New-York tribune., 1909-04-20
FINANCIAL AFFAIRS
BULL DAY IN STOCKS.
anthracite Shares Leading Feature
Money Market Conditions.

greater part of the day on a moderately active
volume Of business. An excellent class Of buy
ing was reported by commission houses opera
tions for this account inducing covering OF
shorts throughout the list especially in Reading,
which was sold in the closing days OF last week
on the theory that the Supreme Court OF the
United States might render decision in favor
Of the government in the Hepburn COMMODITY
clause case though the Reading is not directly
involved in the litigation. No decision was an
nounced. and the buying of the anthracite coal
shares and other issues in the afternoon oeal-
ings apparently reflected a strong peHei III
speculative circles that delay on the part or tie
court in reaching an agreement on the question:
foreshadowed ultimate victory for the railroads
The Street-that is, that part Of the wall street
community where arguments are based on IN
teIligence and real information-inslsts tnat 'le
commodity clause comes under Article q IN 0ec-
ton Q of the Constitution Of the United states
which reads that no bill of attalnder or eX post
facto law shall be passed. And reasoning from
this article of the Constitution, certain adNo-
Gates of higher prices for the hard coal shares
assert that no bill involving the forfeiture Of
vested rights property legally acquired OF
laws impairing contracts can De legaHy en-
forced. The Supreme Court may not agree win
Wall Street in its Interpretation OF the Consul
tution but the strength of stocks certainly IN
dicates supreme confidence on the part OF Wall
Street in its theory In the final operations the
hard coal shares continued their upward move
rnent but in other parts of the list prices were
affected by profit taking sales, though losses
from the top quotations of the day were unlIn-
nortant. I-ackawanna and Jersey Central made
new high records and Reading crossed It's pest
preceding price for the year, selling hlsher thaI
AT any time since its record OF 19UO. II was
re,,orted that Jersey Central stockholders would
receive an extra dividend in addition to having
their stock placed upon lO per cent OASIS anu
this rlIlnor served to help Reading, as the kedu-
ing company owns a large slice OF the outStahu
ing Jersey Central capital stock Rock Isiahd
eI,ares were strong features, also the Hartman
and United States Steel issues Inc CHI'eu
states Steel Corporation held its annual meet
ing Yesterday, and the answers maoe by tIle
roanagement of the concern TO inquiries UE
stockholders regarding its affairs ought 10
strengthen confidence in the value OF the pre-
ferred stock as a permanent investment Sc
curity. ,
A slightly firmer tendency in the money mar
lot al the close of the last week suggests a ma
teriaI strengthening in rates in the event OF the
da,eIopnent of a more active mercantile de-
77and for accommodation. Though loan quota
tons are ruling at low levels bank reserves are
not especially large, and it would not require
e,,t,e+antial expansion in the inquiry for funds
"a hiring about change in the monetary situa-
tiou at this centre, especially IN view OF the cur
rent extensive stock market commitments ana
The strength in sterling exchange Whlch lliaheS
,,ossible the financing of London obligations in
south America through the local market and
encourages the belief that more gold will be sent
from here to London or Paris The Bank ot
I-raroa secured ali the South African gold Of
4erad II, the apen British market yesterday, the
,,aration being significant at this time owing TO
tho serioIs condition of affairs in Turkey, which
naturally has caused considerable uneasiness AT
the foreign capitals Money is extremely easy
at +ba moment at London, just as it is here.
while with New York exchange running IN
fa,-or Of Great Britain and the rates at Cont
mental centres against London the general IN
tarnational exchange and money market position
rrssents 4 mixed situation. the development of
which will be watched with extreme interest N
financial circles. Europe shows no inclination
TO import our wheat at prevailing export prices
and as A consequence is drawing heavily upon
the Argentine paving for its purchases through
the medium Of the New York market which
again is sending gold to Buenos Ayres. Wheat
arparentlv is selling out of proportion to the
actual supply of the grain in this country, de-
soite the mathematics OF the bulls on the Chi
caro Board Of Trade, whose figures wholly
AZ variance with the official estimates of the
government and even assuming that the short
age is greater than the federal figures indicate
the present quotation for wheat. which is about
20 per cent higher than il at this time last
year does not in the minds of many well in
formed people have substantial warrant for its
existence outside Of that brought about by spec
ulative manipulation
The estimated total yield of wheat for the en-
tire world last year was 3.l72 S14 900 bushels
For the five years TO 1908 the average was B.
24s,ooo.o00 bushels and Tor 1905 the yield was