New-York tribune., 1909-03-17
FINANCIAL AFFAIRS
STOCK PRICES HIGHER.
HIGHER.
VaIues Up on Coverings by Shorts
FOREIGN Trade Figures.

,-.+i,-,e II, yesterdays stock market were
,iorh+ IN volume on a movement Of values 'hs'
generally tended in the direction OF H'S"Si
tations The fact that the sellihE Hlvl ts,-I
+ra final operations in Monday $ tTao!L7 i"'
70 attract liquidation encouraged GOVERNS
+he shorts in the first hour OF business 'IiN
though there was no especial response 'l ~
mart of commission houses TO the auN'liici'iS
movement the professional element maintained
q Dosition on the long side OF the market III 'i1
7,ee- mart Of the day a reflection of Whlch Wa
shown in net gains in most issues at lie -
Union Pacific was in demand from tie SIoi -
and advanced more than two points, Win
Reading and United States Steel common ans"
$50 features of strength on relatively Hght
dealings The strength in Steel common was
effective in attracting buying by the pIoIes-
sonal element in various parts oI the MAJ Fle''
on the theory that substantial interests were
working for higher prices throughout the LSl'
but the general course Of trading IN the oaN
did not indorse the idea that efforts were beng
made in the high quarters Of the street TO brlhg
about an active upward movement IN the l4SI
half hour of business there was a noteworthy
increase in speculative buying in Amalgamated
Copper. Reading, Union Pacific and United
States Steel common. Final prices showed gains
of from / to > points in the active issues
The full report of the country's foreign trade
in the month of February, which was received
YESTERDAY, shows. as expected heavy falling
off in the outward movement of merchandise
from this country IN that time and note
worthy gain in imports, the latter Item present
ing an increase as compared with the Cnrre-
spending period in the preceding year to the
value Of S.3 So. .1J6. Imports OF general mer-
chandise in February were heavier than IN any
month since August, 1901 while exports were
unusually light, amounting in value to Sl26o3U-
9g4 compared with S1jG,6S4.2lO in January and
S1G7 7.I7 te}2 in February. 1898. The excess of
exports over imports in the last month reached
a valuation of S1,4tE,39I, against an excess in
the same time a year ago OF SS3,0o4,3S1- In
the last two months there has been a loss in
exports of merchandise of more than S9lOUo.-
600 comparison being made with January and
February in 1865 these figures supplying ade-
dlate reason for the recent and current strength
in the foreign exchange market As pointed
out few days ago in this column, the chief
cause of the poor export figures may be traced
TO the reduction in the volume Of exports OF
breadstuffs and the lower price of cotton. High
quotations in this country for food products
have been a most important factor in restrict
ing the European demand in this market, but
domestic interests in the grain market appear
confident that the foreigners soon Will be com
peled to buy their breadstuffs here, irrespective
of prices quoted AS consequence Of the taH-
ing off in our export trade and the gain IN the
import movement foreign exchange is strong,
and from current indications viii rule around
the gold exporting level for weeks to come,
though il IS not considered likely that there will
be heavy shipments OF gold to London, owing
10 the scarcity of gold bars and the high rate
al which sterling must rule in order to make
exports of gold coin profitable. Rates for money
at London and Paris continue TO rule above
the quotations this centre, but conditions
abroad do not encourage the expectation Of
heavy demand upon New York for direct gold
shipments
In the time money market rates remain un-
changed for most periods. over the year money
is quoted somewhat above the low level re
ported last week. and greater discrimination is
noticed on the part of lenders in the matter Of
collateral, while the general position of the
market suggests the probability Of tirmer quota
tions in the course of the next few months. The
current mercantile inquiry shows no improve
ment. Commercial paper Is in demand, but
offerings are extremely light, with no indication
OF Improvement until after tariff readjuStment
is out of the way. Though there is d large sup
ply Of money available for call loans, the in
activity stock spe, IlatiOn has brought about
one OF the dullest call money markets in recent
years. Seldom IN the past has the stock mar
iet remained inactive for any great length OF
time, and the fact that trading is now so linn
tied suggests the sibility OF change in the
character and volume OF dealings at no remote