New-York tribune., 1910-02-03
FINANCIAL MARKET
MET4L ISSUES DOWN.
Most Stocks Weak on Local
and Foreign Selling Pressure.

Announcement of the failure OF a
nron1inent banking house was an effec-
tive influence in attra citing q professional
selling movement in the stock market
IF the opening Of business, but opera
tions for lower prices failed to bring out
important offerings Of securities Losses
in the first hour ran from large fractions
m 2 r7oint or more with the chief weak
ness in the Hartman shares, the cop
per stocks and United States Steel, these
issues. however, with the exception OF
Amalgamated Copper, being well taken
on the decline while in Reading the de-
mand was active enough to bring about
a sharp advance in the first two hours
of trading Transactions throughout
the list were light in volume Connlls-
sion houses had few orders Tor PUBIC
account and there We're no indications
of an inquiry from this quarter IN the
immediate future, either for stocks or
bonds. though brokers professed TO De-
Iieye that in the event of further de-
pression in prices an outside demand
would develop, especially in view OF the
ease IL the money market The bond
market is practically dead at the mo-
,nent so far as issues dealt in on the
Stock Exchange are concerned, ana lhe
statement by d member Of the bankrupt
firm of Fisk & Robinson that investors
demand securities that return or promise
to return per cent or more, owing 10
the high cost of living, at the expense OF
municipal. government and solid rail-
road bonds, contains more truth than
fiction. The country is being flooded
with alluring circulars on per cent II
rigation bonds Doubtless some Irrlga-
tion proiects will turn out we'll as a
channel for the investment of funds, but
conservative bankers believe that a
large proportion of current offerings or
irrigation securities will prove poor
ventures
The general market was weak in the
afternoon. and Reading and other issues
that were exceptions to the downward
movement in the morning lost all or
their gain Amalgamated Copper and
American Smelling were especially weak
finding little support at the low levels
and rejecting a, certain amount OF actual
liquidation. Weakness IN American
Grafton of the company's statement for
the last six months of 1909, which was
disappointing, to say the least. At the
close Southern Pacific, Chesapeake d
Ohio, Union Pacific, Amalganated Cop
per. American Smelling, Interborough-
Metropolitan preferred, Reading ana
Tinted States Steel showed net losses of
from to 27s points, Amalgamated Cop
per losing the most. Reading, after sell
ing as high as 161. ended at 1885, a net
decline of ] point. Chicago & North
western preferred, on a sale Of 100
shares, sold 19 points under the last
preceding reported transaction. Re
newed liquidation was reported in La
clede Gas, which lost more than j
points.
Speculative sentiment was bearish. and
pessimism over the business outlook
gained headway with the publication or
the record Of failures in January, show
ing the largest liabilities for any month
since December, 1907, and with the fur
ther ease in money which suggested an
absence of mercantile demand. The in
crease in failures in January was due
almost entirely to the suspension of
brokerage houses. Bank clearings for
January do not sustain the theory that
the volume OF business IS decreasing,
the figures for the month being larger
than in any preceding month on record
AL cities show a gain OF y per cent
over the same month last year, and al
most 5 per cent over 1906. when indus
trial prosperity was pronounced. The
Increase was well distributed, and not
confined to centres where speculative
operations are an important factor in
bank exchanges Local sterling ex-
change rates We're tride easier yester-
day, and at Paris the rate on London re-
mained at Tuesdays level. London dis