New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-01-28
FINANCIAL AFFAIRS
ACTIVE STOCKS HIGHER
DenUer & Rio Grande a Feature
Money Easy and Erchonge
Strong.

st1;pfd stock market were in the low prlceo IS
sues that are subject to manipulation In the
greater part of the five hours OF trading prices
moved in a iistless manner on light VoluTne
Of business with final changes at mslgnlilcaht
net gains in the majority of issues. the metal
shares and Reading supplying exceptions al
fractional losses. Further weakness IN the cop
per market doubtless was responsible Tor 'he
selling in the COPPER stocks, while the passing
period of light orders IN the iron and steel IN
dustry encouraged the placing or unlIhpoI'a"'
short contracts in United States Steel common
the price of which failed to respond beyond IS
which was the maximum and net loss III Den
,-e- & Rio Crande ard Rock Island preferred the
market had something approaching real specu-
lative activity on the bull side OF the account
both stocks enjoying marked Improvement anu
saving the days operations from being aDso-
1ute1y without interest to Wall Street followers
The professional element in recent weeks mas
managed 10 inject life into one or two stocks
each day mainly stocks OF relative cheapness'
and in its transactions it has been helped by
r,,roors of railway deals, three of which have
become actuaI facts In taking hold Of Denver
& Rio Grande however, this element had moth
ing In the way of a passing of control story 10
back up the movement, but II pointed out the
strong position OF the company as Dig con-
Meeting link in the Gould lines between Chicago
and the Pacific Coast and the certainty or
heavily increased revenue with the completion
Of the Western Pacific in the current year. Inc
Street has had the Denver tip for several weeks
and the belated movement yesterday carried the
price of the issue nearly 4 points above the
closing in Tuesdays dealings. 1t is understood
in some circles that Missouri, Kansas & Texas
win be a feature of the near future, as the spec
uIative community has made up It's mind that
if such roads as Colorado & Southern, Wisconsin
Central and Chesapeake & Ohio could find anX-
ious buyers some one must be IN the market Tor
the first named property, which undoubtedly has
great merit-so much merit that the present
owners may not care to sell it The general
market closed dull and firm. the long heralued
election Of Mr. Hartman to the New York Cen
traI directorate failing TO stimulate any activity,
though It created a moderate demand for New
York Central shares.
In addition TO the South African gold secured
bv the Bank of England in Mondays open mar
let bar gold TO a material amount has gone into
the vaults Of that institution in the last two
days and unless there should be decided weak
ening In Paris exchange on London before the
end of the week the holdings OF the British bank
will be further increased by the consignment OF
more than G 100000 Cape gold its way
to England. Furthermore, unless there should
he sorne radical development in the money mar
ket at this centre tending TO decrease bank re-
serves and advance loan quotations, the Bank of
England in all probability soon will receive the
yellow metal direct from the United States. The
demand for gold for the account of Argentina at
London has been switched to New York, ST.
600 600 in coin going from this port yesterday,
making s2250OO0 sent to South America since
the first Of the year. Inc supply VI SoIo pdrs
here is small, but with the advancing tendency
in the exchange market, the easy rates for
money at this point and the higher quotations
at London the shipment Of gold coin Will be
come a profitable operation The easy position
of the money market is reflected in the increas
ing activity in the bond market, and under the
influence of speculative buying and TO some eA
tent investment transactions prices are Slowly
moving to a better level especially among the
issues which have some distance to &c before
they can be classed among the high priced Sc
frritjes Bond houses are carrying heavy lines
of mortgage issues but they have misjudged in
measure the buying power of the investment
community New securities have come out i'm
heavy volume since the first OF the year. and at
rresaut the chief demand comes from the big
institutions that have idle money on their hands,
individual investment buyers being unimportant
factors in the market
The purely speculative operations in bonds
heavier than they are in shares. and there are
many good reasons for the expectation of an
active movement of this character for weeks to
come Such bonds as the Wabash refunding Is.
Alis-C Chalmers 5s Missouri, Kansas g. Texas re-
funding As, Southern Railway As. Union Pacific
refunding Is, United States Realty 5s and Brook
lyn Rapid Transit As being bought By trad
ers who exercise care and caution in their tran
sactions So far in the current week sales of
bonds on the New York Stock Exchange have
amounted in par value to S22 los. 900 but II need
much investment buying A large part of il
has been of > wholly speculative nature Further
heavy dealings were reported yesterday in the
Wabash refundiiig As at advancing prices Will.
activity also Vas noted in the Wisconsin Cen