New-York tribune., 1909-02-09
FINANCIAL AFFAIRS
STOCK PRICES STRONG.
4drauces Made on Markets OOer-
sold Condition Honey Rates
Unchanged.

Transactions in yesterdays stock market were
not heavy in volume, but prices were strong IN
the greater number of issues in the best part
Of the day the upward movement being based
chiefly upon buying by the shorts and bidding
I'D by operators who saw a chance to make
quick turns on the long side OF speculation
There was no stimulating bull news and no IN
dicatton of buying by the public. except in the
bond department, where fair volume Of bust
ness was reported for investment account; also
moderately active dealings OF speculative
nature In the Issues of properties whose stocks
recently have been active features on the Stock
Exchange Reading was actively bought by the
shorts on the early appearance OF bull manipu-
lation in it. it's price selling up more than two
points while elsewhere in the active list decided
strength was shown by Peoples Gas, National
Lead, Denver & Rio Grande preferred, the Har-
rirnan shares and Chesapeake & Ohio United
States Steel common failed to move from the
rut in which It has been stalled for many weeks,
and the best information the issue suggested
that no efforts were being made by the pool to
advance it. Owing to steel trade conditions the
present time is not favorable for bull operations
in the steel securities, while the same thing
may be said of the copper shares, the strength
in Arnalgamated Copper yesterday merely repre-
senting the oversold position of the issue. Ma
tional Lead and American Smelling were in de-
msnd by traders; also Consolidated Gas and
Peoples Gas, the advance in the latter being
heIped by the known favorable earnings Of the
company This concern has no trouble in pay
ing 6 per cent on 90-cent gas, earning, as d
matter Of fact far IN excess of that amount.
ard time doubtless will prove to the Consoli
dated Gas Company that IT will be able to make
more than 6 per cent on SO-cent gas The Brook
lyn Gas Company pays 6 per cent on the so
cent rate Prices in general moved yesterday
on the line of least resistance. closing at about
the best.
The development Of g sustained upward move
rnent in securities prices from the current lsvel
is not indicated by the present course OF specu-
lation on the Stock Exchange, and in many
quarters of the Street it is believed that the
market will continue for some time to come to
be one of specialties- Substantial interests who
backed the bull operations of 1908 ar5 doing
nothing in the market at present Many of the
leading men OF the financial community are out
of town or are about TO go, and apparently are
well satisfied to let the market take care of
itself The public shows inclination to
gage in stock operations, and as consequence
the dealings are made up of the transactions of
the professional element and the manipulation
Of certain interests Identified with some of the
second grade properties, the stocks of which
recently have been moving toward a higher
level. With quotations at the present advanced
level, which is not far under the best recorded
in the last twelve months, and with various
certafnties in the outlook, TO say nothing of the
depression in the metal trades, there is little
incentive TO buy securities margin, despite
ths ease in money, and though traders
change in the national administration, it is diff
fcult to find any logic in the arguments OF
few observers who continue TO assert that
rtariod Of prolonged activity the long side of
the market is about to develop. Prices fully
MEASURE Improvement already established III in
dustrial circles. a readjustTneut Of values to
lower range would pave the way for an active
upward movement after the proposed rearrange-
Tnent of tariff schedules has been effected. and
there are indications just now that q slow move
rnent toward cheaper quotations is under way.
down The bond department offers the best op-
portunity for the placement Of investment capi-
tai the market for these issues on the exchange
and over the counter presenting excellent
chances for conservative investment and semi
investment operations.
The Bank of England secured all of the South
African gold that was offered in the open Lon
don market Yesterday at the irreducible mint
price while IL received large amounts of gold
coin from Berlin and Egypt. Paris exchange
on the British ca ptai continues To rule in favor
of the latter point, and, OF course, this IS of
Importance to our own market as it lessons the
demand for remittance here and makes improb-
able an outward movement OF gold from New
York to London Ths reduction in bark re-
serves at this centre last week viii serve 70
maintain rates for money at the higher level
,,o,v r7reysiling while the arrangements for ths
r,avnlent to the Treasury of the government
funds recently called for by Secretary Cortelyou
doubtless win cause further hardening before
the operation IS completed, as the greater part
of the money due from interior institutions win
be paid from their balances here A large amount
already has been TURNED into the Treasury on
this account.
FERRY COMPANIES