New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-02-18
FINANCIAL AFFAIRS
STOCKS DULL IND WEAK.
Atchison the Strong Feature
Money and Erchange-SteeI
and Copper Outlook

Resnondfns TO g lower range Of prices from
London, the stock market opened yesterday
fractionaIIy under Tuesdays final figures, and
soon developed irregular1ty, with Atchison the
principal feature Of strength, and with decided
weakness in Of the leading industrials.
Particular pressure was directed against United
States Steel common, which yielded on selling
based upon the tariff revision outlook and the
many rumors OF coming cuts IN the prices OF
the company's products Amalgamated Copper
and American Smelling and Refining also were
objects Of attack the reports of the very
small demand from consumers OF copper and
the gradual lowering OF the quotations for the
various grades Of the metal. The transactions
on the exchanges were almost wholly profess
sional and in the afternoon dwindled from the
not large proportions of the morning hours. the
days total sales being under $4,000 shares.
against the very moderate total OF 468.000 on
the preceding day. In the late trading the bear
party turned their attention from thu indus
trials TO the railroad list, which proved not less
vulnerable such speculative favorites Union
Pacific and Reading suffering net losses re-
spectively Of 12s and IL points. Atchison
maintained its relative strength during the ses-
sion, rumOrs Of increase IN the dividend,
and closed at net advance Of e point, although
a full point under its highest of the day. The
majority OF the net changes. most Of which were
declines, were fractional. and the market, which
developed activity just before the end of the
session, closed weak
Strength IN the foreign exchange market in
of the country's foreign commerce in that month
the figures Of which were received yesterday
from the Department of Commerce and Labor
Exports Of general merchandise were smaller
than in any corresponding period since 1906
the falling off from January q year ago amount
ing in value to s49,347 004, the chief part of
which represented the reduction In exports of
domestic products Shipments of cotton were
the smallest for that month IN three years
while for the months Of the fiscal year
hoy ~,
two preceding years, but larger than in 1905 and
1906 There also was a material decline In the
outward movement of breadstuffs and a de-
crease in shipments Of manufactured articles to
the amount OF s9,97O,596. Imports of rner-
ehandise amounted in value to $I0352402S
against SS4.241,9S4 IN January, 1908, and SILL
e24.562 in December The import movement
while heavier than in January of last year, was
lighter than in other corresponding months
since 1905, but the excess OF exports over i'm
ports ran TO moderately large figures though
they were only about one-half Of the excess in
January, 1908. The report for the month un-
der review compares with period 6 year ago.
when our products were being rushed forward
result Of panic conditions here, but even
In comparison with the normal month in 1907
this years figures make a poor showing the
total reduction in exports and imports amount
ing to S55,592,136 For the twelve months end
ed January 81 exports reached a total of 81
705.4sS,243, loss Of $236,755.736 while In the
same time there was falling off in imports of
s246 sos, 79e the latter figures being reflected In
the heavy decline in customs receipts and the
big excess Of government expenditures over in
come. Current Indications suggest that in the
months 10 come our foreign commerce will mako
q much better showing than in the recent mast
as Improvement is noted IN imports, while ship
ments Of domestic products are increasing
Foreign stocks Of cotton and grain are light, and
Europe soon will be compelled to come into This
market to a greater sextent. notwithstanding
prevailing high prices
There was no material change in money mar
ket conditions at home and abroad yesterday
The Inquiry for accommodation here was light
and offerings Of prime commercial paper were
small. The demand for high grade paper is
active, but merchants apparently are we'll COW
cred for current needs and have no intention
Of making large future commitments until I'M
certainty over the character Of tariff changes is
removed. General buying in various lines OF
trade is based on a hand-to-mouth basis at the
moment Lower prices doubtless would stiunu-
late a better movement in all departments of
trade, especially in tbs steel and copper indus
tries in which the demand is now down to the
lowest level in months. The large concerns
are SUFFERING as consequence Of the under
bidding by the smaller companies and many
conservative producers and consumers are he
ginning 10 admit that little betterment In tha
metal trades can be expected until steel snd
copper prices have been readjusted to a lower
level The recent official reduction In conner no.
not stimulated buying movement, and practJ- /
cally the only sales being mads are nv the
small producers. who are quoting the metal nm
iished by the United Metals Selling Company |