New-York tribune., 1908-12-30
FINANCIAL AFFAIRS
MOST STOCKS LOWER.
Heavy Selling Fails to Bring about
Big Losses Call Money at
2 IL Per Cent.

Profit taking sales and bear pressure we're re
sponsibe for irregular movement OF values
in Yesterdays market. The volume Of realizing
however, was not heavy enough to make an i'm
portant impression upon values. which showed
insignificant losses in the majority of issJks,
fractional declines being recorded in the greater
number of active stocks against substantial
gains in the preceding day In some issues, IN
spite OF the realizing movement, new high rec
ords for the year were made, while in i rev
stocks final quotations showed net gains, nota-
bly, Wabash preferred, which closed UP more
than / point compared with the last price N
Mondays market. The strength in this issue
was not accompanied by news developments af-
fecting the Wabash property, but the character
Of the trading impressive enough TO sug-
gest that enormous amount OF the Wabash
securities recently have passed into the hands
Of people who believe that the road has great
money making possibilities Reading so
well bought that realizing sales were without
material effect on its price; also United States
Steel preferred and common. In the early deal
ings Union Pacific sold within a fraction of its
best figure of the year, and even on subsequent
heavy sales closed only Il under its final price
of the day before. In the last hour selling
heavier than at any time in the day. pressure
being particularly active in Amalgamated Cop
per New York Central and Union Pacific.
Northern Pacific Pennsylvania. United States
Steel preferred. Wabash preferred and the Wis
consin Central issues among the few stocks
that showed net gains at the close. Trading in
bonds heavy.
Realizing movements in the current market
are met with q heavy demand from commission
houses that represents the operations OF the
more important interests in the Street, and as
consequence the effect of such sales on prices IS
i1nmateriaI The markets power of absorption
IS greater than Il has been at any time in the
present year. and il furnishes one of the strong
est speculative reasons for enthusiasm among
the advocates of higher quotations. especially in
the Hartman shares the Hill issues. st. Paul,
New York Central. Reading. Brooklyn Rapid
Transit and some OF the Gould securities in the
railroad list and American Sugar. Refining the
copper stocks and United States Steel common
and preferred in the industrial department OF
the market. It also is likely that Pennsylvania
VIII be favorite in the operations in 1909. This
stock touched nigh price for the year in
yesterdays dealing. the character OF the trad
ing in # suggesting the possibility of the de-
velopr;ent of & ld-fashioned bull speculation
based on the expectation OF improving earnings
s5n ordinary account and on the increased reve-
nue. that will develop from the extraordinary eX
penditures upon the property in the last few
wears including the amounts put out in
nection with its tunnels under the North ana
East rivers and its terminal in this city. which
gradually is nearing completion. 1t will not
auire much encouragement TO induce an active
buying Of Pennsylvania securities And the