New-York tribune., 1908-05-19
FINANCIAL AFFAIRS
STOCK VALUES HIGHER
Nezr High Records for the Year
Further Gold Erports
Money Easy.

co,eo,;onal advances were recorded IN many
NJ the active stocks in yesterdays market "hile
throughout the list the general movement .
Herted the effect Of the bidding up process
,,bicb has characterized the movement of values
in the last few weeks. The Dull parry Hau
everything its own way throughout 'he ise
hours of trading distrbutive sales Delhg easiiS
absorbed and the board room element making
no attempt to operate against the moves ol 'lle
hirr ,aniu,llat tors who appeared absolutely conn
dent of their position and OF thelr aplll'S !"
carry quotations TO higher level oolSe' '"
bankers however were not enthusiastic oNel
the movement Union Pacific crossed loo' an
advance of so points from its panic prlce;
Southern Pacific at its high point showed
gain of % from its panic figure, and IN most oi
the prominent issues the high level OF the uay
presented quotations that adequately measured
Intrinsic values Last fall stocks went far pelo"
their true worth. and if the bull campaigners
meet with no obstacle they promise tF cir lot-
lowers to place securities as much above 'hef
actual value they were under II IN lse'- Inc
pace set yesterday, however, appeared to many
observers too fast to last. particularly as the
operations were not based on developments
affecting the business situation favorably.
Spectators who like quick action IN market
movements find no fault with the present
operations in the Hartman Reading ana Ioulo
issues II may not be amiss, however, to sus-
gest the strong possibility of a sudden turn IN
these shares as well as elsewhere in the list IN
the direction OF lower quotations after the
violent advances enjoyed in the last fortnight,
unless the course Of speculation should move
contrary to all precedents. The Gould STOCKS
came into prominence yesterday with net gain
of points in Missouri Pacific, while other MEM
bers of the group as a rule were strong under
the influence Of the rapid retreat OF snort
interest Missouri Pacific showed apprecia-
ton of 81 points from its low price OF the year,
and its advance, of course. was accompanied by
rumors that cash dividends soon would be re-
sumed, despite the fact that the companys
earnings have been poor for several months,
with no indication of immediate Improvement.
AS A matter of fact there is nothing in the gen
eraI business situation that encourages the ex-
pectation of the restoration of passed dividends
for months to come. Though Isl diferent
stocks were dealt in, with total business Of
more than 100000 shares. upward of three
quarters of the days transactions were supplied
bv eleven stocks. of which Union Pacific and
Reading were the chief active features. sales
of Union Pacific amounting to more than $4,000
shares Final prices were trife under the
best. Further gold engagements, making the
total outeo by to-day's steamer more than S.
600 900 failed TO affect speculative sentiment,
notwithstanding the suggestion that the heavy
outward movement of the metal might reflect
foreign distrust of conditions here and the con-
version of foreign held American securities into
gold.
The lure of bull market is proving TOO much
for many SPECTATORS who have been uncommon
ly unfortunate in their market operations In the
other days they coming back to the Street
in the confident belief that one more turn of the
manipulated wheels of speculation VIII bring
the long hoped for fortune. Instances are re-
ported in brokerage houses of men who were
completely wiped out last fall, far ready
money concerned making ventures in the
current market with the funds they have been
able to sCrape together from their legitimate
business in recent months, but this demand is
not heavy enough to be called an active public
in the market. People who buy stocks at the
present level should bear in mind that prices
have advanced average of 90 points since
the panic and that the interests affording the
market its chief support are those audacious
speculafors whose methods in great part
responsible for the collapse Of 1907. For this
reason the market is rapidly becoming unheath-
full and does not look like a safe one for the
people who are not in the confidence of the in
siders There is nothing in the business situa-
ton that warrants bull enthusiasm. and the
advance SO far recorded more than discounts
SYMPTOMS Of future business revival