New-York tribune., 1909-03-20
FINANCIAL AFFAIRS
LIGHT STOCK TRADING.
Early Strength in Prices FolIored
by Weak CLosing-HeaOy
Gold Exports.

Activity in Yesterdays stock market was con-
fined to a few stocks notably Union Pacific,
Reading. United States Steel. Chesapeake &
Ohio. Amalgamated Copper and Rock Island
preferred, but even IN these issues sales reached
relatively small totals Prices as rule were
firm and fractionalIy higher until the late deal
ings, but an absence Of aggressive buying was
noted throughout the list the chief support COM
ing from the operations of the board room ele-
ment and from a few commission house trad
ers who thought the bull side attractive in spite
Of heavy gold exports and the dernoralized posi-
ton Of the metal industry. Though the local
metal exchange advanced its quoted price for
copper. there was no indication OF any demand
from consumers, while in steel circles most
unsettled condition OF affairs reported. IN
Guiding the prospect Of the closing down OF GER
tain plants and further wage reductions The
heavy proposed cut IN the tariff steel products
has upset the calculations OF both manufact-
urers and consumers, but current reports from
steel circles are so extremely pesEimistic that
the ordinary observer or trade conditions is in
clined to believe that the outlook is brighter
than steel men report. and that the next change
in the industry will be IN the direction Of i'm
provement. In the last hour price movements
showed great irregulority. with weakness toward
the close in the course OF which Union Pacific
sold a point under its best figure in the forenoon
dealings The heavy tone at the end was due
entirely TO the desire Of traders to take small
profits. but net declines when recorded rule
by Reading, Union Pacific, United States Steel
and the Interborough- Metropolitan issues the
latter being adversely affected by the foreclos-
ure proceedings. In the days stupid market, in
which transactions amounted TO 4S1, ,3S4 shares,
ten stocks supplied more than three-quarters Of
the entire business. American securities in
London were heavy, and foreign houses sold on
balance in the local market The foreign mar
kets were inactive, trading being held in check
by the Balkan situation.
The scarcity Of exchange IN the local market
is reflected in the persistent strength in sterling
rates and heavy gold shipments to Europe,
gagements of the metal yesterday for London
by to-day's steamer amounting TO S3,30O,OOO in
coin Shipments Of gold from here have failed
to affect foreign money rates, which continue to
rule well above local quotations. the London
market being Influenced by the political situa-
ton and by the Withdrawals of gold from the
British capital for account of Germany, which
in turn is being pressed for money by Austria.
The London Joint stock banks have adopted a
policy OF building up their reserves, and this. In
connection with the difference between money
rates abroad and at New York, encourages the
expectation of further exports from this coun-
try TO London while II is likely additional en-
gagements will be made next week for the Ar
Reptine. II there vas active demand for
money at this centre gold exports would be re-
fected in higher quotations for loans, but at
the moment the money market Is inactive ana
probably will remain so for several weeks TO
come. II IS therefore lmprobable thdt exchange
rates will decline materially in the immediate
future especially exports OF domestic prod
ucts are too light to furnish important sup
ply Of bills TO meet the active demand for re-
mittance. There Is nothing In conditions here
that can restrain gold shipments at present, but
fortunately there is a large amount Of the metal
in the country. which Is constantly being added
to by new gold production According TO the
known movement of money in the current week,
the local banks have gained more than $1,000.
600 in their cash holdings. loss OF S35O0O0O
on gold exports. which does not include yester-
day's engagements being more than offset by
excess receipts Of currency from the Interior
new gold and a gain on Sub-Treasury operations.
Unless there has been a material expansion in
loans. of which there Is no indication. to-day's
Clearing House statement ought TO show mod
crate Improvement in reserves