New-York tribune., 1909-03-26
FINANCIAL AFFAIRS
MOST STOCKS FIRM.
Trading Professional and In0ctiUe-
Moneg Rates Unchanged.

Price changes in yesterdays stock market aS
q rule were unimpoTtant, the general movement
of values showing great irregularity, with more
net gains than losses in the active shares at Ile
close Trading was light IN volume ana repre-
sented little beyond the operations OF the pro
fessional element, commission houses HaNlils
few orders for public account on elther sue u
the sneculation A rise of points IN Alton
o,-,o, eccomnanied bv some activity in the
Rock Island shares attracted a moderate amount
Of attention without however, inducing an out-
side demand, and efforts TO bring In the puol'c
by bidding up other cheap priced issues suti a.
for Instance Erie, Mexican Central ana NapaSh
rreferred fell absolutely fat Speculation III
Union Pacific was fairly active. but the STOCK
closed unchanged from its final quotation OF the
preceding day. after fuCtuating WITHIN rae
tional limits Arnalgamated Copper presehtlls
ei,,{lar performances Action by the coal miners
which In all probability means no laDoF us
t,1rbance in the anthracite fields found some
reflection in the Erie and Reading securities,
though it was without effect upon the genera
list while the further price reduction III lIle
steel trade also was without lnIluelce @7 q
market factor even United States Steel com
non moving with a total disregard of trade
news its final figure showing a decline OF .
from Wednesdays last quotation Further eVI-
dence of the lack Of interest in the market was
presented in the absence Of any selling IN Amer
lean Sugar Refining following the publication
Of the conpany's report for 1908, in which net
earnings fell off about 25 per cent from the pre-
ceding wear and were only two-tentns OF per
cent above dividend requirements. Dealings IN
the stock amounted to 100 shares at price =
orf from the last preceding sale. The foreign
markets were strong in the face Of unsettling
r1u1ors regarding the ever present Balkan sit
nation, and arbitrage houses bought to a small
extent on balance on the local exchange
A slightly firmer tone 10 the time money mar
ket has not been accompanied by any appreci-
able change IN rates, either in loans for extended
periods or on CALL and the banks are not looking
forward to an important advance in the near
future, though it Is thought that the arrange
nents for the April interest and dividend dis
bursements, amounting TO more than $3.50 100000
NAV cause a passing stifening OF quotations.
Wall Street as usual is hoping for an active re-
investment demand in the securities market as
a consequence Of the April payments, but from
current indications enlargement Of business from
this source will be confined to the bond de-
partment, in which evidence Of betterment al
ready IS reported by the leading bond houses.
Railway mortgage issues Of the first class may
be bought to return a conservative investment
yield at current prices. and, based on all con-
siderations affecting this grade Of securities, the
time appears propitious for the movement of un-
employed capital into the attractive bonds Of our
transportation companies Municipal bonds are
in better demand than recently reported while
government issues are inactive. The investment
inquiry for stocks Is light. owing to the high
level at which the greater number Of shares are
selling, but the fact that they in strong
hands dIscourages extensive short selling and
apparently assures the maintenance Of prices
in the neighborhood OF the present range until
something develops TO encourage liquidation.
es for instance, higher rates for money. which
doubtless would be followed by a readjustment
OF values on downward scale. 1t costs little
TO carry stocks at present while dividends pay
the charges.
The Bank Of England made change in its
minimum rate Of discount yesterday, and showed
in its weekly return e small reduction in its
proportion OF reserve to liability, the figures
standing at 49.O5, against 4e.41 e. week ago and
1884 in the corresponding period last year Gold
holdings increased materially while large gain
was reported in deposits and IN the item of other
than government securities held. AS the move
ment Of exchange is in favor of the British cap
ital and as April interest money soon will return.
with the effect OF making joint stock banks
tive lenders lower bank rate in the course Of
the next few weeks is not improbable. Sterling
exchange here continues TO rule at the gold
shipping level and in all likelihood additional
exports Of the metal Will be made tomorrow
and next week. The shipments of last Satur-
day and Tuesday and Wednesday of this
week will be reflected IN the bank statement TO-
morrow, but they may in great part be Offset as
an influence upon the reserve above legal re-
quirements by receipts Of currency from the in
terror and by a contraction in loans