New-York tribune., 1909-06-08
FINANCIAL AFFAIRS
MOST STOCKS LOWER.
Reading a Strong Feature-Good
Buuing on Realizing Sales.

/
| +brourbout the day on a movement Of values
! that showed great irregularity, sharp advances
/ being recorded in some issues, while IN various
other shares weakness was reported the Ii!eAi
result Of the active trading both sides OF the
account presenting encouragement for tie opera
tors who believe that prices VIII go 10 oet'er
levels before the end OF the current fiscal year.
Last quotations showed more net losses than
GAINS but the declines were small, and in view
OF the extensive realizing in the day. were In
significant, that IS according TO the point OF
view of traders who are unable TO see anything
bearish in the current market situation. sales
were active in the five hours OF business in the
majority Of securities. but the buying power
was remarkably strong, including large pur-
chases for public account, while in certain is
sues aggressive bull manipulation was enectVe
in bringing about substantial advances, notably
in Reading, which enjoyed maximum gain of
three points Wabash preferred, Western Union,
American Ice and Rock Island. Among the
shares that showed net losses Of more than one
point St. Paul, New York Central. North
Pacific Union Pacific and United States
Steel. In the course of the day many weak
holdings upon the market. but the chief
selling represented regular profit taking opera
tions that attracted interest only from the fact
that they failed to exert really adverse effect
upon values. The only time in the day when
prices showed material weakness was In the
last half hour OF trading when In the absence Of
active buying traders were able to make some
headway in the direction OF lower figures. Rail-
road earnings received in the day showed en-
courag1ng gains, particularly in the case Of
Chesapeake & Ohio, Colorado & Southern. Louis
Vile & Nashville, Southern Railway and Min
neapolis St Paul & Sault Ste. Marie the last
named presenting increase for the last week
In May of S66, ,401, making a gain since TuIv l
Of SS55,416. Information from Canadian Pacific
sources Intimate that the dividend on 500
common will be increased in the current wear
money rates showed q frmer tendency yes
terday. and bank conditions reported by the
Clearing House statements Saturday indicated
IA na1a cP,
the balance Of the month, though there was
nothing In the showing of the banks and tr,s+
companies that suggested the DEVELOPMENT of
high rates before the late summer and early
taIl- Any advance in loan quotations here will
attract Increased shipments of currency from,
the interior and will bring out foreign roone,,
through the medium of finance bills lin the ex
change market. which is in a favorable position
tor such an operation, as bills drawn at current
sterling quotations will mature at a time when
the market Will be ruling a lower range as
consequence Of the usual supply of exchange
against exports Of food products and cotton
Loans Of the banks and trust companies in
creased last week s26,O000OO. while reserves
suffered substantial reduction, and If the az
gressiVe bull movement continues In the stock
market the lending institutions will be able IN
secure much better price for accommodation
than that recently prevailing, a probability that
ought to be borne in mind by the enthusiastic
buyers Of stocks which show an enormous an
probation in value since the low noints Of the
year. All indications point TO heavy with
drawals OF money from this centre later in the
season in connection with the financing of the
harVests and the fact that the interior has been
sending currency TO New York in large volume
Tor many weeks suggests that the outward
movement this year will be heavier than usual
especially as in addition to crop demands there
doubtless will be active inquiry incident to
increased mercantile activity, which is expected
to develop following the adjournment of tbe
present special session OF Congress Interior
banks are in a strong condition but they will
be compelled to recall their balances from this
centre at the crop moving period. and calcula-
uons on the future of the money market should |
be made with this fact in view
In the greater number of shares current prices |
represent an investment return far under that |
which could have been secured at this time last |
year. and in the case Of most issues the yield |
is too small TO attract investment buying /
Union Pacific is still In the class that returns
per cent or more; also Baltimore & Ohio Ma
uonal Lead, Peoples Gas United States Rubber /
first preferred, United States Steel preferred. /
American Sugar Refining and Chicago & Alton +
the last named security being among the few
that In the market Of recent weeks has failed 70