New-York tribune., 1909-04-15
FINANCIAL AFFAIRS
MOST STOCKS HIGHER
HIGHER.
Reading and Gould Shares Features
STERLING Erchange -4dTdnceS.

cs+oc. market trading active IN the cary
mart OF the day and relatively dull In the aittI
noon on a movement Of values that Sho"eu
certain amount of irregularity, but "l'h uil1e'
living strength that placed the greater nufhpel 'l
issues at net gains 1t the close Ihere vas n'
indication of the weakness that developer III
the preceding day. and operators VINO went "oi,'l
short TUESDAY night and did not return 10 tii1
Street Yesterday. the theory that the reacli"'i
,ro,,Id continue NAV cover at a loss to-day un-
- +t,ar. should he :. material setback at the
opening Strength in the so-called Gould shares
everted A favorable impression on sentiment a7
II was believed the movement represented huN-
ing on the theory that in the future there WIZ
he something akin 70 a Hartman influence IN
the conduct of the various Gould properties es-
1,eciaIlv IL the case OF the Denver & Rio Erande'
large purchases of which recently have been
made for the account OF interests close 70 the
roads that bear the Hartman tag. Hartman
methods Of management will help any railroad.
The shares Of the Missouri. Kansas & Texas.
though not in the Gould group, advanced IN
s,nDathv with the latter issues the buying In
part coming from a class of operators who have
a faculty Of picking UP cheap stocks that event
,alIv sell at high levels The same sort o.
b,lving was reported in Iowa Central In the
late onerations realizing sales reduced earlier
gains EXCEPT in the hard coal shares which were
the leading features OF the afternoon trading.
especially Reading, which closed at a net ad-
vance of % Delaware Lackawanna & West
advanced 30 points on udlSattloilS VI o"v
shares TO 655 the movement not being accom-
IA MED bv news affecting the property. though
rur7ors again were heard of an extra distribution
to the stockholders in addition to the regular
extra dividend Of II per cent while the Wabash
story also received renewed attention. The
Street was filed with all sorts Of rumors
gardins various properties but few of them at
tracted attention. Further pool operations in
Columbus and Hooking Coal and Iron advanced
the issue 10 an absurdlv high price and the
he l,.ara OTp n
trading in certain other parts of the list and
the furious bull speculation in the grain mar
kct caused some uneasiness in conservative cir
cles. Steel common closed unchanged,
Based on the long continued depression in the
steel industry and on the fact that at the cur
rent rate Of earnings the United States Steel
Corporation Is not sarnng its common stock
dividend. il IS not unnatural to assume. as some
people do that the conservatism that always has
ma rI1ed the management of this great concern
will bring about for a brief period suspension
of payments its junior security. but the
movement of the stock the exchange does
not. however, foreshadow any such development.
The course Of the issue may be independent OF
the intentions Of the directors of the corpora
tion regarding future dividends. but the fact
that its quotation has advanced more than 2S
per cent from the low point established follow
ing the cut in steel prices encourages. neverthe
less confidence in investment quarters that the
present rate of ore-half of per cent quarterly
he common stock outstanding, a large part II
which is widely distributed among investors. i'm
proveraent in its market value means much
great number OF people. if that Improvement
indicates the maintenance of the dividend. while
the gain also tends TO encourage better feeling
in business circles in general. on the theory that
the upward movement Of the security is dis
counting 2 return of the iron and steel trade to
normal position. The resources of the United
States Steel Corporation enormous and
have increased so materially in recent years
that the mana cement OF the property may be-
lieve that it will be justified in paying the COM
mon stock dividend though not earned. from
surplus funds, which are heavy and if its action
at the next two dividend periods is based this
consideration i may be taken for granted that
the men who handle the affairs Of the corpora
tion in the near future the passing of the
pauper and the advent Of the prince When i'm
provement begins in the steel industry il viii
make rapid progress. and already there are signs
OF an awakening. United States Steel common,
however. at its current market quotation. whictr
is only few points under the best ever re
corded. fully discounts coming expansion in the
the stock on Il per cent dividend basis the
Weld at present figures being a little less than
per cent.
Sterling exchange was strong YESTERDAY while
money continued 10 rule at an easy level at this
centre and 1T London and Paris Money at the
British capital is cheap il is here, and from
current indications the Sank Of England will re-
duce its minimum rate of discount to 2la per