New-York tribune., 1909-05-13
FINANCIAL AFFAIRS
STOCKS CLOSE QUIET.
Ne1U High Records Made in Early
DEALINGS Bonds an Demand.

MANY new high records for the year were
made in yesterdays stock market while the
general list was strong until the afternoon. when
prices reflected the effect of realizing In reac-
tions that in number of instances were large
enough TO wipe out the earlier Improvement
The upward movements in several of the prom
inent stocks were forced TO an extent that en-
couraged active selling by the professional ele-
mont and bv cautious outsiders who apparently
considered the bull account in a dangerous posi-
ton but on the decline stocks as a RUE were
well taken especially Union Pacific which, atteF
touching 1908 sold down to 1883, closing a.
1se a net gain OF Il. Reading common made a
new high price for 1909. accompanied by a sharp
gain in the second preferred, which advanced TO
a level that showed a difference in its favor OF
G noints as compared with the first preferred,
the disparity between the two issues reNlNIng
the rumor that the second preferred would be
retired on the basis provided for in the reor-
ganization OF the road In 1886, though the COM
pany has nothing to gain by such an operation.
The Street believes that Reading common. a
per cent stock selling at a level returning about
2Iz per cent is being bought by responsible IN
terests on knowledge of future developments
that will increase the actual value of the is
sue but it is difficult to imagine any chahg7
in the status OF the stock that has not alreadN
been measured by it's rise in price, while the
same thing may be said of the rest OF the an
thracite group. with the exception, perhaps, OF
Erie though from current transactions IN IN
,-arious shares one might assume something OF
delaware &, Hudson. which is earning small
margin over its per cent paid to stockhold-
ers was advanced to 1876 without Indications OF
developn1ents warranting the idea that the
movement was based on anything save specula-
tion an interest identified with the property as
serting to The Tribune's representative that the
company had nothing in view worth an II po'hI
advance in the stock in two days.
The hard coal shares became relatively weak
features on the afternoon reaction. but showed
q firmer tone before the close. when the ehtire
list acted in a manner suggesting that further
material declines could be brought about Only
h, the most aggressive sort OF selling. Bear
ira 7ers are not well organized at present ana
thew are not disposed to make commitments on
the short side in any volume, their selling at
The ton Yesterday being followed by quick COY
erinp on the decline Bull interests evidently
believe that with easy money and the lmproV-
ing conditions in the metal trades further IN
hancement in values can be brought ABOUT ana
the general. character of speculation appears 70
bear ont the idea that prices can be showed %
higher levels before the inevitable collapse de-
veIops At the close net changes in the greater
number of issues were unimportant, with net
losses and gains about evenly divided among
the active shares, the chief improvement belhS
recorded by Chicago & Northwestern, ConsoH-
dated Gas Delaware & Hudson, Erie and the
Rock Island shares. The last named securities
were actively bought by Western houses when
were bullish on the issues the basis Of the
con,nanvs growing financial and physical
strength which leads to the expectation that the
nreferred stock in another year Will become Il
permanent dividend payer. Heavy buying In the
bond market naturally strengthened confidence
among the bulls on stocks, dealings in mortgage
cecurities amounting in par value to more than
g 600 O00 an increase of about S3,40O,0OO as
cornpared with the operations OF the preceding
dav. the Albany & Susquehanna Slzs, Bethle-