New-York tribune., 1908-12-11
FINANCIAL AFFAIRS
ACTIVITY IN STOCKS.
Cheap Priced Issues IN Demand
Money Easy-FWther Gold
ShiDmentS.

---,,,s..rfors in stocks in yesterdays market
. ere heavy in volume on irregular mpver1eIt
r,f values with lest figures at net gains in the
greater number of issues The low priced shares
sagain were active in the trading especially me
securities that rscentIv have been quiet, as. for
,nstanee, the marlborough Metropolitan, On.
fsrio & western the Mexican Central and To
edo St Izcuis & Western stocks which appeared
10 be In demand from good class OF tfaoers,
Who zTJpa~entlv believed that the chances OF
4,rafIts on the bull side Of all securities OF TINS
-5-lass were extremely promising. Chesapeake &
ohio Missouri. Kansas x Texas common, Wa
hash preferred. Brooklyn Rapid Transit Denver
& T2io CzraUda and Texas & Pacific, among the
SCALED second rate shares also were features
Of the market while no loss Of interest was
reported In the nigh grade group, though heavy
realizing sales Were recorded IN Union Paclhc-
Southern Pacific. s. Pau, Reading & Great
Northern Southern Pacific made q new hish
record II 1249s one Of the most distinctive
features Of the market was reflected in its abil-
sty ., absorb heavy realizing sales without i'm
rortarr recessions in values Floor traders VINO
scd in the early dealings covered their contracts
5n the subsequent operations chiefly because Of
the ease with which the market handled the
rrofr taking movement. At the close the gen
eral market 1irnl. showing net gains IN the
majority II active issues. United states Steei
common, Amalgamated Copper Reading and
Northern Pacific al small fractional declines
heing the leading exceptions. United States
Steel common was heavily sold in the afternoon
by a prominent house, but on the recession II
s5 as against high price of 55's, new buyers
took all the stock that was offered The general
zverage Of quotations At the end q the DAY
was at the best OF the year
The fact that the cheap priced shares are NOV
s~E to higher level is responsible" for the theory
in some circles Of the Street that the bull move
rr7ent Is OF its last legs. hut from what may be
learned in well informed quarters the leading
interests in the market have not made . gen
ersI distribution of their holdings When the
-csts" and dogs" become active one should 90
short OF the market according to an old Wall
Street adsxe, but in recent market movements
the adages, TnaIims and proverbs Of the street
have not been closely followed and precedent
upon which spectators bank SO much, has
s-een no guide to market changes In the cur
,eut advance among the low priced shares buy
fng has heen based to great extent upon the
Increase in the actual equity II these issues and
-spor the well founded belief that In the course
of the next year their intrinsic worth "ill i'm
r,rove TO z material extent Their advance has
rot been accompanied by quiet selling in other
rarts CT the list, and though some observers
whose ideas are based the performances Of
t1e past rather than On existing conditions. are
rrone 20 remark that there II no good in 4
market in which the non-dividend pay ing
cur1ttes active, strong features. there is no
evidence in the present speculation that this
sroup Of stocks is being advanced at the
lense Of the general level Of values. Bull specu-
iaton in the low grade issues may be- over
done but the fact remains nevertheless, that 50
far these securities have been entitled to every
point OF market gain recorded
People who believe there is no future merit
ia q stock il il sells At q low level were alarmed
when Colorado Southern began to advance, but
this issue Is a dividend paying basis,
and from ali indications VIII remain in the safe
investment column. Wabash preferred will
pay dividends some day. but over conservative
souls 90 not believe such development pos
si0ie- and the same thing may be said Of Mis-
souri,, Kansas & Texas common In Atchi-
sons DARK days operators who bought the com
mon stock 10 hold for a long pull were consid-
cred 5y some market followers extremely reck-
less. To-day this issue pays per cent There
time when Union Pacific considered
4 hopeless risk The company is earning
Ear in excess II its 10 per cent dividend. its
port for the ysar ended June 80. which was re-
ceived yesterday. showing 2 surplus after the
l5er cent the preferred and 10 per cent on
che OF more than per cent on the lat
ter stock, notwithstanding that in d good part
81 the year the country was suffering from
-rade depression. Stocks have enjoyed an ad-
vance that suggests the probability Of a sharp
reaction in the near future. but inst as long as
money remains az easy level il viii be a
difficult matter for spectators - achieve
lhan Passing success the short side of the
market There change 3. money rstes