New-York tribune., 1909-05-15
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
Good Buying on Demonstrating
Exchange Strong.

The first respectable reaction recorded In
stocks in many days developed in the early ar
| ternoon operations yesterday, prices declin ng
| in the active issues from to points under the
| influence OF heavy selling by professional trad
| ers and commission house customers Of the So
! called public variety. Pressure from the profess
sional element effective in bringing out
large amount Of stock on stop loss orders. but
the general selling movement was checked In
the last hour by active buying by prominent
interests who evidently were unwilling TO let
speculation into Decentralization. The public
is still wanted in the market, and apparently
the time is not vet propitiOus for a widespread
speculative collapse Though certain specula-
tors thought yesterday that the psychological
moment had arrived for the start of a bear
movement the substantial financial interests
behind the market were unable to see any good
reason for more than passing decline. the il-
fluence of the latter being shown in the u:.i-a-
portant character Of the losses where recorded
and in the complete recovery in some shares
from the low points established. Amalgamated
Copper, American Smelling. Consolidated Gas.
Great Northern. Northern Pacific. New York
Central and Delaware & Hudson were among
the issues that presented gains at the close. The
last named stock touched 200 in the morning
transa ctions ending at 1889, a gain Of %.
Reading sold within fraction Of its best price
OF the year and lost on the day l. after maxi
mum decline of 3s4, while Union Pacific showed
a net loss of 81 after a maximum decline of 2
points United States Steel, the Copper shares
Reading and Union Pacific were taken by
good class of buyers on the slump. while
throughout the list the general weakness
brought forth buying orders from important
sources where a sudden decline had been ex-
pected. Traders quick TO cover on the first
appearance Of support, and at the close senti-
ment the floor moderately bullish. The
course of prices proved to most minds that the
best sort of support is still under the market
In the current stock market many apparent
Inconsistencies exist in the matter Of prices hut
the q time these DeculiartipG IF
speculation will be remedied by normal read
justment Of quotations to levels corresponding
with investment values represented by divi-
dend returns. Reading a per cent stock, with
the evident promise Of becoming s per cent ,
issue is selling higher than st. Paul. per
cent security OF the best grade. the latter being
quoted about 80 points under Chicago & North
western. also per cent stock of merit, though
attractive stock to 1t is not worth 80
points more than St. Paul. Northern Pacific and 4,
Great Northern, which pay per cent are quot
ed under ST Paul. and Baltimore & Ohio
per cent issue, is selling far under New York
Central. per cent stock. and at a distance
from Pennsylvania which is not warranted oy
the respective investment worth Of the two Sc
curities. Southern Pacific TO many minds is /
much more attractive as a permanent invest ]
ment than Reading yet its market price is about
81 points under the coal road stock. Southern
Pacific pays per cent, and in all human prob
ability will be advanced eventually to per
cent, a higher basis, while at its present quo
patiOn IL is BelnS taken Dy operators who TeCOg- B
nize its favorable possibilities. It is among the
few shares that are not dear at prevailing quo
tations. Union Pacific yields more than Della /
ware & Hudson, but there is 10 point differ
ence between their prices. United States Steel
preferred pays per cent and sells II points un-
der American Sugar Refining. also a per cent
ISSUE but above American Locomotive preferred
which pays per cent and American Car and
Foundry preferred. likewise on a per cent
basis Many stocks too high for investment
purchases, while there few issues that
still appeal 70 investment capital though in
vestment operations at the moment are confined
in great part 10 the bond market owing to the
advanced level st which the majority of prime
investment shares are selling.
According to the known movement of mofey
in the week the local banks have gained up-
ward of $5.000000 in cash holdings owing 10
heavy receipts from the interior new
gold and slight gain Sub Treasury opera
tons, against which there has been only a small
offset on gold exports. Money rates showed A
somewhat easier tendency yesterday. and the
general course Of the market and the large es-
duated gain in bank resources suggested 4.
tavorab BILE exhibit by the banks in to-day's Clear
ng House statement Sterling exchange was
strong. being influenced by the heavy specula-
i've selling Of American stocks for Europe and
oy the active demand for remittance on mer-