New-York tribune., 1908-07-28
FINANCIAL AFFAIRS
STOCK VALUES HEAVY.
Realizing and Bear Pressure affect
Prices-Money Rates Easy.

Substantial Wall Street interests that are
working on the bull side of the stock market
offered no violent opposition TO the declnlhs
tendency that developed in yesterdays dealings.
Traders sold the list result or neaVy re-
aIizine sales and losses of / per cent and more
were common, but on the decline buying came
from prominent houses, especially in the Harm
man shares, Reading, Ontario & Western, the
Steel issues and Analgamated Copper Ofer-
fngs found ready buyers, who apparently were
glad 70 secure stocks at concessions from Sat
urday's prices. Foreign houses were active sell
ers in the local market while on the Lonooh
exchange the American department was unset
tied chiefly as result of operations incident to
the fortnightly settlement, which begins to-day,
while British consols and home rails showed a
much better tendency than reported last week.
Traders here found in the Washington dispatch
that the Interstate Commerce Commission would
make an investigation of its own to see whether
or not an advance in freight rates is justified.
and in the rumor that Mr. Taft would not deal
kindly with corporations in his speech of ac-
ceptance reason for bear talks on stocks, but
they did not succeed in convincing genuine
holders of securities that the time was ripe for
liquidation. There was nothing In the character
of the selling that indicated the development of
a bear campaign, and in view of the extent Of
the realizing by operators who bought stocks in
Fridays declining market and the aggressive
attacks by the professional element the days
losses as rule were insignificant. Missouri
Pacific the only active stock that suffered
materially the weakness in the issue being due
to considerations not affecting the general list.
Uneasness is felt in speculative circles over the
future Of the Gould properties but it is under
stood in well Informed quarters that negotiations
are pending for the rehabilitation Of the Gould
lines under the auspices of powerful banking
interests. The Great Northern Ore certificates
closed at a net gain of two points, while
moderate general rally marked the final opera
tions in the greater number of active issues.
The local banks and other financial institu-
tions at this centre never before have been in a
better position to care for the interior require
ments in connection with the gathering and
keting of the crops. The reserves of the asso-
ciated banks above the legal limit heavier
than at this time in any year since 1894 and
according to Saturdays combined statement of
the Clearing House banks, the non-reporting
banks and the trust companies cash holdings
at this point amount to upward of $500. 900 600
compared with a total Of S3,O45,451s s2S9. the
amount of money in the country exclusive of
Treasury holdings. In other words. New York
holds about one-sixth Of all the money in circu-
lation in the United States. and therefore is in
splendid condition to finance the needs of the
farmers and the merchants At the present time
the amount of money in the country is in excess
of that ever before recorded and is larger than
that reported year ago by more than S131.-
000O00. New gold production Will materially
increase the country's wealth in the course of
the next twelve months while large crops will
create a credit balance in our favor abroad which
will enable New York to bring in gold from
Europe in the autumn if the interior demands
for accommodation should be heavy enough to
cause material advance in money rates. Re
ports received by Wall Street houses that have
we'll informed representatives in the agricultural
section of the county for the purpose Of secur-
ing trustworthy information regarding the prog
Of the crops extremely encouraging, and
barring adverse changes in climatic conditions
these reports will be followed by bountlful har-
vests of wheat, corn, oats rye. hay and cotton.
Westerners who what the crops doing
are buying stocks the New York Stock EX-
change. Grain prices not declining in the
face of current prospects for big yield. and it
is not likely the farmers will be compelled 70
take anything but a good price in the crop sell
ing period, for the reason that foreign available
supplies short, while this years foreign har-
vests do not promise well enough TO indicate
large additions to European holdings through
home production OF the 81, 1000 900 South Afri-
can gold offered in the open London market
yesterday the greater part was secured by the
Continent, there being competition from the
Bank Of England. The price of bar gold and
American eagles was reduced in London and
though British bankers apparently had no fear
of political emergencies the Continent reported
uneasiness and the accumulation of money
against possible political disturbance