New-York tribune., 1910-04-26
FINANCIAL MARKETS
Heavy Gold Export Engagements
Fail to Advance Money.

W
Transactions in stocks were light in
volume throughout the five hours of
business on a movement Of prices that
showed irregularity, with the general
tendency, however. in the direction Of
lower levels. Opening quotations were
under the closing in Saturdays market,
while in the subsequent morning opera
tions a frmer tendency developed in
spite of record breaking gold export en-
gagements. dealings representing little
beyond the trading of the professional
element. Efforts were made TO make
market capital out of the storms in the
West, but the chief interests in the
Street were not seriously impressed with
the reported destruction in the fruit or
chards as an argument for cheaper stock
market prices. particularly as the ton
mage supplied TO the railroads by the
fruit growers in the affected districts
furnishes only an unimportant fraction
of the general tonnage from that section
Of the country. Speculative sentiment,
however. showed no Improvement from
the depression noted st week, chiefly
as a consequence Of the utter lack of a
substantial buying a mand. and rallies
in prices in the morning from the initial
declines were suCceeC ed before the close
by renewed weakness. final quotations
as a rule showing big net losses, with
the chief heaviness in the metal shares,
Reading. Union Pacific. Southern Pacific
and Pennsylvania.
On the decline in United States Steel
offerings were taken by houses identified
with substantial interests. and the gen.
eral character OF the buying suggested
that on any further SIS in its price the
stock would go into the strongest hands.
Pennsylvania was active on the selling
side. and the impression prevailed that
the dividend on the issue would not be
increased TO a per cent basis next
week, though in well informed quarters
it was believed that before the close Of
the present year such a rate would he
declared. Extreme weakness was re-
ported in all parts OF the list in the last
few minutes Of trading on increased
speculative liquidation and bear press
urc. Gold exports and an advance in
the cotton and grain markets were more
effective market arguments in the late
dealings than they were in the morning
though neither argument attracted sell
ing Of investment accounts. Wall Street
had one Of its periodical attacks of hys-
teria.
Heavy gold export engagements failed
to bring about higher rates for money in
yesterdays market. and in banking cir
cles no apprehension was visible over
the ease with which London secured the
metal here. Since the beginning OF the
current outward movement Of gold for
London account. including the consign-
merits arranged for yesterday, S}O.OOo.-
600 has been taken by local shippers,
and according to current indications the
outgo may reach a total Of SJ0O10oo
bcfrrv il comes 10 an end a sum which
under present conditions can be spared
without bringing about any disturbance
in the loan market. though in the event
OF the development Of bull activity in
securities quotations for money doubt
less would work toward a higher level
owing to the relative low position OF
bfillh lfstl Afs. Allt present llSiil
Of business on the Stock Exchange is
cutting down commission house profits.
but the absence OF heavy buying on
borrowed money at this particular time
strengthens the chances Of enlarged
operations later in the season.
The strongest holders Of securities
bought for speculative purposes are not
selling al prevailing price levels. and
there is no indication OF investment
Liquidation There is nothing In the gen
eIal outlook that warrants the sale Of
American investment issues. but certain
uncertainties In the situation which af-
ford bear Leaders the opportunity Of de-
pressing quotations naturally encourage
the liquidation Of poorly margined ac-
counts and suggest 10 many observers
the wisdom OF remaining out 81 the
market until tho roadjustments now un-
DER way IN various markets have been
completed Based on technical market
conditions. however. rally Is due. and
II the directors OF the United States
Steel Corporation AZ their meeting to-
day place the common stock upon a
straight Ia per cent quarterly basis
such a rally may develop Immediately.
British oonsols sold yesterday at the
lowest price Ia Eaorc than sixty years,