New-York tribune., 1909-03-09
FINANCIAL AFFAIRS
STOCK TALUES FIRM.
Unim portant AdUdnces on DuH
Ded7ings-Gold Erport Situation.


was light in volume, both in stocks and bonds'
ord though there was some investment buying
Of mortgage issues and fair semi-inVestTnellI
demand the business in stocks was made UP al
most entirely Of the operations or the proIes-
sinnaI element that showed unwiningness 10
make extensive commitments on either sloe OF
the sneculative account Some Of the so-caIled
cbean shares reflected IN rising values the e1-
feet of the same sort Of manipulation that hau
been noted in this class of securities IN recent
months, but the improvement attracted no Out
side buyirlg and apparently the interests behlnd
the rnovenlant experienced difficulty in main
tanning the gains recorded early in the session.
The leading railroad shares moved in an irregu-
lar manner within narrow price fluctuations the
Hartman issues, Reading and St. Paul endlhg
AT small fractional advances, and pennsylvania
and Northern Pacific at fractional losses Anal
gamated Copper, Chesapeake & Ohio, INTERIOR
ough- -Netropolitan preferred Columbus ana
Hooking Coal and Iron, Missouri Paclhc' " "a
hash preferred and Missouri, Kansas & Texas
recorded the chief Improvement on light trans
ac+toys while the general list outside the securi-
ties named hardly changed It's position IN the
dav. as compared with Saturdays final figures
The decision by the United States Circuit Court
for Missouri in favor Of the railroads IN the
Missouri rate case, by which the state law max
ing 2-cent passenger rate obligatory was
contested by the companies as unconstitutional
was without effect upon values, as was also the
government crop report showing an unexpected
" large amount Of wheat IN farmers hands.
The latter however. was responsible for sharp
break in the inflated price level in the wheat
market
A large amount of gold viii be shipped from
New York to Argentina tomorrow, and If ster-
ling rates advance to a slightly higher level It
will be possible to send the metal in the shape
of coin to London. The supply Of gold bars at
the local Assay Office amounts to about $1,000
600, and If there is to be outward movement
of gold TO the British capital coin will be taken.
the price for exchange at which such an opera
ton can be made profitable being somewhat
above the quotation at which bars can be
Skinned Foreign trade statistics and the liQui-
dation Of American securities for European ac-
count present adequate reason for the strength
IN the exchange market in recent weeks-in fact
since the first OF the year-but fortunately there
is no ssrious need abroad for large imports of
gold from here while the plethoric money con-
ditions in this country rob the movement of
besrish features The current situation sug
gests gold exports because Of the scarcity Of
commercial bills rather than an enormous de-
rnand for remittance. and just as soon as exports
Of the metal reach a point where money rates
are affected the shipments will cease, as higher
quotations for funds VIII induce foreigners to
leave their credits here. The official statement
of the bureau OF statistics for the month Of
January, giving the figures Of our detailed for
eign trade In that month, shows a falling off in
that time Of exports OF merchandise 10 the value
of nearly $50. 900, while imports Of crude
terials for use in manufacturing and manufact-
lIres for further use in manufacturing present
marked Improvement with the February move
rnent both in exports and imports along similar
lines, thougH the government figures for the
last named period have not yet been received
For the seven months ended January 81 there
was reported a contraction in exports Of $751;
600 OO0 as compared with the same time in the
year before. due in part to the lower price re-
ceived for raw cotton, which reflected in a
decline in the amount received for exports OF the
product Of s23. 100000, though actual shipments
we're heavier than IN the year before. There
was a material reduction IN the outward move
1nent OF breadstuffs and substantial decrease
IN the value of iron and steel manufactures, the
falling off in the latter for the seven months
amounting to more than S36.o0o000.
Money rates abroad a little higher than
they are here, and this fact, together with for
eign trade figures and sales of securities for
European account, easily explains the current
strong position OF the exchange market Bank
reserves at this centre as shown in Saturday s
statement of the Clearing House institutions
and the trust companies. are large enough to
warrant easy money until some special demand
develops such as extensive gold exports and
heavy government financing, and the facts that
gold will go out and that the chances favor the
raising of money by the federal Treasury and