New-York tribune., 1908-07-08
FINANCIAL AFFAIRS
STOCK VALUES FIRM.
Last Prices Strong after Midday
Reaction-Time Money Easier.

Further advances were reported in the early
dealings in yesterdays stock market on an en-
.larged volume of business and on better ois-
tributed trading. and While subsequent heaVy
realizing sales wiped out the best part OF the
Improvement the close was firm and sentiment
was favorably disposed toward the bull side OF
speculation. In addition to the purely specula-
tive purchases there also was some genuine IN
vestment buying, notably in standard shares
such as Illinois Central Chicago & Northwest
ern Delaware &, Hudson. Canadian Paclhc ana
Louisville & Nashville. which on moderate oper-
ations closed at substantial advances, the trans
actions in these issues being especially note
worthy in view of their recent inactivity Ihere
is plenty OF money available for investment pur-
poses and indications that it is beginning to
move into first class stocks and bonds furnish
one Of the most encoura gng features of the cur
rent situation. Though total transactions were
in excess of any daily operations recorded IN
several weeks, and far better distributed than
on any preceding day IN a month, tWo-thlrds OF
the entire business supplied by eleven
stocks. Union Pacific Reading. American Smet-
ing and United States Steel common being the
leaders, the last named issue finding many new
BUYERS as a result of the cheerful talk on the
business situation by the head or the OnHed
States Steel Corporation.
Among the low priced shares Ontario & West
ern gave signs of life and the character of the
dealings in it suggested buying by substantial
interests for higher prices. At ITS present quo
tation this security yields about per cent, and
therefore is classed among the attractive cheap
nriced stocks Many Of the houses that bought
securities Monday and last week sold yesterday
their sales representing profit taking on long
stock rather than operations on the short side
of the market Smelters, Reading, ST. Paul and
Union Pacific ended at fractional losses, but
as rule final prices above the closing in
the preceding days market. Greater ease in
time money a slightly hrmer tendency in call
funds lower discounts at Berlin and strength in
the local foreign exchange market were the only
DEVELOPMENTS in the general money market
Sterling was at the level at which gold could
be exported but Europe apparently did not want
the metal
Wall Street bankers who are accustomed to
base their market ideas a dspassionate re-
view of conditions and a knowledge of the
meaning of conditions based on extensive eX-
perience are taking more hopeful view of the
course of securities prices in the rest Of the
wear They believe that fundamental factors
in the business world growing stronger, and
while they look for no business boom in the
near future they expect to see gradual change
for the better in all lines of trade before the
fan voting and the resumption of great IN
dustrial activity following the election of Secre-
tary Taft They point out the accommodating
supplies of money at all centres as reflection
of the after effects OF the panic but in this
vast sum of money they believe the founda ton
rs being laid for expansion in business and in
the securities markets Money is cheap in most
parts of the world. and when the wheels Of
business are ready to start there will be no lack
of the necessary lubricant Wall Street bankers
who have been interviewed in the last few
days talk in optimistic strain. They call
attention to the cheerful sentiment which pre-
walls in business circles in spite of the depres-
sion of the last six months they believe that
business in general are confident over the
future of money, trade and politics and they do
not hesitate 70 advise their customers to buy
securities current prices, even though specu-
lators inclined toward the bear side of the
market at times may be able to bring about
lower quotations on Bryan scares.
Wall Street bankers believe the people are so
afraid of Mr. Bryan's policies that they will be
unanimous against him in November Out in
Colorado. where Mr.. Bryan will have himself
nominated, the people big holders of Amer
ican Smelling and Refining stock indeed it is
said that nearly every citizen of the state has
a stock interest in the big Smelling concern.
Now. does any suppose that these people
will vote for a man whose election would depre-
ciate tn. market value of Smelters? Stocks
in general are more widely distributed in the
hands of the people than at any time in the
history IF the country, proof of which is pre-
scented in the enormous increase in the last eight
months in the number Cf holders on the transfer
hooks Of railroad and industrial companies and
as the owners of stocks want high prices is there