New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-01-23
FINANCIAL AFFAIRS
STOCKS CLOSE HEAVY.
STOCKS
Buying of Steel Common Fails to
Stimulate Market Banks
Gain Cash.

Much of the speculative interest in yester-
days stock market centred IN United States
Steel common, in which dealings were heavy on
q price movement that fuctuated within
range OF IL points at final loss of -. At 3D.
after an opening at 547s TO 54s, the transac-
lions in this issue became extremely heavy, be-
tween $4,000 and $4,000 shares being turned
over at that figure, but even these large trans
actions failed TO exhaust the supply or the
stock at the price named and in the subse-
ouent dealings the quotation dropped back to
54% and then TO a. the demonstration in the
stock failing to induce enthusiasm in other
parts OF the market. The movement doubtless
was started in the hope of attracting an active
public following In the issue and in the list at
large and though 1t failed to encourage gen
eraI buying movement 1t gave the Street some
thing to talk about at time when something
diverting was sorely needed Steel common
goes up easier than it goes down This is the
chief lesson learned from the course of the Sc
curity in recent weeks. and naturally 1t ought
to bring all sorts of solace to the people who
are speculatively long Of 1t. Some OF the spe-
cialties presented evidence Of decided strength
throughout the day, but the general market was
irregular and dull, with final figures at small
net losses in the prominent stocks, including
United States Steel common, which lost its
early improvement in the last hours Of trading.
American Cotton OIL. National Lead, North
American and American Sugar Refining ended
at substantial gains the last named showing
net advance Of AZ buying that was far bet
ter in character than that reported elsewhere
among the usually inactive securities. This
stock long ago passed to the investment class
It is more closely held to-day than at any time
in the history of the company, and as con-
sequence any demand for 1t is accompanied by
q quick response in its quotation. The company
is adopting a policy of publicity that cannot
fail TO have beneficial effect upon the market
value Of its securities,
According to the known movement of money
ho,1l hoNra inAd
o0o made up in great part of excess receipts of
currency from the interior, the gain from the
Sub Treasury ordinary account having beeh
offset to some extent by the return OF govern
ment deposits under the recent call by the Sec
rotary Of the Treasury. Unless there has been
large EXPANSION IN loans to-day's Clearing
House statement ought to show further in
crease in reserve holdings, which a week ago
stood at more than s25,000,o00. 1t is beneved
in financial circles that, notwithstanding pos
sible additional gold exports and the raising by
the government of money on Panama bonds or
bv the withdrawal of funds from depository in
stitutions the reserves Of the local banks viii
continue to increase for weeks TO come and loan
rates will remain at an extremely unattractlve
level for the lender. The mercantile demand for
accommodation at the interior is light. with
indication of an immediate change in this re-
spect, and as a consequence out OF town BANKS
are sending their balances to this centre, thougn
loan quotations here cheaper than they are
L
er by sending large part of his balances here
IS able to get better price on his local loans
while the advantage of lending his money in the
call market at this centre, from which he can
withdraw II on demand something he cannot do
at home naturally encourages shipments of cur
renry TO New York irrespective of the rates
quoted Foreign exchange continues TO rule at
the gold exporting level and 5nless the allot-
ment- OF the Russian loan is followed by a re-
lease by the Bank OF France Of some OF Its gold
and cessation its part Of activity in the
London open market when gold is offered there
further shipments of the metal will be made
from New York II Paris continues 10 take gold
from London the Bank of England doubtless will
advance its minimum rate OF discount TO 312 per
cent.
Cheap rates for money are not encouraging
public activity in the stock market, and just as
long as prices for securities remain at their cur
rent advanced range It is not likely there will
be any response from the outsiders to the eff
forts of operators for higher prices 10 stimulate
an active public appetite for stocks. The actual
demand for bonds has fallen off to material
extent in the last few days. and in some quar-
tiers il looks as If bond houses taking too
much for granted in assuming that there will be
limit to the investment absorption of rail-
way mortgage issues. Interests that recently
have financied new bond offerings have had no
difficulty in disposing of them Wall Street,
but the latter is beginning find that the supply
Of mortgage securities just now is greater than
the public demand. Banks are fair buyers of
short term notes.