New-York tribune., 1909-01-29
FINANCIAL AFFAIRS
STOCK PRICES DOUN.
TRADERS Actire on Bear Side Of
the Market

without the development Of disturbing news
affecting the actual worth Of securities, prices
in most departments of the market were weak
throughout the day on q volume OF ouSliies"
made up in great part Of the operations @ VI ti.o
professional element Traders sold on the theory
that If stocks will not go up they must go down
and in many OF the prominent issues thelr Trans
actions disclosed a weak technical posIIioh tiia'
ENCOURAGED aggressive pressure from the pear
element especially in the last hour of business
when under the lead of Union Paclhc, ana 10
some extent Analgamated Copper, the list with
only few exceptions made rapid progress
toward lower level. Reading In the carrier
dealings presented the chief feature OF Weakness
and though the move in the issue represented
little beyond traders selling the Street discov-
ared" that the Supreme Court would render a
decision on the commodity clause Of the Hep
burn law unfavorable to the coal carrying anu
producing companies; also that the coal miners
would cause trouble for the companies al the
expiration OF their present agreement, WIhch
occurs in April As a matter Of fact. the Street
had no information on these subjects wan
Street has been living Idle rumors, tips ana
predictions in recent weeks, and little change in
this respect may be looked for until substantial
interests again resume prominent position IN
the market At the moment prices appear to be
too high TO attract active speculation on the
bull side of the account, but stocks offered on
declines are we'll taken though no effort is being
made by buyers TO bring about active ad-
yancing course of values. According to the
Judgment of some of the best observers, bull
market cannot be engineered from the prevailing
level Most stocks selling at a range that
suggests a situation that has not yet developed.
The bond market is more attractive than th@
share department a reflection Of which is pre-
scented in the operations in mortgage issues,
which in the week to date have amounted IN
par value to more than s30.OOOOOe, deahhsS
having been particularly heavy in the ROCK
Island collateral As Interborough- Metropolitan
g.
st Louis & San Francisco refunding As, Union
Pacific convertible As, and Wabash refunding As
With the exception of the Missouri. Kansas &
Texas refunding As these securities showed
losses Yesterday as a consequence of realizing
sales The fact that the general stock market
developed signs Of activity on the declines after
a long period Of dulness encouraged the belief
of the presence of many weak bull accounts,
and the character of the selling by commission
houses bore out the idea especially in the metal
shares Atchison. Brooklyn Rapid Transit, Inter
borough Metropolitan preferred, New York Cen
trail Reading Southern and Union Pacific and
Wabash preferred. which ended at net losses Of
from l to . points. II is understood that there
has been a large amount of inside selling in
Amalgamated Copper and American Smelling
as a result of the weak position Of the copper
market. and the report that the American Smelt-
ing Company is earning at the rate Of more than
10 per cent on its common stock is taken with
many large grains Of salt. Current conditions
lower price for the metal, which in small lots
is selling cheap as 1873 cents pound, though
the large producers and selling agencies are
stubbornly holding the metal at 14i2 cents. with
no business reported.
Time money at this centre is in light demand.
and offerings are being made more freely at
duced rates sixty-day accommodation finding
few takers at 21s. which was quoted yesterday,
against bid Of per cent Commercial paper
for the best names ruled from ga to per cent,
but the borrowing on this sort of collateral is
extremely limited merchants apparently having
all the funds they require for current needs and
showing no disposition to make commitments
for the future. owing to the present feeling of
uncertainty in mercantile quarters and the
pressed condition of trade as consequence OF
the hand to mouth policy induced by prospective
changes In tariff schedules. The country's in
dustries rest on sound foundation. but opera
tions in most lines are being conducted a
basis far under the normal The Bank of Eng
land made no change in its minimum rate of
discount yesterday. and showed in its weekly
reserve 10 liabilities. though the position Of the
institution was weak in comparison with this
time in recent years and suggested the prob
ability OF active efforts on the part of London
TO attract gold from the United States. especially
IL the Bank of France should continue to bid
for the South african metal that is available in
the British market every Monday. Cable dis
patches received yesterday indicate that Paris
viii go as high as IT'S 9t1d. for the gold that
Will arrive at the end OF this week while they
also indicate that additional exports of gold
VIII be made from London TO Argentina ac-
count of shipments of wheat from the latter
country The present international money mar
yet conditions contain many features OF inter
est 20 the student Of money movements, and al