New-York tribune., 1909-04-06
FINANCIAL AFFAIRS
BULL D4T IN STOCKS,
Reading, Steel and Union Pac'fc
Feafurcs Money! Easy.

Stock market operations again resulted in
higher quotations in most parts of the list, win
the chief strength i'm Reading. Union Faelhc'
Amalgamated Copper. American Smelling.
Northern Pacific Brooklyn Rapid Transit and
United States Steel common. the last named
following Reading and Union Pacific In point "I
activity on dealings that included large
amount Of commission house buying on out-of-
town orders. The advance last week and the
hunish advices sent out on Saturday by many
firms were effective in attracting a moderately
heavy public following in yesterday trading
and though a large amount of stock came upon
the market from people who thought the tine
1.ropitious for converting paper profits into cash,
prices were well maintained in the best part "l
the day with especial strength in the final
transactions The movement in Reading was
Iased i'm great part guesses in the morning
regarding the probable charaC ter OF the action
of the Supreme Court the commodity clause
case. the assumption being general that a de-
cision would be rendered soon after the noon
hour and the absence of any news from Wash
ington at the time il had been expected led to
a sudden fall in the price OF the stock which
subsequently advanced when it was learned that
no announcement would he made. Reading is
not a party To the suit before the court,
the company does not directly operate either
coal mines or railroads, only owning stocks OF
companies carrying and producing coal, but
Reading shares lend themselves easily to market
manipulation. and therefore are used by stock
exchange spectators as the best medium tor
the reflection OF their varying views on the
outcome of the commodity clause litigation. 1t
is an apparently easy matter to buy and sell
the entire capital stock of the Reading in
week i'm the current market. and just as long as
the shares continue TO be the subject of purely
gambling operations they will not be in favor
with actual investors. Reading IS dear as an
investment purchase. Shorts were active buyers
throughout the active list, and while at the
close Street sentiment favored the theory OF
further advances technical market conditions
were not considered strong. General news de
velorments including a decision 10y the Supreme
Court favorable 10 the kentucky railroads on d
question Of rates we're. as a rule. encouraging.
Notwithstanding the expansion in stock mar
Let dealings in the last week, no indication OF
p frmer price for money is reported, though
the demand from Stock Exchange quarters IS
beayief as reflected in the bank statement figures
published on Saturday. commission houses
have no difficulty in securing at easy quotations
all the ,aH money they may desire. while they
can make time loans at a cheap level for all
rnarrrities three months money. for instance
being offered as low as ~ per cent, win over
the wear accommodation at 3l2 per cent on
mixed collateral The banks and trust com
r,4nic$zarc not accepting poor stuff in loans. nut
they are not. however as eXacting in the matter
cf the character of the collateral as they are
i'm times Of financial disturbance, and in some
cases are quite willing to take all Industrial
security against loans. six months accoinrnoda-
tion of this character having been placed IN
recent DAYS at 3 Ter cent Sterling exchange
s-:is heavy Yesterday under the influence of for
eic7 hlvina of our securities, and though dis
counts were easy London. with the Paris
eheat. ruling against the British capital, there
VAS little talk in international money circles
of an immediate movement Of gold from here
Ia France on the so-callcd triangular operation
It is not unlikely, however. that in the event OF
any material advance in exchange here the
Bank of France viii take advantage OF condl-
tioDs AT London and New York again 10 add 10
its holdings of the yellow metal II there were
any iuduc,rnent in this money market there
doubtless Mould 1e considerable volume of
france bills oacring. aud later in the season
=; movement oS this sort probably VIII develop
General banking conditions at this centre ana
throughout the country are sound. and the banks
and other trust companies are ready TO handle
the financial requirements OF the business COM
munirv as they may come up % finance govern
penr necessities gold exports and new security
ISSUES Rates Tor money will not rule indefinite
l. n the current easy level, and the fact that
loans are 20 loW now ~ the chief consdel alton
in encouraging extravaEant bull speculation on
the Stock Exchange.