New-York tribune., 1908-07-21
NEW LIFE In BUSINESS
BIG TRADING IN STOCKS.
Increased Orders from Middle Vest
Plenty of Money Here.

Plenty of Money Here.
1t was not yan Street alone that was respon-
sble for a great expansion in dealings in the
securities markets yesterday. Commission
| houses that have wires to all the important In
| terror cities reported marked increase In buy
ing orders based on the splendid progress OF the
crops. the confident belief that the, Bryan
party will be defeated in November on the signs
OF improving trade conditions in all parts OF the
country, on the recently developed foreign de-
mand for American railroad mortgage issues
and on the vast accumulation OF money IN New
/ York and at other centres.
Activity in the bond market was Significant
Of returning confidence, and the buying of first
class stocks also reflected the passing OF the un-
easiness Of the public the future OF the
country's industrial activities Dealings IN
stocks on the New York exchange amounted to
nearly one million shares, while the transactions
In bonds reached the par value OF more than
81, 100000, compared with recent daily totals OF
| less than S2,OOO.OO0.
There was marked increase in the demand
| from the Middle West and from points beyond
| the Mississippi River. Reports from representa-
tives Of Wall Street houses in the section OF the
| country named indicated a revival Of interest in
the market, and the best feature OF this revival
was the inquiry on actual investment account
| Buyine of odd share lots-that is, anything
| under one hundred shares-was heavier than al
any time in many months, while the general
| outright buying more marked than hao
been noted since the early spring Brokers re-
| ceved in these orders confirmation OF tneir oe-
lief that lust as soon as the public was con-
vinced that business conditions were on the
mend those who had idle funds on their nanos
would come into the market
DANGER OF RECKLESS SPECULATION
An active movement IN securities at THIS ufHe
will insp,re greater confidence in business cir
c1es hu, conservative brokers point out the
danger of reckless speculation on small margins
Stocks have enjoyed material advance and re-
actions that may wipe out venturesome uaoeis
who operate on borrowed money doubtless VIII
develop
Fortunately there is little of this sort OF spec
ulation at present. the speculative dealings rep
resentiny interests who are backed by large
financial resources and who believe the outlook
In business and politics warrants gradual up
ward movement The Hartman interests the
Morgan and Hill people and the Standard OIL
narty are espoused to the bull side Of the market
because they find in current conditions through
ont the country factors that go to make pros
perity.
An interesting feature yesterday in the money
n,arLat Was the break In Chicago exchange on
New York to 10 cents discount against pre-
MUM of from so down to 10 cents In the last
six months Indeed. exchange at Chicago had
not sold at a discount until yesterday since the
panic of last fall.
The decline in exchange at interior points
represents an increased demand from merchants
and the beginning OF preparations for the crop
moving period and fortunately this centre Is
so we'll supplied with funds that stringency
is expected in the money market as result OF
the outside demand. which this year promises to
be heavier than usual, owing to large harvests
and to an active inquiry from mercantile circles
incident to industrial revival. Merchants and
manufacturers have been running along on
hand to mouth basis for many months and as a
consequence their demands for accommodation
have been light.
PLENTY OF MONEY HERE.
With the restoration of confidence and the
enlargement of supplies to meet an increased
derna nd for consumption there will be an active
pressure on New York for money. The New
York banks and other local financial institutions
hold a large proportion of the money in the
country and they can well afford to stand the
call from outside places, especially as this call
will not represent a demand for boarding pur
poses as it did last fall, but legitimate trade
Inquiry.
Reports received In Wall Street yesterday from
traffic officers in the West showed an improving
tendency in railroad earnings. The railroad
men are avoiding overenthusiasn. but they be-
lieve that the corner has been turned and that
from now there will be steady gains in trans
portation receipts. Western manufacturers
port to their Eastern representatives distinct
gain in actual orders The improvement is not
sentimental It is real.
From Pittsburg comes the report that the
l.
gamated Association means that there will be
a resumption of work all along the line, includ-
ing new construction by the steel and iron
companies.
The plans for the enlargement Of plants Is one
of the signs of returning Industrial activity, and
sdered the barometer of trade gives to the i'm
provement in thi$ branch especial significance
as bearing upon the general situation.
who Is high in the counsels OF the
United States Steel Corporation said yesterday
that the Carnegie mills would be in full
be nothing left to remind P1ttsburg Of the de-
preston which has been pronounced at that
city
Wall Street discounts bad times and good
times. Prices a rule in advance of
actual developments, and the present movement
perity.
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