New-York tribune., 1908-12-23
FINANCIAL AFFAIRS
STOCK PRICES STRONG
Heavv Gains By Los0 Priced Issues
Money Rates Firm.

s+octs we're strong and active IN the FIVE hours
~ trading on a fairly veil distributed volume
Of business representing heavy covering ~
shorts new commission house business ana sup
mort from some of the leading interests IN 'n7
street Low priced shares were strong tea'ureS'
the Wabash issues for instance, making ne"
high records for the year on accumulation pS
oeople who evidently are working 10 TAKE lti0
control of the Wabash property away I lIoLi III
Gorlds and on buying by the ordinary opeFat"ls'
who have been following the movement IN 'llese
securities in the last few weeks IN the hIti! ~
belief that the Goulds no longer could olctdIC
the noli-y Of the road. The greater amount O
the stock that has changed hands recehtly i
held in the names Of Wall Street commission
houses but opinion appears to favor the theoIS
that the FIaVlev interests. who have Just SOFA
control Of the Colorado & Southern nave oeeL
The chief purchasers with the view OF turning
+r7A rropertv over to the highest bidder. II also
was asserted in z few quarters yesterday tilaI
the Hartman people were big buyers Wflile
there were some believers in the idea that the
Ta~ka wanna eventually would become the owner
Of this so-called Gould company. Heavy buying
Of the Wabash stocks vas reported IN the panic
DAYS when their prices were extremely low out
most Of this stock recently has come upon the
market Missouri Kansas & Texas shares
among the cheap stocks and Brooklyn Rapid
Transit enjoyed marked Improvement. and in
the case Of the first named the Street professed
to see buying similar to that in Wabash and the
recent huying in Colorado & Southern. 1t is the
fashion nowadays to advance the idea that ac-
tivitv in the shares of the smaller railroad
properties is a certain indication of the passing
OF control. Advances in the leading active is
sues ran from ] TO points, final quotations as
a rule being at or near the best of the day, with
the heaviest net gains in Brooklyn Rapid Tran
sit. Chesapeek & Ohio, st. Paul. Consolidated
Gas. Missouri Kansas & Texas, New York
Central. Southern Pacific Union Pacific and
Wabash preferred The high priced issues did
not figure TO a great extent in the advance
until the late trading. when they became buoy
ant. their movement. however, failing 70 lessen
interest in the lower grade securities. The sharp
reCoVeries throughout the list were not signiti-
cant Of anything outside the regular course of
speculation. being in great part a reflection of
the recent heavy liquidation that carried prices
down from to 10 points under the high levels
made in the post-election advance. Cau money
ruled at 81 per cent. while sterling exchange
firm at an advance of > points for demand.
The local banks have lost far in the current
week upward of 100000 on their operations
with the Sub Trea sury while shipments of cur
renCy 10 out of town points have been moderate
II heavy The gold taken Monday and yester-
DAY for shipment TO Europe will 90 to Paris to-
DAY. and the relatively small amount would be
increased if the assay office were able to supply
gold bars Of which its holdings are practically
exhausted. The resumption Of GOLD shipments
is due to unusually heavy end Of the year de
mand for remittance and a scarcity Of bills in
the local exchange market. but il is not Consid-
cred probable there Will be further large exports
tendency In the money market at this centre
Tariff agitation is reflected in small imports of
merchandise. buyers here holding on from the
foreign markets in the expectation of lower i'm
port duties and as consequence the receipts
by the government from the sale of Panama
bonds will serve for short time only to main
tain the federal Treasury's working balance at
respectable level owing to the constantly in
creasing excess Of expenditures. which from July
amounts 10 about S62.000.000 The suggestion
made in this column yesterday that the govern
ment soon would be compelled to seek additional
funds is generally accepted in the Street as the
most likely outcome Of the present Treasury
situation. and in financial circles II is considered
probable that Secretary Couelyou early in the
new year will offer for sale another issue Of Pan
anna per cents; also call upon depositary banks
throughout the country for return OF govern
ment deposits. though in manner that will
work no hardship 70 the various national in
stitutions
Against the Panama bonds upward Of
100000 new circulation already has been taken
out by the banks. National bank circua-
tiOn doubtless viii increase 70 a material ex-
tent in the course of the next few months owing
20 the signs Of an enlarged demand for funds in
trade and speculative circles. and i'm banking
quarters il is not believed anything in the nat
ure Of monetary disturbance viii develop in the
future though the point is made that un-
less some real currency reform is effected the
market ultimately viii into the sa me con
ditions that in the past have caused so much
trouble. Interest, of course. is taken in the re-
ported letter by Senator Teller to well known
London himetast indicating the possibility of
a recommendation by the Aldrich currency