New-York tribune., 1909-04-22
FINANCIAL AFFAIRS
STOCKS IRREGtL4h.
Selling on Hartman Retirement Re
D0rt-RaUy in the Late Trading.

TrreeuIaritv prevailed in the stock market
during the session yesterday, with d eeiiel0iiS
declining Price tendency in the morning anu
a stronger tone in the late afternoon, the ciose
being at fractional net declines for the majority
Of the issues in which there were TRANSACTIONS
The chief item of news affecting the market was
the announcement of the intention or MI, ha'-
rirnan to make trip 10 Europe this suiiliilel'
stocks being freely offered by the pear parry
and the traders on the theory that TINS news
jcr:ee5 that Nr Hartman was about 70 retire
4ror, active connection with the great railroads
with which he is identified. Union Paclhc anu
the other Hartman issues ylelded uluei IIl'9
,raes7yre the largest decline being suffered oy
Ta,c York Central OF which Mir. Hartman mas
only recently become a director Ihese ISSUES
however shared in the afternoon Improvement
closing well above their low Of the uaI' al
though under Tuesdays final figures. me weak
est of the railway stocks was Wisconsin CefiFaI
common which lost ? IS points on selling due 10
tho nuhIication of an official denial OF recent
ontimistic dividend rumors. The various EIIs
issues were strong on the granting Of further
notifications OF the bond issue plan oy the I up
lie Service Commission, and all made fractional
net gains The heaviest dealings OF the uaE
1-era in Reading which moved within range
Of less than two points, closing Is down. Inc
industrial group as a whole displayed heaViness'
an exception being American Telephone ana
TELEGRAPH which extensive buying IaIseiS
for Boston account, made net advance OF ABOUT
three noints while the bonds rose two points.
The foreign exchange situation presents new
deyelopments almost daily, and at the moment
il supplies the most interesting topic OF discus
sion in financial circles. New York Is shlpplhB
gold to Argentina and to Brazil for London
account: Rotterdam is in this market for the
metal and the course OF the Paris check sug-
eyests exports to France. The recent notation
of Brazilian loans at the British capital 1ur-
nishes an explanation for the movement or gold
from this centre TO Rio de JaneirO for London
iS
in the imports here from Brazil OF coffee ana
rubber is factor in the operation Sterling IN
Holland is at a level that encourages It's pur-
chase at Rotterdam and its sale in the local
arket and it is not unlikely that the engage
ment of the $3.50 900 gold for shipment to the
Dutch centre will be followed by similar trans
actions. Though London appears TO De an actlNe
buyer of stocks on the New York eXchaHSe'
there is no indication Of any supply OF bli4S
against the purchases, and Notwithstanding the
ease of money in London finance bills have not
anDeared in this market, while offerings of com
,parciaI bills are extremely light owing to our
current restricted exports Of domestic products
The immediate outlook does not favor a sub
stantial reaction in exchange rates at this point,
and Just s long as extreme prices prevail for
our wheat there will be scarcity of exchange
bills and an outward movement IF gold, the
latter being helped by our currency system
which tends to expand the supply of the bond
secured circulation and drive our best money
f
that there is no inducement for foreigners to
leave their balances with US, but IN banking
circles the idea is growing that at remote
period a firmer tone will develop in the money
market as a consequence Of expected industrial
revival and the financing of large corporate
: undertakings.
Indications of a collapse in the current bull
movement on the Stock Exchange are not de-
veIoping rapidly, but the great optimism and en-
thusiasm noted, with prices al an advanced stage,
suggest to many minds the wisdom of caution in
new operations at the present level. Little in
vestrnent buying is reported, owing to the high
quotations prevailing the chief part Of the daily
transactions representing nothing beyond specu-
lative dealings in which the so-called public
that has the faculty of buying when stocks are
dear is an important factor Undue optimism
regarding the dividend possibilities of various
issues that are making returns TO stock
holders is a feature of the market that helps
values toward a better range, but il is weaken
ing the general speculative situation by encour-
aging overbuying by interests who are not
financially strong. Apparently it is easy
! matter to advance stocks at present. Any ar
gument for better prices does the work when
backed by scientific manipulation.