New-York tribune., 1908-12-10
FINANCIAL AFFAIRS
STOCK PRICES HIGHER.
Ne5o High Records for the Year
Made by Many Issues Sterling
Rates -4dIanCc.

The average price for the greater number Of
securities yesterday reached point slightly
higher than the record made November i,
when the best figures for the year. to that time.
were recorded. Union Pacific and some Of the
other high grade issues did not sell at their rec
ord quotations. but the list whole, including
the industrial securities established new high
range for 1908 on total volume of business eX-
ceeding 100000 shares. The general trading
was made UP of well distributed buying
movement. with speculative interest confined to
no particular department Of the market and
with active operations in shares that have been
inactive for months The cheap priced issues
again were in demand. Chesapeake & Ohio com
ing into prominence a result of transactions
that carried its price up more than points, the
movement being accompanied by reports of je-
velopments favorably affecting the company.
particularly in relation to the stock held by 4
prominent banking interest. which was taken
over from the Pennsylvania at a price close t"
the closing quotation for the issue yesterday
Traders who sold stocks carly in the day to even
up their books reported that their offerings
were well absorbed. Commission houses were
active buyers. though the character Of their
operations not impressive. Bull sentiment
was almost too enthusiastic To- suggest the pos
sibty of an uninterrupted advance in the inn
mediate future. notwithstanding the ease ot
money and the various factors in the general
situation that encourage cheerful sentm
IN the Street. 4 good sized reaction would serve
10 strengthen the chances Of conservative i'm
movement i'm weeks to come but with prices
moving up al the rate recorded yesterday the
very suggestion Of a decline is offensive to the
people who believe that oven with sh"estriuE
margins they can make fortunes in the current
speculation The stock market nevertheless
looks dangerous FOR small traders. It is pos
sibe that i'm to-day's operations the report Of
the November production "f pig iron showing
a gain Of only 1O00o tons over the preceding
month. may have some effect Ola values.
Though sterling rates advanced at this Ceptr"
Yesterday tho effect influence on the
movement Of gold vas Offset h. rise in PARIS
exchange on London. and the outlook for addi-
tional shipments Of the metal from here re
manned as II was the preceding day. With the
r,-osr,ects in favor Of further exports, but with
no negotiations under way for ? further outgo
I'm the current eek At the moment the sperU-
laffvo element in Wall Street is paying little at
tentiou to the local and International monetary
situation as it is counting upon lorg period
Of easy loan quotations while il is giving little
thought TO the problems that confront the fed
eral Treasury. the possibility of currency legts-
lation and tariff reform agitation; but In the
higher circles Of finance these questions are re-
ceiving serious consideration. as 1t is believed
they will become factors of vital Importance in
the course of the next twelve months as affect
ing the general financial and business situation
The Secretary OF the Treasury in his annual re-
port calls attention TO the fact that the recently
enacted currency measure viii q useful
purpose until real currency reform is brought
about and he points out that, while the recur-
Of past financial disturbances may at this
time appear be thing Of the distant future.
the country should not rest satisfied with q tem-
por3Ty measure which possesses none Of the
clements Of a sound currency system. He says
that while the new administration is pledged 20
Ii fair revision 81 the tariff, the deficiencies in
the government revenues and the future heavy
needs Of the federal Treasury will force an
equitable method OF taxation by which national
expenditure may be met. and he suggests among
other things that some eXpedieut be adopted to
reduce 10 minimum the actual transfer of
gold between the financial centres Of the world
The thoughts in the mind Of the Secretary
these important subjects well worth the CON
sideration Of our lawmakers and financicrs. The
latter desire comprehensive and thoroughgOing
currency legislation, and they believe that The
recommendations Of tho Monetary Commission
eventually viii lead 10 a practical reform. II is
not exps'ted. however. that the present Congress
yiH do anything along these lines MAKE any
change the tariff. bIt the new Congress W ~
he under obligations - take UP both questions
aud 10 make laws affecting the currency and