New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-13

FINANCIAL MARKET
Sterling Exchange Higher and
Money Rates Unchanged.

Transactions in stocks were light IN
volume and price changes were unlln-
nortant in the larger number OF issues
with net losses predominating at the
close The technical position of the mar
ket has been weakened by the ehmihd-
ton of a big short interest ana py the
accumulation of weak bull accounts, ana
as there is no especial demand for Sc
curitfes from reimbursement sources at
prevailing levels 1t is not unlikely that
operators for the decline may enjoy some
success in the course of the next few
days unless something should develop to
attract an active professional and public
inquiry. At the high prices recorded in
the early trading yesterday Amalga-
mated Copper showed a gain Of 4 points
from the low figures made in the first
week of the current month; Reading
gain of Z points. Southern Pacific a gain
of SIS points. Union Pacific gain of ots
points and United States Steel a gain OF
3D. points but compared with the high
levels of 1909 the high quotations yes
terday presented losses that amounted
TO 267s for Amalgamated Copper, IL for
Reading. u for Southern Pacific 80 for
Union Pacific and - for United States
Steel AS a rule. stocks are not dear at
existing levels, but the buying power Is
limited and does not include an active
demand from the public. either on specu-
lative or investment account, the invest
ment situation being reflected in the
failure of our bankers to make a good
market here for new bond offerings and
the financing of such issues abroad at a
rather stiff price. The midday decline
was followed by frnler tendency at the
close. but gains when made, except in
the case of Pennsylvania, which was
helped by foreign buying, were confined
10 small fractions. Even Brooklyn Rapid
Transit. which was placed on per
cent dividend basis failed to close better
than u up as compared with Wednes-
days final figure.
Sterling exchange rates showed great
irregularity in yesterdays market, with
the general tendency in the direction OF
higher level, helped perhaps by the
statement of domestic exports for the
month of April. which exhibited a total
USIlltit dS NOiliEdlCu Will Tie Sdllic Illbt
last year to the value of S6,6S2, $50. The
falling off was confined largely TO meat
and dairy products, shipments of bread
stuffs and cotton being IN excess of those
in 1868. For the ten months ended
April 80 exports Of grain amounted in
value to S110S29,S52 against $3.50 727.-
10 in the corresponding period In the
1,ofC ,4-l,iIa To
the value Of $2S. 376.S7 due to the high
prices prevailing for the staple rather
than 20 any increase in the actual
amount sent abroad, the value of the
shipments of cotton in the ten months
presenting the only gain in the general
export movement. Sterling exchange
was forced up in. the late trading in
higher range at the opening yesterday
on the argument that the Bank of Eng
land would not lower it's minimum rate
Of discount though 1t was thought that
the real reason for the advance could
be traced to the efforts of bankers TO
make an attractive market for the sale
of bills drawn against bonds placed in
Europe notwithstanding weekly re
turn that showed u record breaking pro-
portion Of reserve to liabilities for this
season of the year the British institu-
ton maintained its discount rate at 1
per cent, its decision not to esta blish its
rate on a lower level doubtless being
based on the uncertainty over The effect
upon busint IS of the accession of the
new King and on the idea THAI a lower
rate would result in gold exports TO other
countries. 1t is conceivable that IN spite
OF OUr poor position In foreign trade fur
ther heavy Gales of American securities
abroad would bic us to draw the vel
iuw. metal from London unless tile Bank
OF England should place substantial Oh
stacles IN the say OF such a movement