New-York tribune., 1909-04-02
FINANCIAL AFFAIRS
4CTIVE DAY IN STOCKS.
Nesc High LercIs Established by
Leading ssues-Moneg
Rates EdSy.

stock market values made further progress
toward a higher level in yesterdays operations
though the movement was accompanied by pc
riods Of irregularity and moderate heaViness as
2 consequence Of ective realizing sales and ef-
forts by the professional element to test the
strength of the speculation in various leading
issues These tests satisfactory to the
theory that the people back of the current
movement were not vet ready TO Iquidate
their holdings Nevertheless. there were some
traders who were willing to sell stocks short
for turn, believing that the advance had been
too fast and that reaction ought TO develop
before the close OF the week. The present up
ward movement began to gather force when Mr..
Hartman started on his homeward journey
from California and the Street called it a Har-
riman market This great railroad man and
financier reached New York last night, and his
arrival may be used argument for run
ming the week out in an d-fashioned bull man
ner in order TO attract a public buying interest.
but the public need not become excited over the
speculative community's gratutious suggestions
that Mr. Hartman will make over the industrial
affairs of the country in night, restore bust
ness TO a normal basis at once and whoop up
stock values that every Tom, Dick and Harry
may have opportunity to acquire rapid fort
1nes Stocks are far above the bargain level.
Total transactions yesterday amounted to more
than 900. 900 shares, the greater part of which
was supplied by seventeen issues, with the
heaviest dealings in Union Pacific, which sold
peake & Ohio. AmaIgamated Copper. Denver &
Rio Grande, Southern Pacific. Baltimore & Ohio
and United States Steel common, the last named
selling at 81 amid great excitement on the board.
where all sorts of silly predictions were made
about the levol at which the stock might sell
in the immediate future Steel common its
present merits and on the position of the steel
trade would be q good purchase in the thirties,
but spectators who are being carried away by
their cocksr1re market theories predicting
for t6a iSctJ aD mo hp rap-
eral market closed at near the best of the
day, with unusual strength in Denver & Rio
Grande, which recently has been accumulated
by good class Of buyers.
Figures presented by the Public Service Com
mission Oh the earning power of the local
face traction companies for the quarter ended
December 81, 1908, must be regarded as eX
tremely satisfactory in view of conditions un-
der which the companies were operated, while
they should create feeling of greater conf
dence in the future of the position Of Metropoli-
tan Third Avenue. Brooklyn Rapid Transit and
other surface roads in this city. In the time
mentioned, which is one of the lean periods for
traction earnings these companies, Metropolitan
excepted earned a surplus in excess of charges,
and in the Of the companies In receivers
hands good results were accomplished in the face
of abnormally heavy operating costs, the receiV-
ers evidently expending from earnings a large
amount upon the physical betterment Of the
properties. The ratio of expenses to gross earn
Bronx 1886 per cent in the quarter under re-
view against IS per cent for the year of the COM
panies last annual reports of June 80, 1906,
and against 90 So per cent shown by the Brook
lyn Rapid Transit Company for the same quar-
ter and $40 per cent shown by che InteTborough
Rapid Transit. These figures suggest that the
surface roads in Manhattan eventually, under
wise and efficient management, which they did
not enjoy prior to the advent of the receivers,
will be able reduce II eir operating expenses to
the neighborhood perhaps of 90 per cent. The
whole surface system in Manhattan and The
Bronx showed for the last quarter of the last
year net income after all expenses, taxes and
charges of S1S1, ,207; the Interborough showed
net income of SI.3S4.es0, and the Brooklyn Rapid
Transit Company net income of S12976. The
last three months OF the year are trying ones
for the Brooklyn Rapid Transit Company, and
the relatively small surplus after taxes and
charges in that period should not therefore be
twelve months record. This road is now earn
securities appears unusually promising OF the
New York traction shares Manhattan EleYated's
guaranteed per cent stock is the premier issue
The reduction yesterday by the Bank of Eng
land in its minimum rate of discount from TO
2iz per cent was in line with common expecta-
tion. The big British institution holds more
bullion at present than at any other time in the
last twelve years, and further additions con-
stantly are being made TO the gold in its vaults
it is quite probable that the 21a per cent rate
viii not be effective for any length Of time. The