New-York tribune., 1909-02-04
FINANCIAL AFFAIRS
LIGHT DAY IN STOCKS.
host Shares Higher, Though He0ry
at the CJoSe-M0ney Rates FTmer.

Stock market trading was light in volume in
the greater part Of the day on a movement Of
values that generally tended in the direction OF
higher prices, speculation presenting the same
characteristics as noted IN Tuesdays opera
tons. when the upward course Of prices repre-
sented little beyond covering by the professional
element Gains yesterday, however, were not
SO extensive in the market Of the preceding
day. and toward the close indications were not
wanting of exhaustion Of the buying power,
especially IN the high grade issues such as st
Paul, Union Pacific and Reading. New YORK
Central was fairly well bought; also the Erie
and Gould shares, the last named being favor
ably affected by a rumor which subsequently
was denied. that financial plan for the better
1nent Of the various Gould properties soon would
be announced. Analgamated Copper failed 20
reflect the moderate buying movement in the
metal as a consequence Of the reduction III cop
per prices, though American Smeting's price
indicated to some extent the expected improve
1nent IN the smelling industry result OF q
probable expansion in the metal trades. Among
the second grade shares Chesapeake and Ohio
was a strong feature. Increased earnings
which were reported by the New York Central
for the month Of December had something to
co with the strength in the shares OF the com
pany. while the revival OF the old rumor that
Mr.. Hartman would become an active factor in
the mana cement Of the New York Central lines
also served to attract covering operations IN
the stock It is quite certain that Mr. Hartman
will not exercise a passive interest in New York
Central affairs. His election a director of
the company undoubtedly will prove Of the ut
most Importance to The stockholders Of the road
There was no indication of activity in the gen
eral market in the last hour, the best class Of
shares showing g heavy tone and closing as 4
rule under the final figures OF the day before,
There was some selling In the United States
Steel issues, based on an estimate purporting TO
show that the concern is now working on
basis Of capacity well under thar reported in
December and November. Foreign houses were
buyers on balance. but in spite of European pur
chases Of stocks sterling exchange moved
against this centre Heavy dealings were re-
ported in bonds.
A slightly hrner tendency in money does not
foreshadow the development Of any material
change in the general position of the loan mar
ket in the near future, though it is possible
rates for accommodation may move TO q slightly
higher level when the interior demands IN con-
nection with the spring trade begin, especially
if the long hoped for expansion in the country's
industrial activities marks the opening OF the
spring season. A better volume of business N
the drygoods market IS reported and this sug-
gests the probability Of Improvement IN other
lines before long, though q really active move
ment in all departments Of trade and commerce
is not looked for until the mercantile community
has some assurance as TO the extent of the
changes to be made in the tariff schedules at
the special session OF Congress which is to be
called following the inauguration of the new
President The commercial paper market re-
fleets a good demand by the banks for first class
names, but offerings are extremely small, mer-
chants apparently having all the acoorlnoda-
ton they require for their current small needs
and enough to last them until business through
out the country becomes more active. instances
Of borrowing for future requirements being few
and far between Foreign exchange is slightly
under the point at which gold could be shipped
TO London. and II the Bank Of England is able
continue to Increase its supply of gold from
the open British market, as II is doing at the
moment, there may be exports Of the yellow
metal from this centre It is understood that
the Bank Of France win make further bids
at present for the weekly consignments of South
African gold, and It therefore is improbable that
the Bank Of England viii be compelled TO make
another advance IN it's discount rate: indeed the
chances are the next change viii be in the other
direction. The passing Of the Balkan clouds
has materially helped the financial markets
abroad. Exchange at Paris and Berlin moved in
favor Of London yesterday.