New-York tribune., 1909-01-19
FINANCIAL AFFAIRS
MOST STOCKS LOWER.
Market Lacks ActiUe Buying Po5rer
Money Remains at an
Easy LeUel.

3
manner throughout the five hours of trading
with final prices at unmportant net changes
small losses predominating. Opening auota'o'iS
as a rule showed improvement over the cIosihS
figures in Saturdays transactions. but IN tns
absence of outside support and a general lack
of buving power traders soon changed their po-
sitjon putting out new lines of shorts In 'he
hone of inducing the liquidation OF enough stoCN
TO bring about materially lower prices. Little
stock however came upon the market, and floor
( orera+ors dealt within fractional variations in
ell hut q few issues In the early market New
York Central was strong exception 10 the uil-
certain trend Of values. advancing points on
huyjng that reflected uneasiness on the part
Of speculators who had outstanding short con-
tracts in the security. Various rumors afect-
tne the future of the property were heard in the
Street but the only news on the property was
that relating TO the agreement reached by the
COMPANY and the New Haven regarding ter
ninal facilities in this city In the afternoon
the stock sold off with the general market CLOS
ing a. I'D frcm Saturday, while elsewhere in
the active list net gains were shown by NorIoih
& Western. Third Avenue and Kansas tl'S
Southern shares, the last named issues oeths
favorably affected by the announcement OF d
traffic alliance between the company ana 'he
Union Pacific The chief weakness was re-
corded by Amalgamated Copper which ehueo
the day at a loss of more than points on seIl-
ing induced by further decline in the price
Of copper and the bearish sentiment noted in
,,er producers however. express no uneasiness
over the outlook. In the last hour Union Paclhc
an6 United States Steel common were actively
sold and though there was support on the way
down il was not Of an aggressive character
From the bull point Of view the worst feature oI
tine market was the tendency of rallies to tatten
out for want of buying power. Trading IN
bonds heavy.
The advance last week by the Bank of Eng
land in its minimum rate OF discount from 2+2
affn1 two IN CHI
ing the Paris demand for gold in London
Paris exchange on London declined yesterday
. centimes and notwithstanding a rise in Brit
ish open market rates and in the price of bar
gold. the Bank Of France secured all of the
south African metal that was offered while
incidentally Paris discounts rose IS per cent
II is believed in foreign financial circles that
the Bank of France viii not depart from its
policy Of Increasing its gold holdings. even with
the Russian loan out of the way. and therefore
II is likely that in the event of further inquiry
for the metal for French account the Bank Of
England will advance its rate Of discount and
take active measures to draw gold from the
United States. which at the moment provides
tbs, cheapest money market in the world. Ster-
ling exchange at this point Vas strong yester-
dav with indications pointing 70 shipments OF
gold 70 Paris by Wednesdays French steamer
Money rates remained at last weeks low lever
on a limited demand, and with no sign OF higher
quotations in the near future the banks report
the Sub Treasury and from the interior. The
bank and trust company statements issued Sat
rrday reflect an inactive demand for money
throughout the country and the accumulation
of idle funds. which eventually should become n
powerful lever in lifting the industrial activities
of the nation TO a materially higher plane and
carry the price OF prime investment securities
10 A level where the yield will be far under the
present return. The bond market promises TO
work I'D under the influence OF easy money,
while the same thing may be said Of shares,
notwithstanding the fact that the greater mum
her of issues already have moved o range
that fully measures their intrinsic worth
Union Pacific. which is a 10 per cent stock. and
Southern Pacific per cent issue with the
prospects OF paving higher rate. are among
the few stocks that considered esitimately
entitled 20 better quotations. In the general
market real bargains scarce. but stocks
are well held, and there is nothing in the cur
rent situation that encourages genuine liquida
ton Some good buying Of Chesapeake & Ohio
is reported.