New-York tribune., 1909-01-08
FINANCIAL AFFAIRS
STOCK PRICES Up.
Hcavy Cocering Of Shorts Through
ont the Market Money as
T,Orc as I 1-2 Per Cent.

The Consolidated Gas decision as a factor af-
fecting the securities markets appears TO be
thing Of the past. The liquidation forced through
the exhaustion OF margins and that based upon
the tinidity OF traders apparently have been
completed, a reflection of which is presented IN
the course OF prices in Yesterdays operations
Under the influence OF buying in Of shorts, which
in the late dealings became exceedingly active.
quotations advanced with increasing strength
throughout the day with last figures at the
best. and in many instances higher than ar the
beginning Of the week. low priced shares being
among the features. In the latter group the
only exception was furnished by the Chicago
Great Western issues which sold of sharply
on operations based on the expectation of dras-
tic plans in the reorganization involving the A
and B stocks as well as the common. Among
the prominent stocks. such as Union Pacific ST
Paul New York Central, PENNSYLVANIA, the Hill
shares and Consolidated Gas. net gains of from
IL to 2[s points were recorded while in some
Of the second grade issues greater Improvement
was enjoyed notably by Colorado & Southern,
which closed UP nearly points. and Colorado
Fuel and Iron. which gained more than points
The Rock Island stocks. Chesapeake & Ohio and
Chicago & Alton also were active strong feat
ures among the so-called cheap priced shares.
United States Steel common. which recently has
been laggard in the general market, was
marked up more than I point. Though there
was an active volume Of profit taking on the
advance prices refused give way, even Con-
ment- The fact that the trading reflected little
beyond covering operations caused uncertainty
in speculative quarters at the close of the day
over the course Of the market in the immediate
future, though the greater number OF market
observers counted upon further improvement
on the theory that the strength yesterday would
attract an active public demand in the last two
days Of the week The public outside of actual
investment buyers chiefly in the bond depart
uaert, does not appear 10 be especially anxious
IN ,tiafir of rYrrr ray1f
high quotations. There are no real bargains
left.
Large receipts Of currency from the interior.
the return TO the banks of January interest and
dividend disbursements and the large excess
government payments TO the local financial in
stitutions have brought about easier ten
dency IN the money market call funds lending
low as Ia per cent yesterday. while time
money was inactive for short periods. with mod
crate loans for longer periods at cheap figures.
The mercantile inquiry for money is not heavy.
but bankers believe gradual Improvement will
be recorded in the course Of the next six months
as a consequence OF better trade conditions,
the development Of which Is indicated by the
cheerful sentiment IN business circles and by
the vast amount Of idle money in the country.
Tariff readjustnent considerations naturally
ercise a certain deterrent influence upon our in
dustries but it is a noteworthy fact that the
prospects of revision Of tariff schedules do not
worry the business community to the extent
number of people cultivated nervous prostration
at the very announcement of tariff tinkerine."
Business men are we'll aware that the time has
come for changes IN import duties. and their
disposition TO adopt hand TO mouth policy is
not based upon any fear over the future of our
industries but unon their unwillingness TO make
large commitments until they know to what de-
gree the tariff Will =" modified. Production IN
some instances, how ever. notahl- in pig iron. is
running ahead OF consumption. producers in
their activity asserting their belief of a buying
demand at 20 remote period that will care for
all surplus supplies.
Money doubtless viii continue TO accumulate
ia the banks for weeks 20 come. but the excess
above current requirements viii come in rather
handy when other conditions warrant a Tarid
expansion IN the coantry's industrial activities.
Sterling exchange vas firm yesterday under the
Of active demand and a lighter Of
fering OF ills Paris Is still in the market for
gold and according TO cable dispatches the ar
for financing the Russian loan viii
not end the French demand for the metal.
Paris exchange on London continues TO rule ct
n level a which gold may be dawn from Lon
don and il would neei only sfgnt advance IN
sterling -Str at J1!s centre to encourage further
from New York. The Bank of Eng
land Ia its ~eekl. return shows gain OF