New-York tribune., 1909-05-26
FINANCIAL AFFAIRS
LIGHT STOCK TRADING.
IndustriaIs Firm and Railroad
Issues HeaUy-MOney
Rates Easy.

Stock market trading was light in the greater
number Of issues on a movement Of values thal
showed irreguIarity, with unimportant net
changes at the close, losses pTedomlnallHS-
There was no commission house buying OF sig
nificant proportions. either in stocks or bonds,
the chief part of the total transactions belhS
supplied by the professional element Whlch
showed no desire to make extensive commit
ments on either side Of the account. the only
indications of activity being presented in the
operations in some Of the Gould shares, Rock
Island, the Hill issues. Union Pacific, National
Lead, Reading and United States Steel common.
The last named stock again was bought ior
London account, and in the afternoon trading
its price rose to a new high record. the advance
finding reflection throughout the list of metal
issues, while in the general market there was
d moderate increase in activity and strength Ia
the late speculation, especially in the InduStIlaI
shares which in the five hours Of business at
tracted more attention than the railroads, except
in few OF the more prominent members OF the
latter group Union Pacific closed lower, and
the majority Of railroad shares. though above
their worst figures, showed losses. Wabash pre-
ferred and Denver & Rio Grande being con-
spicuous exceptions The lack of public interest
in the market encouraged short selling but the
movement was not heavy enough to make an
important impression upon quotations, Western
Maryland showing the only substantial weak
ness on sales that apparently represented dis
appointment over the apparent collapse of the
bull campaign in the issue. An incident of the
day was the UeCllQe IN JlG market LOI new 1bI Il
City bonds which were adversely affected by
the new offering by the Controller. Atchisons
favorable April report was without influence on
the stocks of the company, but the increase in
gross of $644,621 and the gain in net of $3U3,21S
increased confidence in investment circles as to
the future Of railroad earnings
Expansion in railroad earnings began last De
cember, and since that time there has been
steady progress by the roads OF the country,
each week showing. a rule, gains pre-
cpdjuy week. and substantial advances a q
pared with the corresponding time in the year
before. Improvement is not so rapid as some
people would like to see, but It has all the
marks OF permanency, and foreshadows a most
healthfuI growth in the country's industries.
For the month of December the gain in gross
earnings amounted to Z per cent over December,
1907; in January, per cent; in February, 8
per cent; in March, II per cent; in April, l3
per cent, and for the first two weeks of the
current month about IA per cent. For the sec
ond week in May gains over last year for roads
reporting amount to 1,262 600, with the chief
Improvement recorded by Chesapeake & Ohio.
the Gould companies Louisville e Nashville
ard Southern Railway. Net earnings also show
marked gains though the increase is not made
at the expense of the properties. expenditures
increasing, with every indication of
large expenditures from gross income upon
the physical condition Of the roads, as well as
heavy outlays for improvements and general
petterIneuts from the proceeds of bond sales.
IN the course OF the next two years there ought
he a tremendous gain in traffic receipts as a
consequence of expected industrial activity and
the growth Of the country in wealth and popula-
tion. The outlook for the owners of sound
American railway and industrial investments is
extremely promising, and if the countrys cur
rency is placed upon scientific basis at
the next session of Congress larger investments
OF foreign capital in the United States than at
any other time in its history should be recorded.
Money rates remain easy, and exchange at
Paris is still too high to make shipments of
gold TO the French capital profitable Further
amounts OF the metal doubtless will 20 to
Argentina, while any material decline in the
Paris rate again will encourage engagements to
the latter point. Money rates at London have
been stronger in the last few days, and in view
OF the continued here, which has been
helped by the offering of foreign funds in this
market, the frmer tendency the British
centre is OF interest. Currency is moving to
New York from the interior so freely as re-
Gently reported, but receipts. however still are
In excess of shipments and promise TO remain
SO until crop financing demands develop The
inquiry for money the interior is fairly active
but banks outside New York have ample sup
plies on hand to meet all home requirements
without drawing upon their balances here. SONS
uneasiness is fstt in conservative circles over
the position OF the wheat market in which ag-
ETessive bull speculation has been factor for
many weeks particularly there has been
heavy buying by public operators who are not
fnarciaily strong.