New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-03-06
FINANCIAL AFFAIRS
STOCK VALUES HIGHER.
4drance in Sterling Erchange Fore
shado5cS Gold EEpOrts-B0nkS
Gain Cash.

Transactions in stocks were light in volume
throughout the five hours of business on a
movement of values that showed great lrregu-
larity. with the final tendency in the direction
OF higher quotations There was fair specu-
lative demand at times for the Hartman is
sues Reading. Northern Pacific and the metal
shares. but the buying power was not heavy
enough until the last hour transactions to bring
about important advances. the Improvement IN
these operations being due to active covering
by the shorts who apparently We're somewhat
alarmed over the failure of their early dealings
TO bring out any important offerings of long
stock Reading American Smelling United
States Steel. Union Pacific and Northern Paclnc
and the Kansas City Southern issues were In
good demand for speculative account while In
vestrent purchases were reported in United
States Steel preferred and Consolidated Gas. the
last named security apparently being bought on
the we'll founded theory that the company 1t
represents will be able TO pay more than the
current dividend Notwithstanding selling price
to gas consumers of so cents. Kansas City
Southern gained more than ! points on light
dealings; also 500" common. American Ice
was bought on the talk of an ice famine next
summer but the character of the operations was
not at all impressive and did not encourage
public demand for stock. The movement in
Kansas City Southern was accompanied by the
old report that Hartman interests had secured
control of the property. This railroad has
most promising future
The railway equipment companies have had
little new business in recent months. but cur
rent indications suggest the development Of a
better demand from the transportation concerns
in the near future for additional rolling stock.
Economies practised by the railroads in 1908 are
reflected In the poor exhibits made by the
and locomotive building companies in that year
but in spite OF the falling off in orders received
the American Car and Foundry Company and
the American Locomotive Company have made
reasonably good earnings and have been able TO
meet dividend requirements in recent months
without trespassing upon surplus account The
American Car and Foundry Company reports
for the three months ended January 81 sur
plus after preferred and common dividends Of
t46557. against surplus of $4,000 for the
same time in the year before and surplus Of
81 $50, 2S2 for the three months ended January
81 1907. Actual net earnings for the companys
last quarter were s721.557, compared with
sI772 200 last year and $2.307,2S2 in 1907,
fairly good showing in view OF conditions affect
ing the railway equipment business. The rail-
roads are entering period OF expanding
earnings. and a consequence they soon VIII
become more liberal buyers OF equipment and
general supplies. including rails Of which they
are extremely short, owing to the forced light
expenditures on this account in the last calendar
year And this buying movement on the part
of the railroads will be a most important factor
in the development of general industrial pros
perity. There is a tendency in certain circles in
Wall Street to pay attention TO the current
gains in railroad earnings, because comparison
is made with a period a year ago when the
traffic movement extremely light. but the
importance OF these gains as showing the prob
able movement OF business affairs in months to
come is fully realized and appreciated in con
sentative banking circles.
According to the known movement Of money
in the week the local banks have gained more
than 81 600. 600 in cash holdings. due to heavy
movement Of currency from the interior The
outward movement Of money from this centre.
exclusive of national bank notes sent to Wash
ington for redemption. extremely light,
while receipts from ut-of-tOwn points, includ-
ing new gold on San Francisco and Seattle
ASSAY office checks were unusually large for
this period Of the year. amounting to s7174.000.
Though cash holdings Of the Clearing House
banks have increased. based on the preliminary
movements Of money, IL is not possible to pre-
dict with any accuracy the probable changes in
to- days statement of the associated banks ow-
ing 20 the unknown quantity involved IN the
loan item Sterling exchange was higher yes
terday. with indications of gold exports TO
Europe next week.