New-York tribune., 1909-02-26
FINANCIAL AFFAIRS
COPPER SHARES BREAK.
Host Stocks Dozen, Al fter Irregular
NOrements- Money in Light
Demand.

market further heavy liquidation and profes-
sional pressure carried the quotations IN the
active list from to 4 points under the CLOSING
in Wednesdays dealings, and though a SUD
stantial rally developed in the early afternoon
in which much of the loss was recovered, further
weakness was reported before the close, hna!
prices as a rule showing net declines. In the
metal shares especially Amalgamated Copper,
Reading and the Hartman issues, the selling
was aggressive, and in the case Of the copper
stocks it met with no offsetting support Anal
gamated suffering a maximum reduction or "a
per cent and net loss of 49s. The depression
in the copper trade, according TO Wall Streets
figuring, became more acute in the day and
while in copper trade circles no uneasiness was
expressed over the situation, stock market spec
ulators thought Amalgamated shares were at
level entirely too high, and sold them without
finding any opposition to the movement. The
Street talked about the development OF an open
market for copper forgetting or else not know
ing that the copper market always has been
open, but there was nothing new in the actual
position of the metal. which apparently must
seek a lower level before active buying
movement will develop. The railroad shares as
rule were supported on the mornings break.
and did better In the afternoon than the indus
trials In the local traction issues strength was
shown, especially in Brooklyn Rapid Transit,
which ended at a net gain of =.
The general irregularity in prices was not an
unusual development, following the violent
movements of the two preceding days. but It
vitally interested in figuring upon the course of
lHaues in the next few business sessions the
exchange. The Street is considerably at sea re-
garding THE present speculative position. Cur
rent signs do not tell whether not liquidation
is at end. do they suggest the attitude
of the chief market interests regarding the i'm
mediate future Of speculation. common sense
view Of the present position of the market. how
ever. and of the various factors of uncertainty
in the business situation, does not indorse the
idea of some operators that from this level an
active bull campaign Will be fought, especially
as, notwithstanding the decline that already has
taken place in values. the buying power is lin
tied Just now TO the requirements to cover short
contracts and TO orders from banking interests
who do not TO see anything in the nature of
price Generalization. The public will not buy
doubtless because it believes quotations will
seek lower level The public has learned so
much in recent years that it is letting Wall
Street have the stocks until bargains are offered
Wall Street pools we're severely injured in Tues
days break, while the general public was not in
the market
Money rates do not reflect the large withdraw
ais of cash from the depostary banks for gov
ernment account, the supply of funds in the
local institutions being ample to meet the re-
quirements OF dulI loan market The fquida-
tion in stocks has caused a corresponding Houi-
cation of Stock Exchange loans and it is posi-
BILE that this contraction has been heavy enough
TO Offset the loss in cash as an influence unon
the. reserve above the legal limit OF 25 per cent
WHICH last saturdays Clearing House
ment amounted to s13.545. 900. Federal exnend-
itures continue to exceed receipts but the latter
item shows improvement and in the month 70
date the deficit has been well under that in the
same time IN the preceding month and in the
corresponding period year ago the total deficit
from July l standing at about ss5 OO0 OOo
against s25,606361 in the year before The ones
tion of new Treasury financing confronts tba in
coming Washington administration while n ia a
subject that will have TO DE taken info consider
alton in discussions regarding the future of the
money market. The Bank of England made a
relatively poor showing in it's weekly return I,oe
terday. its percentage of reserve TO IjabiIi4,,
showing q decrease of 2.51 per cent from 10,
week, though presenting a better exhibit +to,1
the average of the last nine years and indicaTi,,
no coming advance in the minimum rate of 5tr
count, unless there should be political 5ict,,rL
ance on the Continent British Royernr1on+ -
quirements will be heavy in the next fortri-h.
and il is not likely. therefore, thar -ordinar ~,
money market conditions will connei -
ton In the bark rate If the balkan si+,-o
ton moves along on easy lines which &c ;r'5i
Gated by the tenor Of cable dispatches inst M
ceived. The Argentine demand for gold 80
tinpes 10 be largely handled bv New Vol, ,
il is probable that TO the amount OF rnora .I aliu
81. 100000 ALREADY exported from this go.
will be added further sums in connection ctts ttt
the financing OF the Argentine loan In MIL
American BANKERS are actively interested +-