New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-09
FINANCIAL MARKET
UnfavOrabIe Crop Report Helps
to Weaken Stock Prices.

Speculative liquidation and aggressive
selling pressure from the bear element
We're responsible for sharp declines in
stock market prices in Yesterdays deal
ings. Announcement OF the reduction Of
TIE working hours at the New York.
New Haven & Hartford shops. following
a similar announcement made 10y the
Erie earlier in the week. disarranged the
calculations Of spectators who had been
counting upon an enormous volume Of
railroad business I'm the current year
and encouraged a downward movement
that also was backed 10y the expectation
OF a poor bank statement to-day. by the
theory that the Supreme Court would
hand down a decision against the Ameri-
can Tobacco Company on Monday and
by government crop report showing a
fifteen point deterioration in the condi-
ton Of winter wheat since December.
This falling of in condition compares
with an average decline in the same
period in the last ten years OF - per
cent and reflects a condition on April
lower than at the same time in the last
five years. 1t should be borne in mind,
however. that since the compilation Of
the government figures beneficial rains
have fallen in the winter wheat belt.
while the loss in condition as compared
with a wear ago is offset by the larger
acreage planted.
Selling pressure was the heaviest in
Reading. Union Pacific. Amalgamated
Copper and United States Steel. the
weakness in the last named giving birth
to sad tales Of vanishing steel industry.
A. a matter % fact, current new orders
being received by the United States Steel
Corporation show marked Improvement
over the volume Of business reported
earlier in the year. and according 10 in
formation received from trade interests
every indication points toward steady
activity at the various plants Of the
concern throughout the rest Of 1910.
While the steel industry is expanding.
copper trade conditions at the moment
are not so promising, although IL is not
believed tha+ the increase shown by the
Copper Producers Association in the
visible supply Of the metal in this coun-
try on April ! foreshadows similar re
suits in future monthly estimates Of the
amount Of unused copper in the hands
Of the producers. The general market
showed no rallying power al any time in
the day. and al the close prices were
81 or near the lowest. net losses running
from 20 more than = points in the
active list. The bank situation in Brook
I'm helped 20 depress sentiment
According 10 the known movement Of
money ia the current week. the local
hanks have lost upward Of SG.50O.G00 in
cash holdings. due 70 shipments Of gold
20 London and payments 10 the Sub
Trca-ury. For the first time in many
weeks there Was a substantial gain on
OPERATIONS with the interior. but receipts
from out II town. however. ounted for
little in the face Of a loss on gold eN-
ro,ts and to the government OF almost
NlnO.gODO tIless the net contraction
shown ou uoun movements has been
offset Jog q l7aNE liquidation OF loans
and lar-e over She counter cash deposits,
to-dal's Clearing House figures VIII
make A poor exhibit IA the matter OF
reserve. which ia the statement 81 a
week ego was only s. 9aS. 900 above the
legal requirements. The financial COM
munity exhibits 40 apprehension over
monetary conditions al this centre. and
in spit, - low reserves and gold eN-
,.urts e docs not look for disturbance
iu .he money market just as long as
-r,culatisn ia stocks IS restricted To a
lfeht volume OF business. with the ten
dency ~ prices ga faNor 81 lower quota -
tioas. There viii a. no shipments -
gold by to-day's slow steamer. but IL Is
probable that sterling exchange rates
VII move TO a level in the carly part Of
next week tLat viii encourage further
cngagemeI.ts Of the metal for export by
the Mauritania. which sails on Wednes-
dag The banks have been calling loans
in the last TWO days. a reflection of
which Is found Ia the lower prices made
for the larger number OF securities, and
Il Is quite probable that The movement
will continue until money market condi-
r.ons have been readjusted To a better
basis The Bank OF England yesterday
advanced tAs Lu.ins price :Or German