New-York tribune., 1909-05-05
FINANCIAL AFFAIRS
4CTITE DAY IN STOCKS.
Prices at High Record for the Year,
Closing at Reactions-Time
Money Firmer.

Stocks were strong throughout the best part
of the day on an active volume or business
made up of the operations Of substantial wan
Street interests and commission house trans
actions for the account Of public traders WhC
were attracted to the market by the decision IN
the commodity clause case and by the manner
in which it was received in the speculative ana
banking community. Sentiment was so bulllsh
that people who had stocks to sell at the hlSh
rrices reached showed no regret over the ex-
change Of their holdings for cash, apparently
believing that they would be able TO get them
back at cheaper figures on the theory that the
upward movement had gained momentum TOO
fast and would end in a severe collapse The
average price for the leading shares was hieher
than at any preceding time in the current year.
with the chief Improvement in Reading, Union
Pacific and United States Steel preferred, IIle
latter making another new record at lIS Heal-
izing sales were in heavy volume, and the eX-
cellent character Of the buying was Indicated
by the resistance prices showed to this hqulda-
tlou and 10 a bear raid in the last fifteen min
utes of business, in the course of which Read
ing. which sold at 134A in the midday tradlng'
reacted . points, closing at a net gain or L
point while elsewhere in the active list minor
reductions were shown with small net ad-
vances in most shares at the close Reading,
Union Pacific and United States Steel common
supplied a large proportion Of the total busi-
ness In view of the fact that Reading, at
its high price. more than 10 points above
thee low OF the preceding ddyr IT'S IcdCtiCil VI
= points on extremely heavy sales was unim-
portant the buying at the top and the small
setback evidently coming from interests well
informed regarding the property and the tntrln-
sic value Of the stock, the price Of which, based
entirely upon its dividend yield, Is extremely
dear Something IN addition to the 4 per cent
dividend must be behind Reading stock Anal
ganated Copper made new high record on the
current movement, the strength in this issue
and in the steel shares being effective influences
in creating ball sentiment. owing to the impor-
tant Industries which the issues represent.
Time money is slightly 1rmer, with over the
END OF the year money being placed at maxi
mum Of "a per cent, compared with 315 per
cent last week, the better rate having attracted
some foreign money, though the amount of Of
ferings for London account is Insignificant in
comparison with the sums usually put out by
European lenders at this period of the year.
Rates for loans are now at better level than
that quoted at the British capital but this diff
ference IS not likely to interfere with further
exports Of gold TO Paris, exchange at this
centre as consequence Of a light merchandise
export trade and speculative sales of
curities by foreign houses continues at the gold
shipping level while at Paris rates are moving
against London in manner that suggests further
Withdrawals Of the metal at the last named CEN
tire by the Bank OF France, which already holds
an immense amount and which apparently in
tends TO have its vaults more than well filed in
the event Of political disturbance. The Near
Eastern situation does not in its current course
indicate untoward developments. Advices re-
ceived by our own bankers do not present any
reason for alarm over foreign affairs; indeed,
sentiment abroad is improving, especially with
regard to American securities. which. it Is be-
lieved, will be placed in large amounts in Europe
in the current year Plans are rapidly forming
for the emission OF new securities by various
railroads. a good sized proportion Of which, it is
expected, will be sent to Europe. Money rates
will have to advance many points to interfere
with the financing proposed and the frmer
tone I'm the market therefore, is OF no signif-
canoe as affecting these operations, but 1t is,
however, an important indication of greater
activity in business and speculative circles
development of interest yesterday was the trans
fer through the Sub-Treasury for local banks of
100000 to San Francisco. Currency receipts
from the interior are somewhat lighter than re-
Gently reported, but the banks are gaining from
the government. receipts since last Friday ex-
eeeding payments by more than sI,eo0.oOo in