New-York tribune., 1909-04-01
FINANCIAL AFFAIRS
HEAVY STOCK TRADING.
Union Pacific at Highest Price Since
19O6-SteeL Common Crosses 49.

Stocks were strong throughout the day on an
active volume of business, though the greater
mart of the total trading supplied by feW
issues including the Hartman shares Anal
gamated Copper, Reading and United States
Steel common, the last named again pelns IN
heavy demand from the professional element
which continued to operate on the long s1oe OF
the stock on the expectation that its price WooId
be pushed above 80. In view or the depressed
condition Of the iron and steel trade and the
prospects for poor earnings for a number of
months to come with the possibility of reduc-
ton or the passing Of the dividend on steer
common, the current advanced quotation LOT the
security suggests 30 many minds active ma
njUulstion in the interests OF insiders who are
anxious to sell their holdings at fancy figure
and to buy them back at q lower level Union
Pacific sold at new high price for the year
and at q better range than recorded at any time
since 1906. Atchison common also made new
high point for the present year, while the gen
eral average was slightly above that Of Jan
uary 2. which was the best recorded in more
than twelve months both for the railroad and
industrial securities. Brooklyn Rapid Tran
sit and Peoples Gas We're among the days
strong features on buying that came from bet
ter sources than recently reported while in the
general market the character of buying sug-
gested more interest on the part Of commission
house customers, who as a rule operated on
the long side Of speculation, heavy purchases
for outside account being reported in Union
Pacific and United States Steel common The
advance of the last few days, according TO the
opinion of many oldtime observers, has dis
counted an enormous amount of future business
Improvement, and from a technical point of
view the market is much weaker than it was
a few days ago. At the close prices at
about the highest in spite Of realizing sales
which were made in volume under the protec-
ton Of the strength in the leading issues, such
as Union Pacific, which created great enthusi-
asm when il crossed 1S5. Manipulation by mill
i0naire traders was noticed throughout the list.
Railroad reports coming to hand for the
month of February show noteworthy improve
ment in gross and net returns as compared
with the month year ago, while gross
earnings for March so far received present
a rule encouraging gains. Chicago & North
western in February handled a gross business
in value s613,634 larger than in February. 1908,
while its net receipts increased s244,634; Union
Pacifc's gross increased s344.189, and the net
s2S1,573; Southern Pacific's gross showed a
gain of SS6,254. and the net gain Of S5S4,f05;
Pennsylvania's gross increased S846.700 and the
net increased 1922, 200: Erie's gross increased
1925, Jos, and its net S75S,958; Reading showed
a gain in gross of S112,S8S and gain in net Of
S245.60S; Rock Island an Increase in gross of
$30S.725. and increase in net Of s319,34L and
the New Haven a gain in gross Of S466792. with
a gain in net Of S546,457 Returns not only are
better than they were in the depressed 1903
period, but they show up well with the heavy
results in 1907, when traffic was moving
normal basis in all parts of the country. Gen
were better than they We're in the corresponding
time in the year before, and while this factor
helped to swell the receipts Of 1909 the greater
mart of the gain represents actual business i'm
provement in the country. The full report Of
earnings for the month Of January, compiled
by the Interstate Commerce Commission, shows
total gross earnings of all railroads in the
United States OF s1S1. .S72,501 against $171,S09.
490 in the same month in 1908. and total net of
s5OO53.76 against $41.05S,606 in the preceding
year, the mileage this year showing an increase
of a little more than FIVE miles. The figures
presented for the first two months OF the cur
rent year ought 10 cause especial satisfaction
among the owners of first class American railroad
securities, while they also should encourage con-
fdence on the part of holders OF issues OF less
value, including the n-dividend paying Erie
shares, in the future of the properties concerned
as they foreshadow continued progress by
transportation companies and growing intrinsic
worth for all railway issues Erie's outlook ap-
pears brighter than il has been at any time in
the last two years. and though il has big prob
lens ahead OF il there is no good reason to sup
pose that eventually 1t will not become one of
the great financially and physically sound rail-
roads Of the country.
Although sterling exchange rates no longer
permit engagements OF gold for shipment to
Europe, London is able 20 settle its obligations
in Argentina through this market and arrange
ments for further exports of the metal frcm here
TO Buenos Ayres have just been completed. AS
more than S17.00o.00o gold has been sent from