New-York tribune., 1908-05-26
FINANCIAL AFFAIRS
STOCK T4LUES HIGHER.
Prices Recouer on Inside Support
and Short Ouering-More
Gold Exports.

Advancing values In yesterday StoIh maj NS1
were based in great part on the covering OF
short contracts. the violent decline in saturdays
dealings naturally encouraging such move
ment There also support from the So
called inside interests in Union Pacific. Reading
and St Paul, and a consequence OF their
purchases and those of professional traders maj
prices showed substantial net gains in all the
leading issues including Brooklyn Rapid transit
and the InterborCugh-M metropolitan shares Inc
general course of speculation furnished no guide
for predictions regarding the immediate future
of the market, though generally Il was admitted
technical conditions had been materially m
proved by last weeks downward movement and
that the Hartman Rockefeller party douotlesS
would fight aggressively any further attempts
TO lower the quotation level. 1t is well known
fact that the interests named have been the
leaders on the bull side of the market Whie
il is reported in we'll informed circles and gem
eray credited that the Morgan following are
not in favor of advancing prices at TINS parucu-
lar period as they believe the present range OF
values adequately discounts signs OF returning
Improvement in the business situation and con-
slider active bull speculation and manipulation
harmful to the future welfare OF the nnahcla4
and industrial condition of the country. Inc
bull element has not been assisted IN It's cam
paign by hearty public support and now that
traders no longer show Willingness TO follow
the market after having covered their contracts
active outside buying Will be necessary II sus-
tanned Improvement is TO be brought about
Prominent traders sold Union Pacific on the
advance, but the stock so well supported
that its price ended the day at about the best,
while the same thing was noticed IN Reading
and St Paul. The Erie stocks. which are now
included in the Hartman group also were
strong features likewise Southern Pacific Lon
don was a heavy seller of stocks here, and this
movement, with weakness III American issues
al the British capital. caused some irreguarity
in quotations in the early dealings, but offer
ings Were we'll enough taken to induce a change
in the attitude of traders who, in the remainder
OF the day. based their operations technical
conditions rather than outside developments,
such further poor statements Of earnings
decline in the quoted price of copper, additional
gold export engagements and better reports
from many trade centres. Aside from delayed
planting Of the corn crop advices favorable.
The higher prices for wheat and have
brought out larger offerings, and result
material increase is reported in the grain traffic
on the Western railroads, receipts at Chicago
for the last week being larger than in month.
amounting TO 3,9S9.000 bushels, increase Of
29e 000 bushels over the preceding week. a gain
of IS per cent compared with the correspond
ing time in 1907. and gain of 10 per cent over
the average for the last. five years. In iron
trade circles conditions show marked improve
nent and the fact that revival in this depart
r1ent of business generally is followed by favor
able developments in other industries serves to
encourage people in all lines of work
Time money slightly hrmer yesterday,
rejecting disposition on the part of the lend
ing institutions TO hold their funds for higher
rates, owing to government Withdrawals from
depositary banks and gold exports. That
sitter quotation level soon may develop is not
improbable The government doubtless will be
compelled to recall further amounts of Treasury
deposits from the national banks, gold exports
will continue for time and signs in the bust
ness world suggest the development OF more
active demand for accommodation from mer-
camille circles in the future-factors which
will tend to increase the price of money, which
is Improbable level for lenders Since
last Friday the local banks have lost on their
operations with the Sub-Treasury more than
Sl0,00o,00O owing in great part to the return
of government deposits. and in the of the
week additional shipments Of gold must be
counted upon though these two movements will
be offset to some extent by excess Treasury
payments on ordinary Treasury transa ctions
with the banks and receipts of currency from
the interior. The banks lost Ssl21,s75 in their
reserves last week, but of course the surplus
is still enormous and uneasness need be felt
the position Of the money market Higher
rates for funds might discourage speculative
activity in securities, though that would not he
an uDfayora BILE GeyeOpment