New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-12
FINANCIAL MARKET
COPPER STOCKS WEAK
Sterling Exchange Dozen I'm
der Offerings against For
eign Investment Buying.

In view of the long period of strength
enjoyed by the local stock market the
sharp decline recorded in prices yester-
day needs little comment. Weakness de-
veloped as consequence of the technical
position Of speculation, though the de-
cline was helped by report circulated
in London and Wall Street that ]. Pier
pont Morgan was dead, and traders who
worked actively for lower quotations in
the late operations appeared to be con-
WINGED that it would not be a difficult
matter to press their advantage in to-
days transactions. While the local mar
llet declined. higher prices were recorded
on the London Stock Exchange, where,
according to cable dispatches, a general
boom was under way. Speculation In
the London market has been exceedingly
active in recent days, but from current
indications in the money market at that
centre a good sized smash in quotations
in the near future is not improbable. es-
pecially as the Bank of England intends
to advance its minimum rate of discount
next Thursday. The heaviest losses in
the local market We're sustained by
Amalgamated Copper, st. Paul. Great
Northern and Union Pacific, Amalga-
mated declining net more than points
on a heavy volume of speculative selling.
The copper shares We're entitled to a de-
cline. owing TO the overwhelmed bull ac-
count in them. Almost two thirds of the
total days business was supplied by
Amalgamated, United States Steel. Union
Pacific, Reading and Southern Pacific.
while Steel alone furnished about one
quarter of the dealings, its transactions
of more than 1000 shares resulting in
a net loss of e.
According to the known movement Of
money in the current week the local
banks have lost upward of 100000 in
cash holdings, due in part TO heavy ship
ments of currency to the interior The
banks received from out-of-town points
$S,253000, against shipments from here
Of s9,853,O0O while on their operations
with the Sub Treasury they suffered a
loss of more than 100000. which was
offset to some extent by receipts Of new
gold on New York Assay Office checks
Increased shipments of money from New
York are customary at this time Of the
year and in view of the increasing de-
Tnands from mercantile sources, the large
requirements of the agricultural COM
nunity, incident to the spring planting
and the extended loan accounts of in
terror institutions the outward move
ment in the course of the next few weeks
is likely to be unusually heavy and to
exert an important influence On the local
money market, especially as bank re
serves at this centre are only slightly In
excess OF S11 100000. Customs collections
in the present week were heavier than
in any preceding week since last July,
and in addition to the payments by the
banks on this account they lost to the
government as a consequence OF the set
Element OF interior obligations due the
federal Treasury, which were effected by
drafts on balances here in favor Of the
Assistant Treasurer at New York
Unless there has been "A material con-
traction in loans Of the Associated Banks
to-day's Clearing House statement
doubtless will show further decline In
reserve above legal requirements. Ster-
ling exchange was heavy yesterday. the
demand for remittance being light while
the supply Of bills was moderately heavy.
made up chiefly Of exchange against
European purchases of American invest
ment securities. Foreign trade condi-
tons. however, do not encourage lower
exchange rates. Domestic exports for
the month Of February, the figures of
which were received yesterday. show
decline TO the value of S14,361, SIT from
the same time last year and a decline of
$45183,S54 from February. 1908.