New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-02-06
FINANCIAL AFFAIRS
LEADING STOCKS LOWER
Further Bull Manipulation In Second
Grade TsSues-Banks Gain Cash.

e+octz market values made a brave opening at
general advances from the closing OF the pre-
ceding day and in the first few minutes OF trad
ing aggressive strength was shown py 'h7
shares which were prominent features IN Thurs
DAYS operations, notably Denver & Rio Grande
Kansas City Southern, the Gould securities ana
Chesapeake & Ohio These issues ana other
second rate stocks have been moving under
the influence of bull manipulation in recent
DAYS but the character OF the buying has not
been at all impressive. and it has failed 10
attract snv outside interest in the market The
early advance yesterday was met by large
supply Of stock, and before the end Of the first
hour the initial Improvement was lost. with
losses running from y TO 1 per cent, Amalga-
mated Copper and Reading being particularly
weak In the greater part Of the five hours OF
trading business was light IN volume and prices
were heszvy the standard shares suffering more
than the so-called low priced securities, which
received support from the people who are d.
rectly interested in them The selling OF the
standard stocks. while not heavy In volume, IS
persistent and the movement is wearing on the
market. The announcement Of the first divi-
Cend upon Brooklyn Rapid Transit was not ef-
fective in rally1ng the general list while IL had
but a temporary influence on the companys
shares which closed at 711z, a net gain Of Is,
against a maximum advance following the divi-
dend declaration OF Ia points. Though the
action Of the directors not an active market
influence it deserves more than passing notice,
especially in view Of the relative positions OF
the surface roads in Brooklyn and Manhattan
The Brooklyn Rapid Transit Company has been
ably managed, and its finances have been care
fully watched over by board Of directors
that constantly has had in mind the future of
the property and the interests of the stock
holders-in this respect differing altogether from
the ''watchdogs" Of the Metropolitan system
Enormous amounts of money have been ex-
pended upon the Brooklyn Rapid Transit Com
pany since the days Of the reorganization of the
transportation companies of Brooklyn, and the
money has not been wasted Hence the ad-
vancernent Of the stock to the dividend column
The general market closed dull, with the promi-
nent issues showing small net losses. Kansas
City Southern, Missouri, Kansas & Texas, Mis-
souri, Pacific, Peoples Gas. Rock Island pre-
ferred and Texas Pacific were strong exCep-
tions.
According to the known movement Of money
in the current week. the local banks have gained
S2696 800 in cash, due chiefly to excess re
ceipts of currency from the interior. The flow
of money from the interior showed a material
falling OF as compared with that of recent
weeks, but the lighter receipts have been offset
by q reduced outgo from this centre and by
fair gain fl new gold OF the shipments OF
currency from New York, amounting to So
rs, 800, about one-half was made up OF national
bank notes sent TO Washington for redemption
The movement of currency from the interior, as
a rule, is lighter in February than 1t is in
January, while in the greater part Of March
and in the month of April the course of money
under normal conditions Is against this city,
owing 10 the out-of-town demand in connection
with the spring trade. In March and April
last year, however, the local banks gained
heavily from other points on account of the
depression in business circles and the natural
return to the East Of the large sent TO the
West and South while the panic at its
acute stage. AS the interior is now well sup
piled with funds, and there is no prospect
of great expansion in general business. II Is
not likely that the banks here will lose much il
any money this spring on out-of-toW-n ship
rnents though it is likely that in the next two
weeks the interior will pay its proportion IF
the amount called for from depositary banks by
the Secretary of the Treasury by drafts 70 the
local Sub-Treasury on their balances in the
New York institutions. In this way 2 iarga
mart of the S3o000000 which must be paid T.
the government before February p will oa
turned over ct this centre. and will reduce to
that extent, less excess receipts from the in
terror and excess payments by the Treasury
on regular income account, the cash holdings
Of the Clearing House concerns
Time money yesterday maintained the firm
tendency that developed on Wednesday, but the
demand was light. while in the call department
business was relatively insignificant The easier
position of money in London was reflected in
another decline in sterling rates which fell to
a point far under that at which gold could be
sent TO London regular exchange transac-
ton. The chances are there will be exports
of the metal to the British capital, unless con-
ditions change materially in the next few days
New York, however, is still shipping gold to the
Argentine Republic for London account