New-York tribune., 1908-07-09
FINANCIAL AFFAIRS
STOCK PRICES 4DVANCE.
II s. Steel Shares Strong Features
-RuH Sentiment Gro7Cing.

S+oct. market trading was active throughout
+he five hours of business on an aoVancins
movement of prices, net gains OF Hoin
points being recorded in the leading ISSUES,
ey+;,o,,+ ond r,rices were favorably affected by
,he decided signs of expansion in the iron anu
steel Industry, by the governments lleuIes on
+be condition of corn and by the Reports iloiii
nan,-er which appeared to indicate that the
Democratic politicians were quickly paying ou
+l,a recuisite amount Of rope for a success1ul
hanging of the Organized party at the rall elec-
tions The platform Of the New horh uelesa
tion was considered humorous conIessloh oiA
the part Of Mr.. Murphy ana MS COM. % . -. ". ~
certain defeat of Mr. Bryan and the Wai Street
o,,,,rni+v accordingly was disposed 10 asSulne
most optimistic view of the future Oh pusliie'S
and stocks in this country
Though the official report on wheat was eonie-
what disappointing the figures Indicated an
- ,iaid while on corn the governments
,,r,roorv was so much better than had been
expected that spectators on the SIOUX 4 hA
change who were short OF STOCKS were qu
willing to get out of their contracts ana III
most cases they did so at a loss Heavy puy-
inc NJ United States Steel shares, which car
Ied the common TO 407s and the preferred 10
1857 was the most interesting and slenlncdIe
feature of the days operations, lhaSihuch aS IL
represented a demand for the issues pdseu VI,
+beir known intrinsic worth and on the general
understanding that there has been most IN
,or+ant change for the better in the character OF
current business IN iron and steel circles. Union
Pacific and Reading also were strong leal lures
while the general list of so-called active issues
received more attention from moor room udueiS
and commission houses than had been reported
:. ,,,,1- weeks There was further genuine
b,,7ing Of the high grade shares that are cioseiy
heid os Investments. notably Delaware q Hud-
con Great Northern and Chicago & Northwest
ern No reaction Of Importance was reported
final prices being near the best OF the oay'
Ronds were in better demand
Imuroyernent in government revenue VIII De
welcomed as an indication or Improvement III
tbe country's business, and the fact thereioIe
that so far in the current month 1ederal leceipIs
have shown only a relatively small loss as COM
,rod with the same time year ago encouF-
ages the belief that the worst effects OF BUSINESS
depression already have been reneSteu III ti.e
Treasury operations. Hard times influence ad-
verse1v the governments income, but fortu-
,ate1v the United States Treasury is IN strong
,oo.i4ion and can easily carry the burden i'm
,,osed upon il by a period of lighter recelpts
from customs internal revenue ano miscellahe-
ous sources The Treasury has no reason 10
fear the future, assuming. OF course MT Bryan
will not he elected. Mr.. Bryan as President
MIGHT snnoint as his Secretary of the Treasury
some man who would know as much about the
duties and responsibilities OF the once as MI.
BRYAN knows about the theory OF banking, anu
II is easy to see how such man might play
hob with the country's finances. Mr. Bryan
wants bank deposits guaranteed. as he believes.
or saws he does, a guaranty of deposits would
prevent panics. showing that If he really be
lieves in this theory he knows nothing ABOUT
the causes that produce panics and nothing re-
ersrding the functions of a bank The fact that
that he advocates such ideas suggests he would
have a Secretary of the Treasury equally tgno-
rant on banking questions. Hence ii is bankers
VIII work for the election of Mr. Taft. while the
business men Of the country will do the same
thing.
Local banks are returning their proportion of
government funds recently called for by the
Secretary OF the Treasury. but the operation is
having no effect upon money rates. which con-
tinue 10 rule at low figures, with every indica-
tion OF a cheap level for many weeks to come
Time funds have been placed for the end of
the wear as low 31a per cent This rate
tsinly does not foreshadow high quotations for
loans this fall. Interior exchange is in favor of
this centre and there is little probability Of a
change In the movement Of currency until the
demand for funds for crop purposes becomes
urgent Cheap money does not necessarily mean
brII markets for stocks but in the present case
a. q reasonable to believe that the accumulation
~ money here will prove a powerful incentive to
Greater expansion in securities dealings at