New-York tribune., 1908-07-14
FINANCIAL AFFAIRS
STOCK PRICES HIGHER.
Fair Demand for Leading Issues
Banks Gain Cash.

but prices as a rule moved In the direction OF
higher level under the influence OF covering OF
shorts and buying by certain interests VINO ap-
parently have made up their minds that condi-
tions are in favor Of a better range of quota
tons There are many operators who have the
means at hand to carry a vigorous campaign
on the bull side of speculation and the slightest
indication Of a response from the public un-
doubtedly would be the signal for an active up
ward movement, especially in the stocks whlch
so far have not shared to any material extent IN
the Improvement recorded in the market in the
the last few months. The fact that there are no
confident bears suggests the mprobability of sig
nifcant declines in the absence of developments
affecting adversely the intrinsic worth of secur-
tiles Bankers who recently have made visits
to other parts OF the country report change
for the better in the general business situation
and lack Of uncertainty over the course of trade
in the next twelve months They find that con-
fdence is growing in all circles and that the
Bryan nightmare has a strong hold few
people only The optimism that the bankers
find In various parts of the country is rehected
in a better and more encouraging tone in the
advices of the big Wall Street commission
houses to their customers and it is not unlikely
it will remote time be reflected in an ac-
tive outside demand for investments.
Closing prices under the best of the day,
but no stock pressed for sale, while the
general character of trading did not suggest the
probability of period of declining values. For
egn houses were good buyers of the Hartman
and Hill issues and Morgan brokers took United
States Steel common in good sized blocks. The
business of the United States Steel Corporation
has increased about 4 per cent in the last
few weeks, as shown in the gain in the number
of plants in operation and in the number of
hands restored to WORK, and as a consequence
the Street is bullish the concerns issues,
which II expects to see quoted at materially
higher prices. A fair inquiry was reported for
Reading and further accumulation of Ontario
& Western in a quiet way noted. Ontario
& Westerns earnings have kept up remarkably
well ard its results from its coal department
have beer relatively better than those Of the
other hard coal roads when returns of the last
fiscal year are compared with the year before.
Probably the gradual buying Of the stock is
based the statement recently printed in The
Tribune that there still exists option on the
New Haven's holdings of Ontario & Western at
a price above the current market level also on
the information that English minority interests
in the property have offered to take over this
option at a premium from the present holders.
The fact that other people want to secure control
Of the property naturally Increases the specua
tive value of the stock and htat is one reason
why some buyers taking stock that can be
secured in the open market. Analgamated Cop
per, American Cotton Oil, American Smelling,
Northern Pacific. Reading, Southern Pacific,
Union Pacific, United States Steel common and
Canadian Pacific were the leading strong
than two points 1t is understood the directors
Of the company may decide TO increase the
dividend now paid from the land sales account,
the standing of that account would warrant
such action.
In their operations with the Sub-Treasury the
local banks have gained since Friday night
more than si.000000, while they also have
made further gains the interior currency
movement. Though it is reasonable to look for
ward to lighter receipts of money from out-of-
,iotc in wifi n
change before long against this centre it is not
probable there will be an apprecable advance in
| lending rates before the fall when the require
ments In the agricultural sections of the country
and the autumn needs of merchants doubtless
will be heavy enough to bring about better quo
| tations in the loan market 1t is not likely,
however, there will be any stringency, owing
| to the strong position of the banks in New
| York and at other points where the depression
! in trade has been responsible for a large
mutation Of funds that will become available
! for use IN the financing of the harvests and
| for mercantile purposes; also for use in the
securities markets. There is so much idle
| money that wider employment of funds in
| the investment markets already is beginning to
| develop. and the chances are the use of money
| in securities will be tar heavier in the second
half of the year than reported in the first six
| months. especially general indications point
| toward a resumption of Industrial activity based
on the prospects of the election of Mr.. Taft and
on the fact that there is so much money lying
idle in bank and trust company vaults. People
engaged in sound business enterprises will find
no difficulty in securing all the credit they need
Credit facilities have not been harmed by the
troubles of the recent past and banks believe
the demand for accommodation will in
crease to an extent that will make a material
difference in their profits Notwithstanding the
ease of money in the last eight months. banks
have been able to pay large dividends TO stock
holders and according TO the testimony Of the
New YORK bankers at their convention last week
the general banking situation is intrinsically
stronger to-day than 1t has been at this time