New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-09-09
FINANCIAL AFFAIRS
MOST STOCKS HIGHER:
afternoon Reaction Cuts Dozen
Early 4dUances- Sterling
Rates Strong.

Stock market values were strong in the
greater part of the day. with the chief advances
in the Hartman issues which moved under the
influence of buying by prominent brokers ana
purchases by commission house traders VINO III
recent weeks have been successful in following
the course of these issues. Both Union Pacific
and Southern Pacific made new high records Tor
the year while Erie, which is now claSSed py
many operators Hartman stock. also ad-
vanced to higher level. its Improvement being
helped by foreign buying. Outside of the stocks
named, Consolidated Gas, Baltimore OHIO
and United States Steel gains were not impor-
tant, the general interest of the day centrlng
on the Hartman group. which practically MADE
the market Elsewhere, with the exception Oh
a few other leading issues, trading was llgnt
and presented no evidence of an active outside
demand for securities, the chief public buying
being in the bond department, in which 1urther
investment operations were reported MANY
people who through fright sold gilt edged bonds
and other securities in the panic last year are
now reinvestins at higher prices. At the best
figures of the day there moderately heavy
selling movement by the professional element
and quotations in most shares went under the
early high level though closing as a rule, at
net gains While the sales represented profit
taking operations the government crop report
was advanced as an argument for lower prices,
as based on the condition of percentages, the
indicated yield Of will be well under that
foresha dowed by the August figures. Compared
WELD shows improvement while spring wheat
estimates are far better than in 1907. Taking
the whole list of agricultural products current
figures of probable yield indicate big harvest
year. though under record seasons. There Will
be big profits in this years harvests and the
country's general industries will be helped
thereby. Union Pacific was among the few
stocks that retained all of its gain at the close,
ending the day at its best price.
Money is moving to the interior in fair volume.
~ fra,,, for a
number of weeks the bank statement will show
a loss in cash and reserve holdings as result
of a demand for funds in connection with the
financing of the years crops. Il strong demand
for small bills is reported. This reflects an in
creased inquiry from retail business sources, as
well as from The agricultural section of the
country, and it therefore furnishes an encourag-
ing sign Of commercial revival and indicates a
better fall trade than recently predicted. In
Saturdays bank return a loss of more than S.
600 900 in the reserve above legal requirements
was reported, but the banks could stand a good
many weeks OF similar and even greater losses
before the movement would be seriously felt in
money rates, which promise to remain at an
easy level well into the autumn, with no i'm
portant advance later in the season, unless there
should be a tremendous expansion in Industrial
activity and country wide bull speculation in
stocks on borrowed money. Current indications
point to period of great speculative activity
on account of the plethora Of funds at this
centre and IL IS conceivable mat the factors IN
the situation that suggest imitation in values
may lead to the employment of money in Sc
curities operations TO extent that will bring
about a collapse that would seriously interfere
with an orderly resumption of business pros
perity Wall Street says that nothing of the
sort will develop. 1t is To be hoped that
speculation and imitation will not be the result
of current monetary conditions, cut the mere
fact that Wall Street is in the habit of running
to extremes warrants the suggestion at this
particular time that unusual caution should be
exercised in the making of new market
mtments which depend upon borrowed money.
Stock market values practically have recov-
cred the entire loss sustained from the high
points of 1907 to the low figures Of tina: year
The public has not been much of factor in
the upward movement. but the strongest set of
operators the Street has ever seen. who with
the assistance of easy money have been trad
ing consistently on the bull side of speculation
for months, hope to drive the public into the
market at prices above those now current
These operators have not been building
theory unsupported by facts. Though they have
carried stocks higher in a time OF commercial
depression, Of falling railroad earnings and con-
tracted bank clearings they have gone ahead
on the belief that the last months of business
construction have been due TO factors of the past
and On the knowledge that credit is sound that
increasing supplies of money must add to the
purchasing power of the people, that increased
gold production means higher prices for every
thing that economic conditions are improving
and that IN all probability the popular and cleo
toral vote will again support the cause OF sound
principles I'm money and business. Doubtless the
powerful Wall Street element that has been
working for higher stock quotations has
ceeded better than it originally expected, but
in most cases stocks have more than discounted
the factors upon which the bull campaign is
based. Nevertheless, knowing the resources be-
hind the bull faction. Wall Street traders who
are bears at heart do not dare TO stay short OF
the market unless they ind that the larger In