New-York tribune., 1909-02-10
FINANCIAL AFFAIRS
STOCK TRADING LIGHT.
Better Class of Securities Generally
Iorer-Gains IN Some Second
Grade Issues.

INC GENERAL IMPROVEMENT
DAVIS market was not maintained in yesterday
dealings though at times an advancing ten
derlcy was noted in certain parts OF the hSl'
especially IN the Denver & Rio Grande issues.
Rallies were not followed by active buying ana
in the best part Of the session speculation was
,,ac+fv,e and the Street appeared indifferent as
10 the course of values. Commission house ac-
counts are growing stale, and brokers WouId Wei
come any development that would attract ac-
rivItv on either side Of the account. as income
from daily operations has become extremely
lean While stocks are dull fair volume OF busl-
ness is reported IN the bond department ior H.
vestment sources and for interests who belieVe
that purchases of relatively low priced mortgage
securities at prevailing quotations VIII snow
large selling profits later in the year Bond
houses are active buyers of the new issues oelng
placed on the market by railroad companies ana
offerings are readily taken from underVr1IlhS
bankers in the confident expectation OF easy
sales TO public and corporation buyers, as tor
instance the Baltimore & Ohio bonds, which
were bought Monday from the company by three
prominent houses and disposed Of before noon
Yesterday. Under current monetary cohu4Ilui'7
the Transportation companies experience no
trouble in selling attractive issues, but II IS
conceivable that bond houses may nisjudge the
public's power Of absorption If new issues con-
tinue to come out at the present rapid rate Inc
stock market was almost without lie N the
afternoon trading, the only semblance or AMI
nation being found in Analgamated Copper
American Smelling. Chesapeake & Ohio, Den
yer & Rio Grande, marlborough Metropolitan
Reading Union Pacific, Rock Island preferred
and PEOPLES Gas. Final changes as a RUE were
confined TO small fractions, with few more net
Gains than losses The Hartman issues Read
ing Great Northern and, in fact, most OF the
better class securities ended lower on purely
traders operations Foreign houses bought 20,-
600 shares on balance.
Current buying Of the Denver & Rio Grande
stocks IS based on the increasing value OF the
property as an important link in a transconti-
mental service the position Of which viii be ma
terially improved with the opening Of the West-
ern Pacific. the new Gould line from San fran
cisco TO Salt Lake City. The recent purchase by
the Burlington of the Colorado & Southern ex-
tends the sphere of James J. HIS influence on
railroad affairs IN the West, and the assumption
is made that through the Colorado & Southern
operation an alliance will be effected between
the Hill and Gould interests that will be Of nut
nal benefit to the Hill roads and the Denver &
Rio C5rande. the Western Pacific and other
Gould properties. the stocks Of which are now
held in better regard than at any time in recent
months The opening of the Western Pacific
will give a large additional traffic TO the Denver
& Rio Grande, and the securities Of the latter
company are among the few that have not ad-
vanced in market value TO point beyond their
Intrinsic worth there is adequate reason for the
present movement IN them. The road has made
a good record in hard times. and apparently it
has an unusually promising future There is a
great scarcity Of cheap priced stocks Of merit.
The majority of issues more than measure their
actual worth based on the improvement that has
taken place in the countrys Industries and
finance since the panic of 1897 and on their
dividend return. the appreciation Of this fact
by the public being reflected in the absence Of
nlIbIic operations in current market transaC-
tjons The outsider realizes that prices are high
! in the greater number Of cases, and he is hold
ing of on the same theory that induces the con-
s7Irlers Of copper and finished steel products 10
! STAY out Of the metal narkets-that is. the be
/ lief That there must be a readjustment OF quo
/ tations to II lower level.
Sterling rates continue to reflect the change II
conditions AT Paris ana London and the specu-
lative purchases Of securities for foreign ac-
count in this market. 4 fortnight ago the indi-
/ CATIONS pointed TO shipments of gold from New
! y-or, 10 London. but the cessation Of the Paris
demand for the metal at the British capital anl
/ ;b. easing I'm foreign money rates have elimi-
mated the possibility of an outward movement
/ from this centre TO Europe though some fur
! ther amounts may be sent from here to South
! America for London account The demand '
! The local market for money is light and the
/ hanks are having hard work IN maintaining
! rates AT the higher level established last Wec.S
leir chief reliance at present Tor better price
/ Tor funds being based upon the large demands
/ upon the banks by. the national Treasury fol
/ the return OF government deposits. The future
Of the money market is not at all clear at pres.
/ cut Trust companies offered large amount
! yesterday, but found little inquiry.