New-York tribune., 1909-04-14
FINANCIAL AFFAIRS
REACTION IN STOCKS.
Money Rates Easy and Sterling
SOmezchat LO7Cer-Pdris En-
change Declines.

Heavy profit taking sales in yesterdays mar
ket were responsible for irreguIarfty in price
movements that at times showed decided weak
ness. with more net losses than gains at the
close. Pool manipulation was still in evidence
in various parts of the list, especially in Read
Ing and the Gould issues, efforts, however, being
directed TO prevent a material decline on the
general realizing operations rather than to bring
about higher quotations. though in Denver &
Rio Grande, Missouri Pacific and Reading quo
tatlons advanced easily after reactions proving
to the minds Of the interests chiefly concerned
in bringing about better figures the presence in
the market of public element ready to follow
the lead Of the people in control. In all parts
OF the list the buying on reactions appeared TO
come from strong sources, but in such active
stocks as Southern Pacific, Union Pacific, United
states Steel, St Paul and Amalgamated Cop
per the volume of selling was heavy enough TO
prevent recOveres from the low points cstab-
llshed. Some of the specialties that recently
have been doomed for no other reason than the
speculative desire to make profits declined
sharply in the second hour Of trading eliminat-
ing many weak accounts while encouraging
new buying, which, however. not effective
in imparting strength to the issues The GEN
eral buying in the day was as good as at any
time in the last week, but 1t was less ageres-
sive with an apparent disposition on the part
Of the leading speculative interests To let the
bull movement rest for a time particularly in
those stocks which selling at highly ad-
Vanced levels and in which the bull account is
unduly extended. Notwithstanding the reaction
ary tendency the usual number Of picturesque
rumors calculated TO inspire confidence among
the outsiders were put in circulation. including
a silly report of international steel agree
ment which would nullify changes in the tariff
on steel. In the last half hour activity in
creased at the expense of values, final prices as
a rule being at or near the lowest of the day.
Foreign houses sold in the local market and
the London market, after early strength, be-
came heavy on the unfavorable advices regard
ing the political situation in Turkey.
Austria secured all of the South African gold
offered in the open London market yesterday
but the course of exchange at Paris on London
though moving against the British capital, did
not suggest the development Of an immediate
demand the latter centre for the yellow
metal for French account. In view however
of the high rates for exchange at New York
the decline in the Paris cheque is of Importance
to this market. and it IS not impossible that
shipments of gold NAV vet be made from here to
France the so-caled triangular operation
despite the fact that an outward movement is
not usually recorded at this time of the year
Exchange conditions are peculiar, and current
quotations at this point are abnormal as a con-
sequence of the heavy falling off in exports of
merchandise from this country, increased I'm
ports and excessively easy rates for money
which have brought about a scarcity Of bills at
a period when the demand for remittance has
been active. In recent weeks buying Of Ameri-
can securities for foreign account has been the
Europe, and even in this time London has
been able to settle its Indebtedness TO the Ar
eentine through the medium OF the local mar
ket. In the month of March exports Of domestic
products from the United States were smaller
in the aggregate than in any preceding month
since last August. and were smaller than in any
corresponding March since 1904, shipments OF
breadstuffs alone presenting the lightest total
for March in dozen years. Advanced prices
for grain have been effective in restricting
Europe's purchases of breadstuffs in the Ameri-
can market. but there Is some reason TO believe
high quotations to food the market with enough
cash wheat to break the bull speculation now
under way in the different options.
For the nine months ended March 81 the de-
cline in the exports of domestic products
amounted in value TO S104. .S26, ,247, of which
breadstufs supplied S42. .926. .S3S and cotton S31-
So these figures in connection with those
since January to the value of 660.6, 1SO and
together with the faults Of our currency system
furnishing adequate explanation for net gold
shipments since the first of the year of S3e
;S,266. The March gain in imports of mer-
chandise at the Port of New York was ST COS
259. exclusive of goods entered on warehouse
account. and duties collected on direct importa-
tions showed increase Of 1886. .?3S2 While
enthusiastic buyers OF wheat options at current
high quotations are looking forward to further