New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-04
FINANCIAL MARKET
Stocks Close 2 to 3 Points Under
Best of the Day.

An active covering movement in the
initial operations in yesterday STOCK
market impaired decided strength TO
prices throughout the general list in the
forenoon trading, but the Improvement
was lost before the close on a resumption
of selling by the professional element
and liquidation of long accounts accumu-
lated at the low points in Mondays mar
ket. Final prices showed irregular
changes, with net losses predominatlng.
The early volume OF business was well
under that of recent days, and the
strength shown at the opening failed to
attract an active outside demand, the
absence of buying of this character en-
coura cling the opinion among bear spec
ulators that further excursions on the
short side Of the market could be entered
into without danger, especially In view
NJ monetary conditions, which did not
warrant the theory that a sustained bull
market could be brought about at pres
emit While money rates do not Suggest
the probability of the development OF
bull campaign in the immediate future
the general course of speculation Is
STRENGTHENING the outlook for successful
bull operations later in the season. ana
IT Is building up a short interest that
soon must become top-heavy enough 10
induce sharp rallies. For several weeks
the market has been moving toward the
bargain hunters level
Support accorded Amalgamated COP
per early in the day was Withdrawn IN
the last hour. and the price Of the Issue
declined RAPIDLY thereafter, with the rest
of the metal group moving in the same
direction. In the active list maximum
declines from the high levels Of the
morning ran from ] to 3 points, railway
shares as well as industrials losing. as a
rule. all their morning gains A sharp
rise in the wheat market and somewhat
oessin1istic advices on the crops were
factors in the reaction. Final transac-
tions increased IN volume at the expense
of prices, but substantial interests took
stocks on the decline, though they made
no attempt to check the downward
movement. Call money ruled at 512 per
cent. and sterling exchange. while few
r.oints off from Mondays closing, pre-
scented nevertheless a firm undertone. in
snite If heavy purchases Of stocks by
foreign houses. If money works lower
exchange doubtless will return to a level
AZ or near the gold exporting point.
From the increased freight tariff
schedules fled with the Interstate Com
nerce Commission by the Western trunk
line railroads and from the proposed rate
reimbursement by the lines east of the
Mississippi River It is apparent that it is
M. fine intention of the transportation
comnanies TO raise rates In a manner
that will involve any great hardship on
tho simmer Railroad men assert that
the cost of living should not be Increased
bv the present plan for higher charges
nm certain classes of freight as the
added cost on any commodity as con-
sequence Of more advanced freight rates
will be so small under a proper dis
tribution that it will be absorbed by the
nfddlernan and the retailer. NeVerthe-
less. il is likely that the later genue-
rnen will throw the burden upon the ultl-
MATE consumer In view OF the IN
crea sed cost to the railroads Of materials
necessary TO the proper conduct or the
TRANSFORMATION business and the larger
wages now being paid bv the companies
higher freight charges do not appear un-
reasonable, especially as in recent years
railroad rates have been at relatively
low level in comparison with the general
price schedules in this country. More
over. under the proposed new freight
tariffs the railroads will not, according
to the opinion of the best Informed rail-
road men. make up one-half Of the
amount of the increase in their oper-
sting expenses due to the successful er-
forts of employees to secure better wages
The railroads are good spenders with the
manufacturers. and it hardly appears
nrobable that the latter as a whole will
make concerted objection TO higher rates
In the case of many roads, Increased
coe, of materials and increased labor
costs will offset heavier gross earnings