New-York tribune., 1909-03-30
FINANCIAL AFFAIRS
BE4VY STOCK DEALINGS,
4Terdge Price LereI Near the Best
of the Yeqr-Sterling Rates
Decline.

c+ocls we're strong throughout the day on an
enlarged volume OF business, represehliHs
heavy readiustmert Of speculative accounts "a
eressive operations for higher prices by the pro,
sessional element favoring better values anu
como sur,nort from banking interests tilat re-
Gently have had part In specuial"h'
advance brought about no great amount OF sen
inr of actual stock though of course, there vas
realizing on a moderate scale by operators VIZ
l,.J euhe+antiaI paper profits which they decided
+o convert into cash, this movement hoHeN'i,
falling to affect quotations, Whlch MAINTAIN"
+lair early Improvement in the afternoon "lIH d
,,infn,uro amount Of artificial assistance Lon
don was an active buyer here, and the atutnde
of the foreign houses was factor or some IN
r,ortance in intensifyng the buIllsh seIlllIntIl'
which has been CrvstalliZinS IN recent days ii'c
inward movement brought. out the usual mum
her of bull rumors, but the basis Of the advance
anr,eared 10 be founded the relative strength
Of the market since the first OF the month III
the face OF various unfavOrable developments
on the supreme confidence noted IN business
circles in the Taft administration and on the
general belief that, following the enactment OF
new tariff law there will be a marked revival
in the country's industries And then traders
found in the Forthcoming return of Mr.. Harrl-
man argument for enthusiasm Mr.. Hartman
evidently IL one can believe frenzied specula-
tors will re-establsh prosperity overnight, ana
hence on this theory the time is ripe TO load up
with the Hartman shares on margin dood
Judgment will be shown in providing large mar
gins. as Mr. Hartman though a great fnancier
and railroad manager, is not a wizard
Roth Southern Pacific and Union Pacific made
new high levels for the year Yesterday, ana IN
the first hour of business the shares OF the conf
NAMES with which Mr.. Hartman IS ident1fed
supplied the greater part Of the total dealings
with no diminutOn Of interest in them IN the
subsequent operations, though there was de
cided EXPANSION in trading in other parts Of the
list including the Reading HILL New York Cen
+raI PENNSYLVANIA Brooklyn Rapid Transit and
United States Steel issues. Steel common gained
one point. and confidently bought not"lth-
standing the absence of aging develop
rnents in the iron and steel trade Higher prices
for copper were not accompanied by active buy
ing of the copper stocks. OF the entire days
transactions. amounting TO 2'221I shares, thlr-
teen stocks supplied more than one-haif, with
the heaviest dealings in Union Pacific in which
the total ran above 100000 shares, at gam
as compared with Saturdays closing Of rs
Southern Pacific up IA al the end while
New York Central National Lead Baltimore &
Ohio and Consolidated Gas advanced more thah
two points 4 large increase in the dealings in the
bond department attracted attention, and was
another factor that induced covering of short
contracts in stocks on the idea that capital was
growing more buIlish over the general outlook
for money and business in this country and was
readv 10 seek investment in the attractive mort
gage issues Of the country's great railway sys-
toms The bond market offers excellent oppor-
tunities for the safe investment OF 1uhds, Inc
same thing may be said of many stocks, though
The latter are by no means anywhere near the
bargain counter.
Foreign exchange rates have declined TO
Ie-eI that does not encourage the expectation OF
sb;nrnents of gold from this centre in the cur
rent week to London and unless there should
ta some material and unexpected development
favorinP higher quotations for sterling il is not
likely that further exports OF the metal Will be
made in the immediate future Discounts abroad
have declined London is again buying our Sc
crrities and grain exports from here show i'm
movement over recent small engagements-fac-
tors that naturally tend to reaCjust exchange
conditions to a different basis than that recently
nreyainC So far the local price for money has
not responded TO the increased activity in the
stock market. but il is conceivable that If the
uresent bull movement continues loan quota
lions will move to d somewhat better level,
though the moderately heavy supplies Of funds
here and the flow Of currency from the interior
doubtless will prevent the development of any
thing IN the nature OF stiff rates for accommo-
dation especially there is no Indication OF ar
Increased mercantile demand pending the
certainty the outcome of tariff agitation.
The bank statement published on Saturday
iected in conditions OF Friday night prepara-
:ions under way for the April disbursements
While the payments on interest and dividend ac-
count will be heavy, the operation will hardly be