New-York tribune., 1910-06-11
. FINANCIAL MARKET
Bear Pressure Forces Stocks
Down on Light Trading.

Bear interests on the Stock Exchange
were able TO bring about lower prices
in yesterdays operations without the
accompaniment of important liquidation
Declines of from 1 TO 3 points were re-
corded among the prominent issues,
Of the active stocks Amalgamated Cop
per supplying the heaviest loss, on sell
ing based upon weakness in the Lon
don copper market an easier tendency
in local prices for the metal and the in
crease in the stock of the metal on hand,
as shown by the recent report OF the
Copper Producers Association, the last
named factor suggesting that the copper
mines in this country are producing far
in excess of legitimate trade require
ments. For the present, at least, the
only promise of increased consumption
is found in the statistical position Of the
European market, which shows for the
month of May a decrease in the visible
supply Of almost 100000 pounds. Ex-
ports from this country since June |
show an increase Of 2,654 tons as com
pared with the same time last year
Activity in the general market increased
in the last hour at the expense of prices
and at the close most issues were at or
near the lowest figures OF the day, with
the heaviest net losses in the metal
shares, Northern Pacific, Reading,
Union Pacific, Chicago & Alton and
Toledo. st. Louis & Western. Sales of
the last named two stocks were light IL
volume. but their net losses were heavy.
Alton moving on the assumption that
the dividend will be passed and Toledo,
st. Louis & Western because the COM
pany is sponsor for the Alton. The con-
trolling interest in the Chicago & Alton
is owned by the Clover Leaf, which
financed its purchase of Alton securi-
ties by collateral trust bonds on a basis
Of dollar for dollar for the preferred
and at the ratio of $50 in bonds for 500
of common stock. Prices. in the COM
modify markets also were lower.
According to the known movement of
money in the current week the local
banks have gained more than 100000
in their cash holdings, receipts from the
interior and on new gold production
more than offsetting the loss TO the Sub
Treasury. A week ago the Clearing
serve above legal requirements of S21,-
O96, 100, and it is not unlikely to-day's
exhibit will reflect further strengthen
ing in reserve, owing to the indicated in
crease in cash end an expected con-
traction in loans. Money rates were
easy yesterday, with conditions govern
ing the market suggesting the proba-
bility of low quotations throughout the |
summer. while sterling exchange was |
firm under the influence of moderately !
active demand for remittance and a |
scarcity OF bills. the latter being espe- !
cially significant in view of the govern /
ment's figures of domestic exports in the /
month Of Nav showing a falling off to I
the value of more than SSO000OO as |
compared with the same time in 1909, |
and total decline for the eleven months /
ended May 81 of S4S.9o0,305 Compared |
with the eleven months ended May 81. |
1908. the decline was S1520s7 ,14j. of |
which the larger part was supplied by |
breadstuffs and meat and dairy prod |
ucts. Unless there should be a heavy |
Increase in offerings Of commercial and |
stock bills, sterling rates doubtless will
rule materially above current levels be-
fore the end of June. owing TO the big
payments this country will have TO make
10 Europe on July / for interest and
dividends on foreign held American Sc
curities.