New-York tribune., 1908-08-04
FINANCIAL AFFAIRS
BEARS ATTACK SIOCkS'
Efforts to Break Market UnSuccess
fn-Crop Scare on Time.

IF there were a Wall Street almanac II woulo
say for the month Of August: "At this time OF
the wear look out for crop scares ADVERSE
crop reports are made to order IN Chlcaso ~,
effect upon the prices Of grain at that polht anu
NON stocks in New York, and the dispatches
received Yesterday from the WINDY C1ty 'iio1e
hugs and heat were menacing the prosPeIll! u
the farmers therefore were paraded on ihS 0to0N
Exchange as adequate reason Tor lower qUo'
+ions for stocks and bonds. Bear tredefs llla"9
q raid on prices at the opening, and IN seNeiat
issues point loss was recorded, With the cliiel
,,ressure on Reading, which Is not a gram car
,-I,,<- road The decline failed TO bring out long
stock except in the case of lightly narglheo dc
counts while offerings We're Well taken anu Soou
t,,vine was noted in all the active, shares' WIN
49, reeul4 of generally better prices before the
moon hour and only insignificant net dechnes III
a few of the leading stocks. such as Union "a
cifc and United States Steel common which
lost Il and Canadian Pacific, st. PauI, NorIheth
Pacific and American Smelling from Is 10 a
Ar1alganated Copper, American Cotton Oll an"
National Lead enjoyed substantial Improvement
on buviue induced by the appreciate cnanse
for the better in trade conditions, WIllIe O1i'e4
States Steel preferred sold at its pest hsuie u
the wear on investment buying. Reading, Wh1ch
90 a hear fevorite in the morning, closed un-
changed Evidently 1t will require something
more than the ordinary crop scare TO nrlhs apou'
an active liqutdating movement IN securiIies.
Ontario & Western was again in demand anu
AT net gain, despite pear e4loIt ~ +NoOP
IFS price down buying coming from the same III
+ereets who have been accommodating the Issue
for MANY weeks. The latest rumor on the On
tsrio company is that eventually the New raven
holdings of the company will pass to hartman
interests There is so little Of the stock afloat
49, sbor4 sales are not attractive. The market
closed dull with firm undertone. traders Wh"
bought stocks to even up reporting no gTFat
amount offering. feature OF the nlaFhe' va
its tendency to contract on recessions Can
money went low as q OF per cent HiV
cheapest rate since 1904
Al this time q wear ago the average price OF
the lea ding active railway securities was IN the
neighborhood of 105 and that of the leading IN
dustrials IS. These prices compare win Ioo
for railroads and so for the industrials TO-DAY
A wear ago conditions in the financial world
were uncertain credit was overstralned' pahh
holdings were low and the speculative markets
were in a shaky position Trade was over
stimulated. the prices of commodities were eX-
cessive and agitation against corporations was
;p6iscrinoinate and in many cases unwarranted
AT that period conservative men were uneasy
over the outlook, and that their fears were We'll
founded was shown by subsequent develop
rnents in the financial and business world. To-
day a new constructive era is beginning, and
tba advance that already has taken place in the
securities markets has discounted TO some eX-
tent the return Of normal times based on large
supplies of money throughout the country. on
the readjustrnent OF the affairs of corporations
to new conditions, on the elimination Of differ
ences between men high in the railroad and
banking community on a realization that con
fscatory legislation VIII not be upheld by the
courts on the prospects OF bountiful harvests
and on generally strong fundamental factors
that every day are strengthening confidence in
business and financial circles. Stocks are being
accumulated for higher prices rather than being
distributed the expectation OF q declining
market, and this accumulation includes a large
percentage of actual buying for cash, both in
shares and bonds better investment demand
for railway mortgage issues being one of the
most promising features of the Wall Street sit
uation. Railroads are able TO look forward
to the placing of new. securities for extensions
and improvements, while year ago they were
compelled TO finance their requirements on notes
at a high cost There has been a notable de-
crease in the percentage of loss in railroad earn
ings in the last month; there has been a marked
gain in the new tonnage orders by the steel
companies; the price of copper is advancing UNI
der the influence OF larger demand for con-
sumption and in most lines of industry slow
hut steady Improvement is recorded This brief
survey of the general situation shows the factors
,,non which is based current Wall Street op-
4fr,isrn In the opinion of the best informed
men in the Street the course of the stock mar
ket will be attended by many setbacks in prices
but with the general tendency for the present in
the direction of higher quotations. barring the
deyelopments of some totally unexpected ad-
verse conditions bearing directly upon the actual
worth OF securities.
FERRY COMPANIES.