New-York tribune., 1908-08-08
FINANCIAL AFFAIRS
STOCK VALUES HIGHER.
Early Sensational Ad0ances Offset
in Part by Realizing Banks
Gain Cash.

On an enormous volume of business stock
market values moved toward better level III
Yesterdays early trading. new high records TOY
the year being made in most of the prominent
shares with gains from the opening Of L TO
points in the first two hoUNs of business 'Ihe
rapidity Of the advance and the evidence OF
manipulation in various parts Of the list natur-
aIly invited sales from operators who realized
that the pace had been too fast, and as con-
sequence much of the mornings Improvement
was lost before the close in a reaction that car
ried the greater number Of active issues from
10 4 points under the best, especial pressure
being noted in the Hartman shares American
Smelling and Reading. The afternoon break
eliminated many small accounts that had be
come dangerous from pyramiding, while 1t
served to check reckless tendency in specula-
ton that promised to create disturbance II al
lowed to continue On the decline there was
an active demand from business houses that
handle the accounts of substantial interests
There was indication that the latter We're
about TO change their position on the market
but there evidence that they were not dis
posed to let the market run into a furious bull
orgy such as that which developed in American
Smelters, the price of which ran up from Thurs
days closing at 9924 to 107. There is a big
bull interest in this stock and in National Lead,
but there is too much manipulation in both
issues to make them attractive purchases eX-
cept by experienced operators who are able TO
supply large margins and are brave enough to
maintain their position in the event of a sudden
SLUMP Smelters went to 107 yesterday and
back 10 1O2 This movement would knock out
a ; per cent margin and weaken 10 per cent
margin TO q extent that would lead commits
sion houses to call upon customers for addi-
tional funds. It is market for the poor man.
And as prices have advanced so much in recent
weeks investors may find it profitable to wait
for a reaction before placing their money.
In the last hour quotations in most issues
exhibited frmer tendency as the result of the
heavy liquidation in the early afternoon, the
shake out apparently having killed off unde-
sirable element that losing its head
the mornings upward movement St Paul was
one of the best features Of the afternoon trad
ing. but no attempt was made to advance the
issue unduly, Notwithstanding the belief that
Standard Oil interests had increased their hold
1ngs in the St Paul company. In speculative
circles II is believed the real movement in this
security will come when something more is
heard regarding the profits the company will
make from the extension of its lines, especially
on the copper business ct Butte which is
trolled by the chief element in the St. Paul
property. The general railroad list ended the
day at fractional net advances, which COM
pared with maximum gains of from to 3
points. while in the Industrial department sub
stantial improvement was shown by the Smelt-
ing and National Lead shares, despite heavy
declines from their highest figures, and Anal
gamated Copper, the last named being one of
the days strong features on buying by houses
that are identified with the largest interests in
current week domestic consumers have been
heavy buyers of copper, and producers report
pretty well sold out condition in the market
practically all Of the refined copper ready for
market having been disposed of at prevailing
advanced quotations Copper men do not look
for boom in the trade. bat they do expect
gradual improvement in the demand. Total
sales in yesterdays stock market larger
than on any preceding day this year, except on
Nav 90 when operations amounted to more than
/ 900 shares. against about 100000 yester-
dav The heavy dealings May 90 marked
the end of the spring bull movement
According to the known movement of money
in the week the local banks have gained in
cash holdings upward of $70o0000 the greater
mart of which represents excess payments b.
the Sub-Treasury. There was material fall
ing off in the receipts of currency from the in
terror while shipments from this point were
bea vier than in recent weeks, the lighter
GENTS and the increased outward flow of funds
being due to the beginning of the usual August
demand for money in connection with harvest
requirements There is every reason to sup
pose that the shipments OF money from this
centre in the current crop moving season VIII
be as large, if not larger, than In the corre-
spending time In preceding years, while it also
Is probable there will ~be-s more active inquiry