New-York tribune., 1909-01-30
FINANCIAL AFFAIRS
SECURITIES LOWER.
Traders 4ctiUe on Bear Side Of
Market-Bdnks Gain Cash.

Transactions in yesterdays stock market again
were made up in great part OF the operations or
the professional element, commission houses
having few orders for outside account, except at
times when the downward movement OF values
forced weak marginal holdings upon the market
In the early operations room traders sold
throughout the list, prices responding TO the eA-
tent of fractions, while in the noon time oeallhss
a general covering movement based on the pup
lication of the Hartman earnings for the month
of December carried the greater number OF Sc
curities fractionally above opening figures, thlS
Improvement, however, being subsequently OFFSET
nv renewed speculation for tha decline, Whlch
sent values in most parts of the market TO a
level under the final figures of the preceding day
Last prices were about tha lowest Win tIlo
chief net losses in Canadian Pacific. Chesapeake
& Ohio Colorado Fuel and Iron. Interborough-
AIetropolitan preferred, New York Central, Peo
ple's Gas Rock Island preferred and Southern
Pacific. Amalgamated Copper though losing
only e. was heavily sold, also United states
Steel common, in which a substantial loss was
only prevented by the appearance of active sup
port from first class houses The general char
acter of speculation was not of the sort that
encourages the kind OF buying OF which bull
markets are made. There manipulation of
a. cheap class on both sides, with that for the
decline the more successful. Further selling of
American securities for foreign account, the ao-
sence from the market Of the men who made
the bull campaign of 1908 profitable and the
uneasiness in many circles over the condition OF
the metal trades were important factors in in
ducing bear sentiment in speculative circles.
Copper declined to the lowest price recorded in
the current year. and reports to Wall Street
from copper and steel centres were far from
encouraging.
Railroad earnings for the month Of December
show, in the greater number of instances, gains
in net results snd in many cases Improvement
in gross, noteworthy progress in the latter be
ing reported by the Erie and Rock Island, the
returns for these companies being received yes
terday. Union Pacific also showed a gain in
gross, though a relatively small one. and gain
in net of substantial proportions, while South
ern Pacific presented a loss in gross of nearly
a half million and an increase in net Of about
the same amount. The Reading Railway made
gains in gross and net, but the coal and iron
company of the Reading company did not do
well The increase in the gross earnings of the
Erie amounts to S519S7S and as this expansion
shows actual Improvement in the transportation
business on the companys lines il ought to
bring encoura agement to the friends of the
pany who for many months have been dis
appointed in their hopes of seeing this big
trunk line emerge from its slough of despond
Interests identified with the company
iousIy awaiting the decision of the upstate Pub
lie Service Commission in the matter of the
roads application to issue S30.0000O0 bonds, the
proceeds from which II is believed will be ample
to provide for all the requirements of the prop
erty, including the taking UP of the $40 100000
notes outstanding. If the application should be
granted a new epoch in Erie will begin The
strongest bull argument on Erie. as far as its
future is concerned, is found in the confidence
expressed in the property by the two greatest
railroad fnanciers in the country, Mr.. Morgan
and Mr.. Hartman.
According to the known movement of money
in the week the local banks have gained S2.270.-
400 due to excess receipts of currency from the
interior which Offset the loss on gold exports
and on operations with the Sub-Treasury. Ship
ments of money to out-of-town points were
larger than in this week 2 year ago, but rep
resented in great part national banknotes sent
to Washington. for redempton-a movement
that has been heavy in the last two weeks. I'm
less there has been large expansion in loans
to-day's statement of averages of the Clearing
House banks ought to show further improve
ment In the reserve above legal requirements.
but even if there should be a decline from
week ago money rates would not be affected.
There is more money here than the banks can
find use for and reducing rates from the al
ready low level fails to stimulate an active de-
mand. though IL tends to increase the chances
of large shipments of gold to Europe. Sterling
exchange was up ten points yesterday. and in
foreign banking circles it thought that ex-
ports of the metal direct TO London might be
made in volume in the near future unless there
should be material decline in sterling rates
and higher market for money Of which there
seems prospect. Foreign houses continue 10
sell stocks in the local market the operation,
of course. being influential factor in main
tanning exchange quotations az a high level.
Paris exchange London showed a strong
tendency in yesterdays market, and cable dis
patches indicated the belief in London that the
African gold that win be available in the open
market on Monday