New-York tribune., 1910-01-29
FINANCIAL MARKET
MOST STOCKS HIGHER.
Banks Gain More than s. ,OOO,-
900 on Weeks Currency
Increment.

Stock market prices for the larger
number of issues showed steady i'm
provement throughout the best part of
the day on buying by the professional
element and to a. small extent by COM
mission house customers, who argued
with good reason that the general list
was entitled to a substantial rally. The
larger interests who took stocks on
Thursdays decline supplied securities on
the advance and exhibited no inclination
to encourage aggressive bull operations,
though they appeared to be conserva-
lively buIlish over the future, in spite
conditions abroad as a consequence Of
the losses resulting from the Paris
floods To many observers the general
course of speculation suggested the
probability of little more than a traders
market in the course of the next few
weeks. The general volume of business
presented a further contraction from
the recent active daily dealings, and
while price levels represented attractive
opportunities for buying for permanent
investment account the leading invest
ment houses reported only an inactive
inquiry from this source, both in stocks
and bonds. Odd lots were in fair de-
mand. Investors may be holding off in
expectation Of a resumption of liquida-
ton of which, however, there is no indi-
walton at the moment.
Trading in United States Steel was
heavy. with transactions increasing on
leo -yroo fatr
demand for the Hill and Hartman is
sues and Reading. Operators who are
short of United States Steel and Union
Pacific are convinced, for publication.
that the two stocks will decline TO 30
and $50 respectively, but transactions
conducted upon this expectation are not
likely TO result in profits unless general
conditions governing the actual worth
of the securities go to smash There is
some irregularity in the countrys busl-
ness but there is no indica ton of the
DEVELOPMENT of industrial depression.
Fundamental conditions are sound, and
stocks at present prices are worth buy
ing and forgetting for a time. The cop
Ter shares were reactionary, also Ameri-
can Smelling and, to some extent, Penn
sylvania and Consolidated Gas, but
otherwise the market maintained it's
strength until the last half hour. when
prices fell off somewhat under the
pressure of realizing and moderate bear
pressure. The banks again gained a
large sum of currency from the interior
on the weeks movement of money. Call
money was easy and sterling exchange
was heavy. Actual buying of American
securities for foreign account was re-
ported.
In foreign exchange circles it is
thought that exchange at Paris will de-
cline to level that will attract gold to
the French capital. Money rates at that
point already are firmer as conse-
ouence of the heavy losses to property
values in the foods, and it is more than
probable that as a result of the great
disaster the entire international money
market situation will develop complica-
tions in the near future involving a
higher price for loans and shipments Of
the yellow metal to France, with the
burden Of the movement on this coun-
try. Money rates are easy here at the
moment, and exports of gold could be
made in volume without upsetting the
local situation, though they would bring
about much higher quotations for loan
accommodation. Foreign commerce, as
far as exports of merchandise are con-
cerned, is not improving at a rate that
serves TO depress materially exchange
quotations, but better situation soon
ofe IN,
the stock and commodity markets.
which ought TO attract outside buying
Of securities. cotton and foodstuffs In
the last year exports of merchandise
from this country, according to the final
official figures received yesterday, de-
clined to the value of S27, ,524,4 ,45O. Ex-
ports of breadstuffs and food animals
decreased more than 500, OOO. 900. while
shipments of manufactured articles and