New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-06
FINANCIAL MARKET
Heavy Gold Exports Fail to
Weaken Stock Prices.

Trading in stocks was light in volume.
but prices were strong throughout the
day on buying by the professional Gle
ment. which apparently based its OPP
orations on the case in money rates in
the face Of heavy engagements Of gold
for export. on the belief that the Ameri-
can Tobacco decision would not be
handed down until the fall and on the
judgments rendered by the Supreme
Court on Monday in two important rail
road cases in which the court made II
quite plain that the railroads. like other
owners Of property. have rights that are
protected by the Constitution Of the
United States These decisions do not
in any way encourage the idea that the
American Tobacco Company and the
Standard oil Company will win in the
government suits against them. the
cases being wholly different, but they
prove conClusively that state legislation
against corporations which amounts to
contiscation viii not be upheld by the
highest tribunal in the land. United
states steel led the rise. and in the late
trading activity in IT increased, while
among the prominent issues the volume
Of business tended 10 expand on the
rally. At the close advances Of from /
20 more than = points from the low Of
the DAY were reported, with the chief
strength in United States steel, Anal
gamated Copper. Reading and Union
Pacific. In the carly operation Mime
apolis and -. Louis made new low
record for the year. and as the issue is
the original HaWley stock, the lack Of
support. which has been a feature Of
recent speculation i'm the Hawley group.
attracted some attention.
Cold TO the amount Of S5.OO0.oO0 was
engaged YESTERDAY for shipment TO Lon
don. making q total Of S75D0.Oe0 taken
since last Friday. In view Of the ease
with which the Bank or England is
securing the yellow metal in the local
market. IL is not likely that there VIII be
a further advance in the institutions
minimum rate 81 discount AT its weekly
meeting tomorrow. Although bank re-
serves at this centre are at q low lovel.
lenders Of money are not able to obtain
a stiff rate for their funds but I'm the
event Of excessive exports OF gold and a
resumption Of activity in the stock mar
ket quotations will move to a higher
range. with the effect Of attracting cur
rency from the interior TO this centre
The heavy engagements Of gold yester-
day and negotiations for additional
shipments were effective factors in
weakening the sterling exchange mar
ket. owing to the Offering OF bills against
exports. but there was nothing in the
general position Of the market that en-
couraged the idea OF any change in fun
damental conditions governing 1t.
II is generally understood that the
Bank Of England would like 10 secure
upward of S20.eOO.OcO at the expense Of
New York. Money continues in strong
demand Al the British capital. and in
view Of the known conditions affecting
Ghe English monetary situation there
appears little probability Of an easy
level at that point in the immediate
future. especially as the government is
borrower At time Of an increasing
deficit; The British governments deficit
for the fiscal year. ended on March 5.
amounted &c f26ooO.000. and IL is e1-
pected that IN the current year eKpendi-
lures Uill exceed receipts by more than
f36 600 0o0. The Bank of England finds
many reasons for caution at this par
ticulsr period. In addition 10 the gold
drain upon London from the Continent
and South America, the enormous in
crease in new security issues since the
first % the calendar year. the specula-
tive not M the rubber shares. which has
not been equRned since the Ksnir specu-
lntion 81 1895, ana the recent heavy for
eiEn borrowing are factors that nstu-
rally tend 20 induce unusual conserva-
tism on the part ~ the British institu-
ton Heavy selling was reported in the
rubber shares N the London market
yesterday. hJt The movement did not
appear % mark the end ~ the bun
.spoo0ist1ou.