New-York tribune., 1908-07-18
FINANCIAL AFFAIRS
STOCK V4LUES STRONG.
Late Selling Without Much Effect
on Talues-Money Rates Easy.

In Yesterdays stock trading there was an ac-
tive marking up of specialties and some Wen oi-
rected selling Of issues for which there Is
broad market, though the latter movement dla
NOT unset prices TO any material extent Bear
operators took advantage Of this selling, now
ever to attack values In the late dealings anu
while there were recessions from the carry hish
level the general list showed net gains at the
close with substantial Improvement In NUM-
Der of securities that as a rule are inactive
notably Consolidated Gas, American Iobacco
preferred, American Telephone and Teegraph
and ST Louis & San Francisco Inc ''ouio
shares and the railway equipment issues aiso
were strong features Missouri Pacific again be-
ing taken on the runor that control of the COM
pany had passed to new interests Ihere Is
nothing to substantate this report IN known
conditions and it is not likely that there is any
more truth in it than in the usual yarns that ac-
company stock market manipulation Inc
strength in Consolidated Gas, which carried It's
price up more than points, appeared 10 Dc
based on manipulation. though room traders ao-
yanced the theory that buying represented ac-
curr,ulation in expectation Of an increase IN tne
dividend rate following the final disposal OF the
conapany's suit to declare unconstitutional the
S0-cent gas act. This case has been passed 10
the United States Supreme Court. where 1t VIII
be argued In the fall. and. as a decision can
hardly be made before the end OF the year, buy
ing of the stock at this time in expectation OF
higher dividend payment following the action OF
the court is not altogether logical, especlaliS as
there is no warrant for the assumption that the
court will uphold the contention OF the com
panv The Consolidated Gas Company Is In
need Of funds to carry on its work OF expansion
and it is not likely that it is figuring on hiSher
dividend, if it is successful in Its suit
Doubtless some Of the late selling IN the lead-
ing active securities encouraged by the De-
lief that the railroads Will be unable to agree
ON the question of raising rates. also on the evil
dence that the market was tired and needed a
rest from bull aggressiveness STOCKS nave en-
loved marked attention from the bun element
in the last ten days. and less activity on It's
part for time would not endanger the pros
poets of ultimately higher values
There has been q material increase in ship
ments Of currency to the inteUor in the current
week while the local banks have lost On their
operations with the Sub-Treasury and, there-
fore II is improbable that to-days Clearing
House statement will show much, If any. ex-
mansion in reserves. AS reserve above legal re-
ouirements is larger than it has been at this
time in many years further gains IN holoinSs
are not desirable from the money lenders point
of view Doubtless the interior Is beginning
10 make preparations for handling the crops the
first step in the operation being the cessation OF
large shipments of money to New York and the
second step the withdrawal from Eastern banks
of balances due Western and Southern institu-
tons 1t is still too early to look for active
Withdrawals but from now on the movement or
currency gradually will turn against this centre.
with the possibility OF unusually large snip
ments as the haryests promise to be heaFy ana
mercantile demands for funds may show marked
Improvement. Trade reports received last night
from commercial agencies covering the entire
country foreshadow expansion In our Industries
they indicate far better position than was gen
eray expected q few weeks ago, and they show
that, based on strong fundamental conditions
recovery from the depression promises to be
rapid There are quite number OF WaH Street
operators who buying stocks solely on the
belief that there is to be vast change Tor the
better in the country's business activities and
that this change will be slowly discounted on
the Stock Exchange, their transactions being
especially heavy in the Hartman shares. Read
ing and the United States Steel issues The
chief Hartman property is earning we'll above
its 10 per cent dividend, in spite of the general
falling off in traffic receipts. and bulls on the
stock naturally believe that it is a matter OF
time only when Union Pacific will go to the
neighborhood OF 200.