New-York tribune., 1909-04-08
FINANCIAL AFFAIRS
4CTITE STOCK TR1DING.
Stocks as a Rule Higher-Hcary
Speculation in Uheat Market.

Further active speculation for the rise was re-
ported in yesterdays stock market prices snow
ing their best strength in the early afternoon
with the anthracite coal stocks leading features
Reading made a new high point on the current
movement and in breaking away from Level
IN the neighborhood of 137 on active dealings
traders assumed that the stock had been bought
i,v substantial interests in the last fe" DAYS
and would as 2 consequence. make further ma
terial progress toward q higher range, desplte
the fact that it showed at 1873 an advance from
its lowest price of the year Of 20 per cent. Al
its present quotation this issue returns 10 IN
yestment BUYERS about IS per cent but II IS
not likely that investors are buying it just now
There is no good reason why they should COM
mission houses were active buyers in various
parts Of the list for operators VINO depend on
borrowed money to finance their speculalNe
transactions their purchases being pased on 'iie
advancing tendency of recent weeks. on ouliish
advices from brokers and on the theory that
notwithstanding the high level at which the gen
eraI market is selling, stocks VIII continue 1"
move upward as a result OF the promising lut-
IRE for industrial and financial affairs IN this
country Margin traders are prone TO buy
stocks when prices are at or near the top, and
then they blame Wall Street for their losses
and If in the present case there should be an
important collapse in the inflated speculation III
stocks and grain the 'wickedness" Of the Street
would come in for the usual attention from the
rouclz ralers and poor losers Cash wheat was
quoted at 81 SAN a bushel YESTERDAY while the
Nav option sold, with only two exceptions at
the highest price in twenty years, the remen-
doIs speculation in it tending TO weaken stocks
10 some extent n the final dealings. though out
side OF American Smelling Union Pacific Atchi-
son St Paul and Steel common, when sunered
insignificant net losses, net advances were re
ported in the active list Many OF the so-caued
low nriced shares were strong features, while
7 Tac,saUvanna the most expensive railroad stock
traded in made a new high record at SOC.
American Telephone and Telegraph again was
we'll bought.
Crop conditions soon will begin to have
greater speculative value in the stock market.
and the governments April report on the agri-
cultural situation, chiefly with reference to win
ter wheat, therefore will be read with interest
From the movements in the grain markets
wheat this week having crossed 81 % a bushel IN
the prevailing option, the assumption might be
ma de that the federal figures the position of
the growing crop are far from favorable and
1oreshadcw an extremely poor yield; but as
wheat practically has been cornered by pow
erful speculative following the current scare re
norts from Chicago and the grain speculators'
opinion of the government figures as of April
should be taken with reserve The condition Of
winter wheat however. is less favorable than at
this time last year, as from individual states
reporting so far. namely. Ohio, Kentucky, Mis-
souri, and Oklahoma. an average condition of Il
is shown. compared with 81 at this period in
1908 and S2.2. the federal official figures for the
entire wheat belt, against S5.3 in December last
and 91.3 April !, 19U6. Inc ConulJlon OF rye
Is placed at ST. against S91 last year Though
this country gathered large crops in 1908, there
is great need for abundant harvests in the cur
rent wear. as the world demand for breadstuffs
is increasing without a corresponding gain in
the acreage planted and that TO be planted,
while II is estimated that there will be extremely
limited surplus stocks carried over from the
Yields of the last crop year. At the moment
foreign countries not taking our wheat 10
anv extent owing TO the high prices ruling and
,,sry- ~, Arc-a
tine market; but the amount of wheat available
in the Argentine rapidly is being depleted, and
unless European supplies far greater than
generally believed there soon should develop an
increased export demand at this centre Light
shipu1ents Of grain from here important
influence in maintaining strength IN the sterling
exchange market, particularly imports OF
merchandise are increasing, and ii is not un-
likely that in the future gold will be taken
for export to Paris. Further shipments Of the
metal 10 Argentina London account are also
in sight.
The speculative community appears confident
that the pull campaign will run just as long
as money continues at low levels. Stocks are
high and there are few issues that present at
tractive purchases for permanent income WELD
the bond department furnishing the only actiY-
itv at the moment in the investment business.
And even in mortgage securities the inquiry =
not heavy. much of the trading representing
speculative operations in the bonds that appar-
emily present z margin for Improvement in
value. The transactions in stocks just now re-
feet large gain in the amount of stock carried
on borrowed money. great expansion in pool
trading and material transfer OF accounts from