New-York tribune., 1909-04-09
FINANCIAL AFFAIRS
4CTITE STOCK TRADING.
Manu- Issues at Nc7c High Lercis =
Banks GAN Cash.

New high levels for the year were made IN
YESTERDAYS stock market on volume OF ous'
ness that amounted TO S9s,sl1 shares, win IN
heaviest dealings in the Hartman issues, keaa-
i,,e the metal securities and number Of the
low priced and usually inactive stocks in when
aggressive manipulation was reported loi ''1
account Of substantial speculative interests,
The fact that SO much attention was pald 10
shares of this character and that under cover
Of great strength in them quiet selling was no
ticed among the high grade issues suggested to
many minds the presence in the market OF ais
trjbuting sales by people who generally get "u'
at or near the top II. however one couId 'dNe
the dav's enthusiasm in speculative quarters as
q criterion Of future movements the opinion
y-oIr1d AT once be formed that an indefinite ad-
vance is ahead Stocks on days Of boiling mar
kets generally preparing for reaction me
chief BUYERS Yesterday were not the people VITO
bought when prices were from 10 TO 40 points
lower The heaviest operators on the bull SIDE
were commission house traders who would not
touch stocks when they We're At bargain levels
traders short Of the market and recently formed
bull pools that we're especially active in such
shares as Wisconsin central. which advanced
more than G. poin,s: Colorado Fuel and Iron,
American Cotton oil. Virginia Carolina themi-
cal and United States Steel common The move
nent in the last named which carried It's prlc"
10 within a fraction Of the best figures since IN"
cutting in steel products began, attracted hig
commission house following. but proved nothing
regarding the position of the stock as dividend
yer in the balance Of the year. Wisconsin
central was helped by the announcement that
tho road would be completely merged with the
500" and bv the report that il would be placed
on a per cent dividend basis, while strength
in Virginia. Carolina Chemical and American
Cotton oil was accompanied by rEmors Of a
combination involving the two companies. Tn.
advance in these shares had a sympathetic ef-
feet on the issues Of Southern roads, on the
inference that the movement in the South's lead
inr iryllstrials fCreshadoWed business improve
rnerlt in the territory served by the Atlantic
Coast Line. the Louisville & Nashville and the
Southern Railway.
American Peot Sugar rose to new high
record on pool br,.ng American Sugar Refining
gained more than points, despite the fact that
the big sugar company has been compelled 20
refund a large amount of money 10 the govern
,1ont and Colorado Fuel and Iron advanced
much the accompaniment Of the ancient
rllmor that the company will pass to the control
Of the United states Steel Corporation. Any
rumor did service in the speculation, and when
Western Union advanced because its price is
low while its business is expanding, the Street
reached the conclusion that the company would
be taken over b. the American Telephone and
Telegraph Company, the shares Of which have
heen active in recent days The movement in
the stocks Of these two companies is justified
bv solid business reasons. but the same thing
cannot be said OF the speculation in the greater
number of securities. Chesapeake & Ohio is
an exception. its advance being warranted by
the position Of the company. which insures
higher dividend rate. and its gain Yesterday Of
-. on dealings Of more than 10000 shares was
accomplished on an excellent class Of buying.
Hooking Coal and Iron, which sold higher than
United states steel common. furnished
ample Of a stock advancing on pure-some peo-
pIe might call it speculation rather
than on any increase in its intrinsic worth. but
in the great ma jority of stocks actual value is
not considered in the current movement The
market closed off from the best of the day
realizing sales. but with the general level well
above that OF Wednesday. The possibility Il
unfavorable developments over the three day
holiday did not enter into speculative calcula-
tionS
According to the known movement Of money
in the current week the local banks have gained
ury operations and gold exports having been
interior. The movement covers five days. as
compared with six days last week, and results
in ,he comparison are therefore somewhat un-
satisfactory though Jhcy continue To show that
the interior is in no need of drawing on this
centre for funds. the demand at out-of town
points being unusually light for this period Of
the year Western and Middle Western cities
sent 2 relatively large amount Of currency to
New York. while the outward 1oN of money
from here was made up chiefly Of national bank
notes shipped to Washington for redemption.
The most noteworthy feature of the weeks
changes in the course of money was the larger
payments by the banks tn the government on
customs FOR goods imported and taken out IF
aond, federal receipts showing material ex-