New-York tribune., 1909-05-25
FINANCIAL AFFAIRS
DULL DAY IN STOCKS.
Small Price Changes, 7oith Underly-
ing Strength-Money Rates
Unchanged.

Stock market trading was light in volume in
the greater Number of issues on an Irregular
movement of values that at most times af1orded
little opportunity for anything beyond scalpers
profits. Room traders were inactive and com
mission houses were unlmpOrtant factors in the
operations which in all stocks amounted 10
5gO4 463 shares of which the chief part was
supplied by Amalgamated Copper, American
Smelling, Erie, Great Northern, Northern "a
cific Reading, Southern Pacific. Southern Rail
wav Union Pacific and United States Steel
common the last named issue making new
high record at CO.'S In the best part Of the day
prices were firm. with~strength in a few stocks
notably the Hill shares, Erie common and first
preferred, Long Island and American Car ana
Foundry but in the afternoon the general list
sold off on light dealings, closing quotations
showing about an equal number of small gains
and losses The strength in the wheat market
appeared TO be an influence III restricting ac-
tivity on the long side Of speculation III stocks
as the advance IN the cereal was accompanied
by adverse crop runners and by decreasing re-
Ceipts at primary markets. which showed for
last week the smallest total for all grains for
this time Of the year since 1902. Compared with
a year ago receipts declined 2S.S per cent, and
with the average for the last five years 23.4
per cent Wheat alone decreased al 900 bush
els from the preceding week and 1,131OOO bush
els from the corresponding period IN lTS. IN
the last few minutes of trading Erie issues,
which had been strong in the earlier trading.
exhibited further signs Of good buying, ad
vancing to new high prices for the year, the
movement apparently being based upon the en-
couraginE views of the president OF the COM
panv and on the growing idea that the road
will not find ii necessary to issue new DondS
until a time when it finance future needs
TO much better advantage than at present. Long
Island stock again was taken by substantial
buyers, who evidently have been impressed with
the favorable prospects for great expansion
in traffic with the development of population on
the island and with the eleCtrifcatiOn of the
company's lines The Hartman shares were
not important features and closed at net losses.
No, material change was reported in local
money and exchange market conditions yester
day, but in the London market call money and
discounts were flrmer being affected TO some
extent by the approaching settlement require
ments and by the issue Of new securities. Our
money market intensely dull, and in ster
ling little business reported, while no fgur
ing gold exports was done, owing to the
higher rate Paris London. which for the
moment, at least, dscourages further shipments
Of the metal as under current conditions there
is no profit in the operation Il is believed,
however that more gold will go out before the
middle of June. Bank holdings here improved
enough last week to eliminate the possibility of
higher rates for loans in the immediate future,
and the fact that money supplies are in
creasng at time when sound economic prin-
ciples suggest contraction serves to strengthen
the idea that additional shipments of best
money will be made until a substantial change
has taken place in money market quotations.
Imitation is going on in paper money supply,
and while as frequently pointed out in this
column, this condition viii not lead to mme-
diate adverse results, il is a development that
Will lead 10 unfortunate consequences If al
lowed run unchecked. Doubtless the
members Of the Currency Commission will find
in the present great expansion in national bank
notes and in the heavy exports Of gold from
this country since January l argument in
favor of real currency reform.
In the current movement of prices on the
Stock Exchange there is no Indication that sub
stantial speculative interests ready 10 work
for lower quotations; but, the other hand
the public shows great inclination to buy
securities at prevailing levels. though il is not
unlikely that aggressive manipulation for better
prices would attract certain amount of outside
buying. especially money market conditions
tend TO encourage margin transactions. There
is no investment business in the greater number
of stocks owing TO the relatively small return
AZ existing prices, and the absence of this sort
Of buying is factor working against specuIa-
tive bull activity In the bond department
however. investment capital continues active in
the issues that have not get advanced pro-
hibitve figures. Offerings OF new bonds are
being made IL fair volume and much interest
is taken in the general position of factors gov
erning the market account of the future
needs of railway and Industrial corporations
which apparently in many eases will be financed
before money rates move TO higher levels The
market in recent weeks for state, county and
municipal securities has been active. and it is
quite probable therefore that the subscriptions
10 the ss0.00G,000 corporate stock OF this city
Just offered viii be Eeavy.