New-York tribune., 1909-01-13
FINANCIAL AFFAIRS
STOCK VALUES HEATf.
Il Fc5o SpcGalties Sho7ced Strength
Further Gold Exports.

Stock market values moved in an irregular
manner throughout the five hours or traclhg HFS
terday with final prices at small net losses IN the
greater number of issues. Opening quotations
were under the closing Of the preceding oaH'
and while in the subsequent operations STRONG
spots developed. notably In brooklyn tNdpiu
Transit United States Steel common, Hlscon-
sin Central shares and the Toledo St Louis q
Western stocks. there was no real buoyancy al
any time and no indication of important com
mlssion house buying. In the absence or actNe
selling in the last hour the general ist I'M
proved somewhat from the low points or the
morning on covering of shorts the Erie issues
however. being iaggards and showing material
losses at the end on a light volume or business
Trading as q rule was confined 10 the operations
of the professional element and amounted to
relatively small total. The movement IN WIS
consin Central preferred which carried the Issue
I'D { points accompanied by report that
all obstacles in the way of the absorption OF
the company by the Canadian Paclhc hdn peeii
removed and that an official announcement re-
garding the future OF the property would he
made in the Immediate future. 1t is worthy OF
note that similar rumors frequently nave been
heard in the Street, but traders. neEertneless,
appear to be convinced that their calculations
this time are based on fact. Traders also are
convinced that the directors Of the Brooklyn
Rapid Transit Company are about to declare
dividend upon the stock of the COMPANY There
IS excellent reason for the idea that the di-
rectors are considering the matter. The market
for bonds moderately active on q good In
vestnent demand and buying by spectators
of the semi-specuative issues the investment
inquiry including the business done over the
counter Bond houses are looking forward to
lively year in bonds q consequence of the
large amount Of idle money in the country and
the great merit of their offerings, which in
vestors may now secure at prices that return
conservative income yield.
The strength of the bear party in Wall Street
has been materially increased in the last few
the calculations of the leading interests who are
in the market for a long pull the bull side Of
speculation Unexpected developments have
aided advocates If lower prices while the over
bought condition of the market naturally has
attracted operations for the decline: weak spots
are being ferreted out, pressure is exeTted Wher-
ever bull accounts supposed 70 be top heavy
and people OF limited means who have bought
on margins az top figures are being frightened
into liquidation. 1t does not appear likely that
this situation will prevail for any length of time
but in the mean time new commission house
buying doubtless VIII be unimpOrtant factor
in the transactions. Technical conditions have
improved and the foundation evidently is being
made for a resumption OF aggressive trading
the up side of the market. Some uneasiness is
noted in speculative circles over the outcome Of
the suit by the government against the Union
Pacific Southern Pacific sO-called merger. but
1t will a long time before decision is reached
on this important matter, and even in the event
of victory for the government the effect upon
prices should be no more lasting than that OF the
Northern Securities decision. The real value OF
Union Pacific and Southern Pacific securities
will not be injured. There will be no loss in
actual property. The Union Pacific Company
might be compelled 20 give up its holdings OF
Southern Pacific. but il would Go so at hand
some profit Wall Street ought TO free itself
from the idea that the government is engaged IN
a campaign OF confscation.
Local banks have gained far in the current
week upward Of $3.000000 their operations
with the Sub Treasury. while currency from the
interior has accumulated at this centre III large
volume. Gold exports. in view Of the growing
plethora OF funds in New York, not bearish
Is interpreted by the financial community.
though the strength in the sterling exchange
market due in part TO heavy selling OF American
securities for European account, is somewhat
dsconcerting. Demand sterling advanced 10
points at the opening yesterday, closing under
the best as a consequence Of offerings against
the heavy engagements OF gold for shipment TO
Paris Owing TO the scarcity of gold bars the
best part Of to-day's outward movement of the
precious metal will be in coin, the high price Of
exchange making II profitable 10 send out the
metal in this form Call money remained at Il
low level and moderately active. Time
money inactive; also commercial paper