New-York tribune., 1909-01-26
FINANCIAL AFFAIRS
MOST STOCKS HIGHER.
Little Commission House Business
Bank of England Secures
South african Gold.

Stock market trading was light In volume
throughout the five hours Of business on
movement of values that generally tended in
the direction Of higher quotations. In the last
few minutes of speculation profit taking sales
were heavy enough to reduce TO some extent
the maximum improvement, but in the greater
number Of active shares last prices showed
gains as compared with Saturdays closing
Many Of the specialties were taken in hand by
professional operators, who found the position
Of the issues favorable for advance. and in
the case of American Linseed, United States
Realty and American Cotton OIL substantial
progress was made toward better figures, though
the last named security sold down in the late
dealings realizing. The United States Realty
Company reports an active business, and il is
not unlikely that more interest VIII develop IN
the concerns securities. The Hartman shares
were inactive. while the general list of promi-
nent issues moved in a stupid manner through
out the day, the only important exception being
presented by New York Central. which enjoyed
a sharp advance a ia rly good class of buy
ing. Such stocks Chesapeake & Ohio Nor
folk and, Western, Big Four American Beet
Sugar and Wabash preferred found followers
among the room element, and the fact that
these issues, well as the ma jority of shares,
were consistently strong until shortly before
the close induced more bullsh sentiment in
the Street. though the total of transactions.
which were the smallest for any full day in
recent weeks, presented little encouragement for
the idea, that the market is to run into a
period of active speculation Commission houses
had few orders for outside account The bond
market was far more active than the share de-
partment. with especially heavy dealings in the
Wabash refunding As which advanced u points,
closing 4 under the best. The International
Mercantile Marine securities failed tc reflect in
their market values the loss of the Republic
All the South African gold offered in the open
London market yesterday was secured by the
Bank of England. The fact is noteworthy be-
cause Of movement of the weekly consignments
of the metal to Paris in recent months. and
because OF the possible change indicated by
this operation in the policy of the Bank
Of France in regard to adding to its gold
holdings with the Russian loan out of the way
The Bank Of England is in a relatively weak
position while the French institution is enor-
mousy rich in resources. and if the first named
concern is able in weeks 70 come TO bid sue
cessfully for the South African gold that is
available in the London market every Monday
the situation at the British capital will be ma
teriay Streng thened at period when large re-
serves will be most needful. II exchange at this
centre continues to rule at the current level
gold will go from here as consequence
Of international monetary conditions but such
q movement in way will upset our money
market. will it place any obstacle iii the
way of return Of the metal when il may be
required in this country. Gold that leaves this
country under present conditions merely serves
10 increase credits abroad. and to that ex-
tent is an element of strength to the local fnan-
York banks have gained upward of Sc, 600 600 on
their operations with the Sub Trea sury. cur
rency continues to come from the interior in
large volume. and rates for loan accomnods-
ton apparently are confronted with long
period of ease notwithstanding the demands
that will be made upon the market in connec-
tion With government needs and the financing
of new securities obligations. The amount of
commercial paper in the local market is ex-
tremely small, mercantile demands for accom-
modation being disappontly light while the
cessation in active|specuation the Stock Ex-
change keeps rates for funds at a level that
means insignificant profits TO lending institu-
tiCns Under present monetary conditions short
term notes OF which there Is a good supply IN
the Street are attractive channels for the place
ment ot idle accounts.
Commission house business the Stock Ex-
change is light. though the various firms are
carrying a fair line OF securities for customers
canvass of these houses, however. discloses
the fact that customers are doing nothing on
either side of the account, in some cases wait
ing in the expectation Of buying at lower prices,
and in other cases banking or the belief that az
remote period values will sell at level that
will make attractive market for liquidation.
Stocks being freely offered in the loan
crowd. but the demand is not heavy. Some of
the more substantial market interests are out af
town. and IL is not unlikely that with their re-
turn speculation may take more positive turn,
either UP or down. the chances appare entity favor
ing the long side. as a consequence of easy
money and the general confidence in most cir