New-York tribune., 1908-06-21
FINANCIAL AFFAIRS
STOCK VALUES STRONG.
Prices Make Small Cams on Trad
ers' Operations-Bank Re
ser7.es .4drance.
series 4dTance.

,.,l make. trading was made up almost en-
tirelv of the transactions of the ooaru lo',
element and confined in great part u ueai
inrs in Union Pacific. Reading. Amagamated
fonner and United States Steel common. Open
ing nrices were under the closing of the preceo-
ing dav but under the influence OF COVERING
operations the general list ended at smali net
advances buying in by the shorts rejecting
l,nwillingness among these spectators 10 hdNe
contracts outstanding over to-day. there peiils'
il was thought possibility of a public response
TO bush commission house letters IN fo-mor-
rows market. MIR. Lawson. Of Boston is sup
posed to be operating on the bear side "l ,nE
market but stocks are too well held 10 give MS
onerz+ions anv terrifying significance. particular
ly as recently he has made so many ridiculous
market fiunks far as his predictions on spec
ulatfve movements have been concerned Inc
market was without the support of investment
buvins nor was there any indication of interest
in the dealings by substantial traders. the latter
as rule NOT being in the speculative community,
owing no doubt TO the superior attractions OF
dar in the country. II was stupid session and
every one was glad when It was over Bank
statement figures showed further accumulation
of cash in the Clearing House banks, non-re-
porting banks and trust companies, and rise
in the reserve of the Clearing House instltu-
tions TO s5S S111.S75. Loans increased s2o.055,5oe
Reserve money in the local national banks and
in the national banks at other financial centres
in this country is larger than at this time IN
any corresponding period in the history of bank
ing in the United States. amounting to s86l.o0o-
o00 of which SO per cent is in gold, p per cent
Of the total gold holdings being in the national
banks in New York.
Wall Street hates stationary market ano
the chances therefore are that efforts soon Will
he ma de TO force prices either up or down Bear
traders are counting upon the Bryan ante-coh-
vention gossip to supply them with an argument
for lower quotations. but il is not likely tne
chief holders Of securities will part with their
hear develop IN
the near future; nor is il likely that discussion
Of poor railroad earnings light bank clearlngs
and lower dividends which represent factors of
the mast WILL create panic among the advocates
of higher values. The market is In a strong
technical position. Stocks-that is, the floating
srlppIv-are in the hands Of people who have no
trouble in carrying them in money market
where time funds may be secured at rates way
below the dividend yield investments. The
substantial Wall Street interests not in favor
Of a bear campaign, and they stand ready TO
absorb all offerings that may come out on de-
cining markets. The crops are about the only
uncertain factors in the situation, but so far
all indications have been in favor of bumper
harvests With big harvests and the election
Of the Republican ticket In November. the way
will be paved for the resumption Of industrial
revival on a large scale and in expectation of
this outcome of the crop and political situations
recuperation in various lines already has set in
though, of course, IL is too early in the season
| TO look for important results in the business
world lust as the result of efforts to discount
| good times. prominent Wall Street house
Yesterday said in its market letter: THE busi-
| ness man do nothing better for his business
| than to devote his brain and energies. between
| now and the time when the last ballot falls to
helping elect Mr.. Taft by an overwhelming
| majority. This is not politics. 1t is business.
The chances are, indeed it is certainty, that
Wall Street and the business men of the coun-
try will elect Secretary Taft. Therefore Wall
Street and the business interests of the country
have nothing to fear for the future Of securities
and business.