decision on
Monday against the railroads in the commodity
clause case. In the early dealings losses of
point or more were made by some of the promi-
nent shares with moderate advances in the
early afternoon. especial strength being shown
by the Rock Island shares and Chesapeake q
ket again declined under the influence of a
vigorous bear raid. in which Union Pacific.
ANA gamated Copper, United States Steel
American Smelling and Reading lost point or
more the last named and Amalgamated losing
pa and 2L. respectively Accompanying the
late selling movement there were various silly
rumors coming from the usual foolish sources
the decline, however, representing nothing be
yond speculative conditions and considerations
too well known to need enumeration. Any one
who has followed the course Of the market IN
recent weeks knows the character Of the down
ward forces in Yesterdays trading, but there IS
no reason to suppose that the decline marked
the elimination of the bull movement Inc
general market shows declines of from liz to
49s points from the high prices of last Monday
Time money was slightly frmer yesterday for
certain periods. though there was no apprecla-
bile increase in the demand. the better tone In
the market apparently being due to a DISPOSE
ton on the part of the banks not to put out
funds under the recent asking price rather than
to any increase in the inquiry for accomnoda-
ton. It is generally believed that money Will
go materially higher before the end Of the sum
mer while better market is looked for fol-
lowing the enactment of a new tarih law
which will be accompanied, il is believed, by an
increase in the mercantile and speculative de-
mand for money in all parts of the country
According to the known movement of currency
in the current week the local banks have gained
upward of 100000 in cash. the loss on the in
terror operations being offset by gain from the
Sub-Treasury and from new gold received on
assay office checks A loss on the out-of-toWn
movement does not reflect a large general with
drawing of balances from this centre. shipments
from here being made up in great part Of re-
mittances 10 Boston. upon which il has been
difficult to secure exchange in recent days. and
heavy amounts of national bank notes sent to
Washington for redemption The banks re
ceivcd from the interior SO 125,0oO, amount
heavily in excess of that shipped to the West
and South but the fact, however, that New
York was compelled TO forW ard cash to Boston
to pay for drygoods purchased in New England
furnished an encouraging sign OF better trade
conditions and strengthened the hope that the
general currency movement might soon indicate
an enlarged inquiry for money throughout the
country. While the banks gained small
amount on transactions with the government,
customs payments showed a noteworthy m
crease as compared with the preceding week
with indications suggesting further improve
ment in this respect in the weeks to come as a
consequence OF the rapid expansion of our I'M