New-York tribune., 1909-03-27
FINANCIAL AFFAIRS
STOCK TRADING LIGHT.
LIGHT.
Fractional Gains on Traders Opera
tiOns-Banks Lose Cash.

In yesterdays stock market ten issues sup
piled the greater part of the total dealings. and
even in these securities trading was light IN
volume There was no outside interest in the
speculation, but a fair amount of investment
buying was reported in the bond depaytment in
which transactions showed a moderate increase
over those of the preceding day. Prices for
shares again presented irregular changes, with
small net gains predOminating, the Gould group
Consolidated Gas, New York Central and Ameri-
can Beet Sugar exhibiting especial strength, par
tcularly the last named. which evidently moved
under the influence of the sort of manipulation
which in recent weeks so frequently has been
noticed in the cheap priced securities. There
was no news regarding American Beet Sugar,
and the rise in its price attracted no interest in
Street circles. At times in the day room traders
worked for a reaction and were successful in
bringing about fractional losses, but in the last
hour the familiar bidding up process offset most
Of the earlier declines. Traders who sold stocks
short were satisfied with small profits, in
stanced in the case Of Union Pacific which was
sold by the room element above Isl and bought
back trifie lower, the acute dulness OF specu-
lation being reflected in the price movement of
this issue. which after fractional variations due
to the shifting of room traders positions ended
unchanged from Thursdays closing. Upward OF
80 900 shares Of United States Steel were dealt
in within a range Of IS. and nearly 10000 shares
of Reading within point the latter stock
closing al advance OF &. Dulness OF this
sort furnishes no guide TO the future course Of
values under present conditions. but IL general
affairs were moving in a normal manner II
might be taken indication of the develop
nent Of sharp advance in quotations. The
market has been suffering from lack of aggres-
sive operations either side of the account for
many weeks. and at the moment there is no
suggestion In the character OF the trading Of the
immediate development of activity in the gen
eral list One feature that stands out promi-
nently is the absolute refusal of real holders to
sell at current prices There is no reason why
they should.
Foreign discounts ruled at easier level yes
terday and no further engagements Of gold for
EXPORT were made though sterling exchange
continued 10 rule in the neighborhood OF the
shipping level According TO the known move
ment Of money in the week, the local banks
have lost than 81 600 900 In cash resources,
due to the weeks outward movement of the vel
low metal. including the exports Of last Satur-
day. the gain from the interior. while large, not
being heavy enough 10 offset the outgo Of gold.
amounting II s9.350G0O. It is quite likely that
the loss in cash will not be seriously felt in
bank reserves above legal requirements in to-
days Clearing House statement. owing to the
probability Of a further contraction in loans as
: consequence of the inactivity in the loan mar
ket. Reports received by the commercial
agencies covering the operations OF the current
week in mercantile quarters do not indicate the
development in the near future of an active de-
mand for money at this centre for the account
Of other cities owing 20 the adequate supply Of
funds at interior points. where the home banks
are able 10 take care Of all the needs of Gus
toners without drawing their balances from
New York In the present week New York in
stitutons received from out-of-town points
nearly 100000 600 in currency. "A gain Of more
than s.. 100000 compared with the move
ment Of week ago. which compares with ship
ments from New York. chiefly TO nearby towns
Of S6063, 600. OF which S9.730 600 was in national
bank notes sent 10 Washington for redemption
While time money is somewhat frmer there an
pears little chance Of an advance in loan rates
at present. and as consequence Of monetary
conditions Wall Street is not looking for i'm
portant liquidation in securities