New-York tribune., 1909-05-20
FINANCIAL AFFAIRS
ADVANCE IN STOCKS.
Dir. ROgers's Death Only Small
Market FactOr-SteeL Com
mons Netc Record.

The death of a prominent fnanCier who for
many years had occupied important position
in corporation affairs in this country, though
with lessened activity in the recent past,
reflected for a brief time only in yesterdays
course Of securities values. the losses developing
at the opening consequence Of professional
selling being recovered as a rule before the noon
hour under the influence Of the best sort of sup
port, which encoura ged quick change of posi-
ton on the part of the spectators who had
looked for heavy liquidation. Prices were weak
at the start. especially in the shares of the
companies with which Mr Rogers was known t.
be identified Amalgamated Copper. for instance,
losing more than / point. but in the greater part
Of the list declines reached unimportant figures.
while in the subsequent operations many sub
stantial gains made, the chief feature of
strength being supplied by United States Steel.
which made a high record for the wear,
selling at 594 Transactions in this issue con-
tributed upward of one-quarter of the total
dealings in all stocks the movement being
helped by heavy foreign buying here and at
London also by rumOrs that the dividend would
be increased. In conservative circles a larger
payment is not expected before 1910 and in view
of the recent acute depression in the iron and
steel trade, which suggested the possibility Of a
passing of the dividend, holders OF the stock
should be well satisfied with the usual one-haf
Of per cent at the next dividend period. The
market value of United States Steel common is
approximately 5000. 600 900. an increase of
about S175.000.000 compared with the dow
quotation recorded IN the panic or lgtL Anal
Camated Copper closed off 4. New York Cen
tral = and Rock Island. American Beet Sugar
and American Smelling i. elsewhere in the ac-
tive list net gains being reported. with the chief
strength outside of Steel common in the Har-
riman shares. Atchison. American Malt issues,
Denver & Rio (srande. Pennsylvania and West
ern Union. the last named gaining IA. Union
Pacific sold within fraction OF its best figure
of the year. closing under the best, while IN
most shares final prices were at reactions from
the high
Though sterling exchange was off ) points for
demand yesterday. rates not below the
level at which gold could be exported small
engagement for Argentina for London account
made. while $150O,0OO in gold coin
taken for Paris, with the indications pointing
10 further heavy shipments of the metal
Europe in the course of the current movement.
the outlook for the continuation &C exchange
operations on the basis Of gold exports failing.
however, TO cause any uneasiness in financial
circles. Currency is moving this centre from
the interior in fairly heavy volume. and any ad-
vance in money rates as a consequence of gold
shipments will be met by large offerings of out
of-town funds at this centre, owing to the ample
supplies of money at other cities and to the de-
sire of bankers at those points to maintain q
fair price for accommodation on their local loans
Money rates here cheaper than interior
cities and the movement OF currency to New
York is due TO the reason just named and 20
the investment Of outside funds in our securities
interests recently has been placed in the attrac-
tive bond offerings OF local bond houses while
there also has been active speculative buying
Of stocks. with the promise Of further buying on
both accounts in the weeks 10 come. barring the
possibility OF developments adversely affecting
the intrinsic worth Of securities, something
which apparently is out of the question as all
indications point toward increasing strength n
conditions governing actual investment values
There is an excellent inquiry for bonds that are
taken by banking houses from the railway COM
panies. but on the Stock Exchange the chief de-
mand at present is for the so-called second grade
issues. which appear to have good chances for
enhancement the greater number of gilt edgel
bonds selling at figures that do not make them
attractive purcha ses. New mortgage issues
coming the market are readily bought
because of their merits and the prices at which
they may be secured. and just long 5 money
remains at easy level the tendency on the
part of the railroads.&c. finance maturing obli-
cations and to raise funds for new construction
and general improvements will continue cur
rent indications pointing 10 a output this yeac
larger than ever before recorded. Since the first
OF the year financing has aggregated $780,
600 600