New-York tribune., 1909-06-29
FINANCIAL AFFAIRS
DULL DAY IN STOCKS.
Prices Up on Traders Operations
HeaUy Gold Exports.

T-oreactions inn stocks were light IN volume
t1,-o,,pbort the dav on movement Of prices that
showed as a rule only fractional NarlatoiiS'
generally in the direction Of higher quo1a'ioi'S.
Commission houses we're Inactive me ii'
ir1portant market interests were not factors III
the dealings which were made up in great part
of the operations of the trading element. nor
were there any movements worth the name loI
the account of London arbitrage TRANSACTIONS
I,eir- confined 10 a few unimportant purchases
in the general list While there was no dtspo-
eitiop 70 make extensive commitments on the
long side of speculation there was no sign OF
selling pressure. traders apparently being afrald
TO sell the market short in the absence of dis
turbing factors. and. on the other hand, unwill-
ing to operate for higher prices in most issues
hevond the covering Of small contracts out
standing owing 10 the absence Of stimulating
news and the lack Of interest in the market from
substantial sources The few traders who were
on the floor tried for brief period. however, TO
encourage buying in some of the specialtfes
notably in the Hawley issues and Kansas City
Southern: also in Wabash preferred and the
Interborough- METROPOLITAN shares the excuse for
buying Wabash being based on a brand new
story regarding the property. TO the effect that
II eventually in some way would become
factor in the gradual rounding out of the
Hawley system of railroads. The Street in
sists that the Wabash must go 70 some other
company, despite the fact that the controlling
interests appear satisfied with the roads pres
noon but otherwise the general list seemed in
clined to sag from sheer inactivity. the equal Of
which had not been reported the Stock Ex-
change since last March Gold export arrange
ments for 100000 Of the metal to Holland
failed to attract particular attention in specula-
tive quarters. although the persistent strength
Of the exchange market suggested further heavy
shipments.
The more important stock market interests.
who started the bull campaign in stocks early
the Snrinp 5Vh cfi In
speculation until within the last few weeks evil
IDENTIFY are confident in the belief that securities
eventually Will sell we'll above the best levels
so far recorded; but at the moment they appear
unwilling to operate aggressivey, while there is
reason for the theory that all advances they
have stocks for sale doubtless counting upon re-
suming strong stand the long side al lower
quotations. The Morgan, Rockefeller, Hartman,
Frlck and Rock Island interests are responsible
IN large part for the great improvement that al
ready has taken place in securities values and
the very nature OF the large investments they
represent and the vast financial transactions in
connection with railroad and industrial
porations which will mark the of reviv-
ing industrial activity in the next twelve months
demand bull market for stocks, though they
do not necessarily involve improvement in quo
tations without periods of declining values and
severe losses for operators who believe that the
current range invites extensive buying on mar
gins. Bull leaders not philanthropists.
They are in the market for long pull and they
fully able to take care of themselves in the
event Of the development OF conditions that may
have a temporary disturbing effect upon specu-
lation as, for instance. higher rates for money,
unfavorable reports from the crop section OF the
country and bear attacks upon the market based
on the long delay in the readjustment of the
tariff and the unfavora BILE opinion in investment
circles of the proposal to tax the net earnings
Of corporations 1t may be said without fear of
contradiction that lower prices are desired by
many Of the prominent market interests. and It
is not unlikely that advantage will be taken of
passing bear arguments including the increase
in weak bull accounts, to bring about a more
attractive buying level. The market is in a
technical position that would give way easily
under the influence of concerted selling by the
big men, and the fact that an overextended
bull account exists ought to induce extreme
sessed Of large financial resources. 1t is no mar
ket for the poor man
In view Of the strong situation among the
local banks. disclosed in Saturdays Clearing
House statement. talk of higher rates for money
does not appeal 10 the average Spectator but
no operator need delude himself with the idea
that cheap money has come to stay indefinitely.
The heavy gains in cash and reserve holdings
have been due TO an enormous movement of
money from the interior TO this centre for ,1se
in the stock market and while in the last two
weeks there has been noteworthy reduction I'm
/ loans, speculative commitments borrowed
money are still heavy and must be reduced in
! the event of active demands upon the market for
accommodation in connection with expanding
mercantile inquiry and for the financing of the
crops. And there is every reason to believe that
Z this demand soon wifi become a most important
factor in the monetary outlook. The West and
South have been sending currency in heavy
volume 10 New York in recent months but with
the development of growing homo needs later
In The season interior balances will be with