New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-03
FINANCIAL MARKET
Stocks Down Under Heavy Sell
ing Pressure.

Professional traders on the stock FIX
change found in the absence of aggres-
sive support from the substantial fnan-
cial interests and I'm the failure of Satur-
DAYS decline to attract an active public
demand for securities ample argument
for continuing their operations for lower
prices. directing their chief attention to
Amalgamated Copper and American
Smelling and Refining. issues that were
susceptible TO bear pressure owing to
the weak bull accounts in them and to
the relatively unfavorable position Of the
copper metal market. Consumers of cop
per do not feel inclined to buy the metal
pending the report of copper stocks on
hand. to be made public on May 10, on
the theory that a large increase will he
shown. with subsequent lower prices for
the product. but in the best informed
trade circles it is not believed there will
be material shading of current prices
The fact that copper stocks abroad are
decreasing, statistics for the last two
weeks showing A reduction of more than
9. 100000 pounds. encourages the expec-
tation among the large producers here
of an appreciable betterment in general
copper market conditions at no remote
period.
Further actual liquidation of bull &C
counts was reported in yesterdays stock
market transactions. The larger inter
osts were not disposed to do -nything
10 check the movement, but they were
buyers nevertheless throughout the list
making particularly heavy purchases in
United States Steel. Union Pacific,
Reading and ST. Paul. Bear operators
are exhibiting unnatural confidence IN
their campaign for lower prices and are
selling stocks they do not own in q reCk-
less manner that undoubtedly will end
IN something akin TO a bear panic. Many
operators who were enthusiastic buyers
at the top Of the last bull movement
are now. after a long period of de-
clining prices just as excited over their
assumed surety OF profits on the short
side Of the market, and though they
may not realize il their position ap
parently IS becoming more dangerous
every day. Afternoon prices showed
some improvement from the low points
OF the morning, on covering Of short con-
tracts. but the larger number of issues
ended at substantial net losses. United
States Steel and Union Pacific supplied
more than one-quarter of the total deal
ings of ,O6S, 094 shares.
The position of the local banks as
shown by Saturdays Clearing House
statement does not encourage the hope
Of easy money in the immediate future
Reserves are at the lowest level Of the
wear, but fortunately the outlook does
not favor resumption of gold exports
in volume, while the .-.gher loan quota
lions should attract considerable
amount Of outside funds to this market,
with the effect OF preventing further
advances in the price of accommodation,
which for call money ruled at 6 per cent
yesterday. Liquidation in stocks and
commodities may continue TO an extent
that will bring about a substantial re-
duction in loans Current irregularity
in the country's business will lessen the
demand for funds from mercantile quar-
tiers and stiff rates for money here will
serve 10 attract foreign lending at this
centre. The factors named should
serve as an Offset TO prevent unfavorable
conditions in the money market and be
effective in gradually inducing a health
ier situation in the general financial
markets of the country. The attractive
price levels for buyers of stocks will, it
is believed, encourage foreign invest
ments in our high grade securities, os-
pecialIy from England, owing TO the
enactment Of the British budget. which
may be effective in driving capital away
from the United Kingdom. Our stand
ard securities now show excellent re
turns for conservative investment opera
tlcns. and people vho refuse to become
bears on the country because Ct prevail
..,- ~ ir,tLsz SO The Eensral .ltLaiI In