New-York tribune., 1909-03-24
FINANCIAL AFFAIRS
STOCK PRICES HE4Tl.
Break in Iuter.-Met. Shares-More
Gold Engaged for Export,

A@-a- an early exhibition Of moderate strength
The general market eased of from lacH o- Sup
mort and in the afternoon sunereo la-I
declines in the prominent issues, the fho' 'elli7II
in part being IN sympathy with shaIp D-e u
in the Interborough- Metropolitan sIia4 . G., 60
Third Avenue the latter closing at q heI loSA
81 7sS points while Interborougn-Al Aletr
common lost 2Is and the preferred So Litul
7a7ion in these stocks was Tor lne account "a
interests who had been holding their snares on
-. bo,.aIesa idea that they could dispose OF
-her7 At better prices but who were frlSnLells1
into selling on the appearance OF an aegresSlF9
confessional attack based on the recent court
order for a sale Of the property at foreciosuI7
n, June ! II the Metropolitan Street hall"ay
IS 10 be bought in by the shareholders theT7
.-tI1 hA an assessment on the stock. while any
raoreanization Of the Third Avenue system slso
will involve an assessment ana Win TINS IoS3
in mind yesterdays movement IN tne eL-AIeS
offers no surprise and no encouragement IoI
snx. market Improvement from the current level
Indeed, the chances are their prices VII g
Ioy.-er OF the Metropolitan's 352,0oo,0O0 STOCK
sA2 ZOO 600 is owned by the Interborough-Met-
ropoIitan, which has no money aFal!aoIe LoI III
rayuent Of an assessment One-halt OF lA7
Third Avenue stock was secured by the Metro
-oli+.- Street RAILWAY, which turned II over 70
The METROPOLITAN Securities Company now rep
resented by the common stock OF the INTERIOR
ough- Metropolitan, with no visible resources
for the payrnert Of an assessment II was sug-
-,,fgh- have sold some OF its holdings, but at
higher prices than those now current, which
would help II out Of its dilemma A strong
surface traction system doubtless Will develop
from the wreck Of the Metropolitan ana 1hiro
Ayeni1e. but this outlook probably VIII not ap-
-,aaI n Dresent unfortunate stockholders. Final
losses in the general list were not important
and closing figures were above the lowest on
covering by the shorts New York Central at
= gain Of Z. being an exceptionally strong feat
,lre. Business was poorly distributed, ana Ilght
in most quarters Of the market
Current prices in the local stock market are
not far under the best of the year made on
January 2, while since that time fluctuations on
the greater number Of days have oeen WITHIN
narrow limits and have represented little be
,-ond the transactions OF an unimportant pro-
fessional element In the first week Of the year
the average price of the leading railroad shares
touched 1908. and that FOX the industrlals
s. % From, these levels there was gradual
decline n February g. when the railroad issues
v,-ere quoted at 1880. and the industrials at
a q1 followed by slow advance, with minor
eetbacks 10 the present range Of 1880 and $3.50
Tor rhe rairoa ds and industrials, respectively
stocks as g rule are in strong hands, but there
& no disposition on the part Of the public 20
t,,7,- rom current owners at the prevailing rel
atively high prices. and as consequence there
sppears no immediate prospect Of an important
expansion in Stock Exchange dealings or q Sus-
tafued advance in quotations, notwithstanding
-fa
generally favorable outlook for a return OF nor
n, al times in the business world With the set
Element Of the tariff question Though at ruling
rates FOR money Il costs little 10 carry stocks
commission houses find no response to sdvices
70 bf1v. EXCEPT on investment account, but in
view Of the unfortunate experience gained by
outsiders IN times gone by in making purchases
on borrowed money after long period Of rls-
ing values Il is not surprising that brokers at
present are not securing important new specu-
lstfye business from the country at large Days
Of advancing prices have failed 10 attract
general demand for stocks. In Mondays deal
ings the chief support came from the shorts, the
absence OF a genuine commission house inquiry
finding reflection in the collapse yesterday OF
the little bull movement. There Is nothing IN
the outlook that encourages investment liquida
tion, while there are reasons for actual pur-
chases for permanent income account but from
current indications il viii require some power
f,ll market stinulant 10 induce heavy bull spec
uIation from existing quotations. Brokers who
naturally are thinking Of commissions would
welcome a sharp decline If they thought it
would lead active buying operations.
Money rates remained at unchanged quota
tions yesterday. with perhaps a slightly frmer
tone in time funds result OF the heavy
outward movement Of gold Further engage
nents OF the metal were reported. and il was
thought in foreign exchange circles that addi-
tionaI shipments would be undertaken a the
end Of the week Sterling rates have not been
apprecisbly affected by the exports far made
and arranged for. the supply OF bills on the
market being totally inadequate to meet the
change doubtless viii prevail until there has
been a marked change in international money
rates. though resumption OF the buying move
rnent OF our securities for foreign account that
developed in Mondays market would be a fac
tor in depressing sterling quotations Foreign
trading Yesterday was on the selling side.