New-York tribune., 1909-03-25
FINANCIAL AFFAIRS
STOCK M4RKET STRONG.
Prices Up on Light Volume Of
Misunderstanding Rates Adcdnce.

stock market values moved in the direction OF
q higher level in the greater part Of the day. the
general list showing gains at the close as COM
nared with the final figures in Tuesdays opera
tions weakness in Third Avenue failed TO IN
duce a continuation OF the selling movement
that affected most stocks on the preceding day
while the absence OF an outside demand lot
securities did not discourage professional efforts
ON the long side Of speculation, the tradlnS ap-
rarentlv being conducted the theory that a
demonstration Of strength would attract a COM
mission house inquiry IN to-day's transactions.
Advances were brought about on a limited vol
rlne of business, which was made up In great
mart OF the dealings in Amal8amated Copper.
Reading the Hartman shares American Smelt-
ing and United States Steel common, in which
prices made the best showing recorded in recent
weeks Union Pacific selling above 1S1, Southern
Pacific above 120. United States Steel above 40
Amalganated Copper above 20 and Reading
above 1872 the last named issue being bought
o., the idea that the coal miners Will use good
sense in their deliberations regarding new
agreement with the operators and not declare q
strike Improvement in prices was made in the
face Of weakness in American securities abroad
and moderately heavy selling here for foreign
account Buying came chiefly from the shorts,
who were disappointed over the results of the
selling movement in Tuesdays market, and who
recognized in Washington dispatches the proba-
bility Of the final adoption Of a tariff measure
wholly in line with the best interests Of the
American mercantile community. In the after
noon operations trading was extremely quiet
and without feature, outside of spectacular
speculation in Hooking Coal and Iron, which
went up wildly changing much as per cent
between sales on manipulation by a pool which
is making frantic efforts to secure an active
market for its holdings, the actual value OF
which is considered by competent observers
well under the current quotation. The general
closing was at near the best Of the day, with
conspicuous strength in Reading, New York
Central and Pennsylvania
Money market rates show Indifference to gold
exports. for the good reason that so far the out
ward movement Of the precious metal has
erted no appreciable effect upon cash holdings
of the local banks. 1t is conceivable that
further heavy shipments will upset the calCula-
tions of the people who counting upon
long period Of ease in loan quotations, but the
possibility OF such a development apparently
does not worry the Stock Exchange interests
who are endeavoring to bring about higher
range Of values for securities. The outgo of
gold to date has been offset in great part by
receipts of currency from the interior, by new
gold and by excess government payments, while
Of course the light demand for mercantile and
speculative accommodation has been an i'm
portant factor in maintaining loan quotations at
a cheap level at q time Of heavy inquiry for
gold for foreign account London bought stocks
in this market in Mondays dealings, but re-
versed its position Tuesday and sold again yes
terday, the operations on the selling side being
far in excess of the buying. and supplying ad-
ditional reason for the expectation OF further
engagements Of gold for export by Saturdays
steamer, especially as sterling rates again
higher There is mercantile inquiry for
money at this centre, except in small amounts,
but demand from this source may develop at
any time in the near future, most of the
country's Industries the mend and at no
distant period they will call upon the credit
facilities Of the banks TO an extent that will
bring about better quotations for loans. The
idea that money will continue to be drug on
the market is not well founded. Reports re-
ceved from various trade centres yesterday
were not at all encouraging far the metal
industry was concerned but general business
conditions showed Improvement, with no in
dication of uneasiness on the part OF merchants
and manufacturers over the future, even from
steel and copper circles advices suggesting an
absence of bearishness regarding the ultimate
course of the metal market