New-York tribune., 1908-05-17
FINANCIAL AFFAIRS
STOCK VALUES MOVE UP
Hartman Shares Again Features
More Gold Engaged-Bank
Reserves Stronger.

,, a.. t,o hours of trading In yesteroa! >
-, .r,et nr,ces as a rule moved In the oi-
-, bigber level the movement being OF
. o,o-aI characteristics that recoToeo
~, the preceding days of the Week. WIFI ih'eie'|
:, .os ON the Hartman and Reading
shares. Mr. Hartman went to washington yes
+erdav and talked In most optmlstlc Ihainei
regarding business conditions and following 'iie
,. e b;s remarks Union Pacific was !
advanced a little further making another ne"
b;yb record for the year. Union Paclhc s'och
renresents a great property. but more confidence
would he felt in the issue by investors II II were
,Ss 20 speculative football and II extraVasahl
dtvidends were not paid at time "heh III.
cornpanv is trying to raise an enormous aii 80
of money on bonds There was 49,
outside buying in various parts OF the iie' w
| tradsrs who generally make their appearance IN
| The market after bull speculation has reacheu
| its final stage. and their operations susses'eo
| 70 nanv traders the probability OF better chances
for profits on the short side in the near iutui
despite the tons Of bullish market ie''e's @
1srs sent ont by brokers after the close OF pusi-
ness There certain amount ol hies u
ity in the last hour, but in the greater hoiiipe
| of instances net gains were reported, III soiiie
cases the Improvement running beyond point
| In view Of distributive selling in large volume
| on the advance the days record must nave peei
| extremely encouraging to the leaoins interests
in the bull campaign, particularly TO the inter
ests behind the speculation in Union Paclnc a
| etocl, which was openly bought by Hartman &
| Co throughout the short business session.
| Amalgarnated Copper, st. Paul, Readlhg' Chesa-
peake & Ohio and Illinois Central were active
| strong features Further engagements or golo
| for shinment to Germany We're announced and
| indications suggested an enlargement or the
movement In the present week
! Current conditions in the stock market do not
warrant the purchase Of stocks on small mar
few houses
| will accent accounts unless they are backed %!
heavy credits. The attitude OF conservative
commission firms reflects bellef on thelr paft
| that In q violently manipulateNpuil market tle
danger of collapse after long period OF rapidly
| advancing values is imminent and that the tiihe
| has arrived when extreme caution should De
| exercised in speculative commitments for the
rise. Stocks practically have advanced "iIhoue
important interruption for the last five weeks.
The movement has been based on the operations
of a few powerful railroad and financial inter
| ests helped by the covering OF an EXTENDED short
, ! account rather than on a widespread demand
for securities for the public The pubic was an
| active buyer of securities Following the panic
last fall until the end of the year. but since that
time IT has not been much Of a factor in the
! market and in view of the present manipulated
speculation and uncertainty over business ana
| noIitics outsiders doubtless will let Wall Street
| have the market all to itself NO one Tor
rainu+e believes the enormous trading of the
| last week represented much actual business
Yet there are >some observers who calmly teii
us that speculative orgy honeycompeo win
! ectitious transactions is not under way out
great investment movement backed by the funds
of the masses and the classes People who
know anything about the speculative ehd ol
wall Street know the present market is moving
! on lines established by the we'll oiled machin-
ery of manipulation and not in course shaped
by public anticipation Public operators VINO
, come into the market at this period Will, OF
course receive hearty welcome from generous
hearted bulls, but the chances are their POCKET
hooks will get some rough handing.
Bank statement figures showing the position
of the Clearing House institutions under the
average system, present further gain In re-
. | serve bove legal requirements an increase in
cash of more than $2,o00,00o and an expansion
In loans of s4777,s00 As a result OF all changes
! the reserve advanced to $S4S ,250 compared
with s1l472,s75 at this time year ago and
s1o12s275 in 1906. The statement OF the actua
nosftion Of the banks Friday shows an in
crease of SO 965, 200 in loans and q decrease in
: reserve on all deposits Of $3,111.50o. State
banks and trust companies Increased their loans
IS sos 900 and their aggregate reserve on de-
nosits 81 500 700