New-York tribune., 1908-09-15
FINANCIAL AFFAIRS
MOST STOCKS HIGHER.
Heauy Dealings in Reading and
Hartman Issues Money
Rates Easy.

The operations in Reading and the Hartman
shares made up q large part Of the business IN
yesterdays stock market. dealings in Reaolhg
alone supplying about one-third OF the totai
transactions Opening prices were firm, and IN
the five hours of trading the tendency. as RUE
was in the direction OF higher quotations. thoush
changes outside Of few active issues were con-
fned to fractions which represented nothing be-
yond the dealings of the floor room element.
Commission houses were not active as far as
buying for public account was concerned ou.
ell the large houses had orders from the wan
Street element in Reading, Union Paclhc ana
Southern Pacific, the buying of Reading pelhB
notably strong and rejecting an aggressive In
terest in the stock by the so-called FLICK fol-
lowing which also active in the Hartman
issues At times large room traders tested the
market for soft spots but their seli1ng resulted
in nothing more than temporary lTresuiail's III
price movements.
Though many of the big traders are bear
ish they are not willing to make extensive com
mftments on the short side Of speculation, owing
TO the scarcity OF stock in the market and the
strong support that comes from the capitalists
who have unlimited means at their disposal.
and while these traders are counting upon the
DEVELOPMENT of conditions In the near future
that will make short sales profitable they are
not disposed at the moment to take any chances
for fear of being squeezed by the OIL Steel rail-
road and banking interests. who for so many
weeks have been espoused 20 the campaign for
g. better market level
Traders believe that at no remote perlod tne
latter interests will begin an active distributing
movement, and that we'll directed bear attack
eft that time would bring about materially
lower range of quotations And traders also
are looking forward TO an election scare Elec-
ton scares generally develop in Wall street
about this time, but the market is being 80 well
held by the power OF men OF brains and money
that II is possible no Wall Street 'misgivings
over the November voting viii develop IN the
present political campaign.
The general market closed of from the oest
of the day on profit taking sales. Three nun
dred shares of Union Pacific sold on the Con-
solidated Exchange at u of a point above the
high price the Stock Exchange
II loans of the local Clearing House banks
continue to increase at the rate recorded last
week Il will not be long before decidedIy
frmer tendency will be noted in the money mar
ket particularly expanding loans Will be CO.
incident with falling cash resources Fortu-
nateiy there Is large supply OF money at this
centre and credit conditions are sound. but ex-
trevagant speculation in stocks may be pushed
TO an extent that would induce the calling OF
loans accompanied by liquidation in stocks In
volume large enough TO compel many operators
10 exchange their money for the experience they
are now receiving the exchange.
The stock market Is filled with accounts rep
resenting new "plungers," and II Is conceivable
that In the event of active money market
this autumn there would be some important
Wall Street billings" When call money goes
come more of a factor in the loan market. and
the combined resources of these institutions
and the banks doubtless would prevent the vio-
lent fluctuations in money rates which In past
autumn seasons have seriously interfered with
legitimate business operations II should be
borne in mind however, that in last week .
statements of banks and trust companies Of
New York an increase of s25. 0o0. 900 was shown
in loans, with a decrease IN cash of s5.054.700.
The surplus reserve OF the Clearing House banks
declined TO s52.743150.
Reserves are heavy. but il readily may be seen
that rapid expansion in loans and loss Of s5.-
600 900 or more a week in reserve would ma
terialy contract the latter item by the end OF
the crop financing period. and as consequences
bring about a substantial advance in money
quotations which In turn would place the price
of stocks and money closer level and bring
to an end for time at least, the advancing
tendency in security values These thoughts
may be worth considering in view Of the
nous Improvement that has taken place in stock
market values and the increasing demand for
funds outside Wall Street.