New-York tribune., 1908-07-22
FINANCIAL AFFAIRS
4CTIVE STOCKS LOWER.
Heavy Realizing Sales, but Good
Buuing on DecIine-MOney Easy.

Heavy profit taking sales were responsible fcr
an irregular price movement IN yesterday
stock market and unimportant changes In most
issues at the close, few issues, however, show
ing Improvement compared with the hnai
figures in Mondays operations In view or the
extent of the realizing the market held extreme
ly well Traders who endeayored to bring about
material declines found the buying power SO
good on the reaction that they did not go nome
with extensive commitments outstanding on the
short side of speculation; indeed, in the greater
number Of instances where short lines were put
out at the opening the contracts were coFereu
before the close especially in such issues as
Reading Union Pacific, Southern Pacific and
United States Steel common. Reading made a
new high level on the current movement IN the
early dealings; United States Steel common was
bought in quantity above A. apparently by the
same interests who have been taking the issue
from 3S up Brooklyn Rapid Transit was in de-
mand when II passed 81 and was one OF the
early features; many specialties. including west
inghouse were again bought by prominent
houses; the Rock Island issues found a good
market, and railway bonds We're sold in volume
investors Commission houses reported falr
demand from substantial outside interests par
ticularly for Steel common, which evidently Sc
cured a more active public following con-
sequence of the statement of the president Of
the United States Steel Corporation in which
he said he thought the business of the concern
would be a normal basis in the spring. AS
the company dividends on a business
far under the normal il is easy to realize why
there is so much bull enthusiasm on its secur1-
ties The ten point advance in Westinghouse
was due TO the understanding that the COM
panys recevership will end in the early fall.
The general market closed heavy
The recessions that developed in yesterdays
market were in line with the operations of
bull market and further reactions of this char
acter would not upset the calculations of the
interests who are behind the current speculation.
Conservative banking houses are beginning to
point out the possibility Of political scare at
no remote period and they suggest extreme eau
tion for the present in trading in accounts
on borrowed money, as they believe that the ex-
tent of the improvement already recorded has
weakened TO a certain degree the technical po-
sition of the market, making successful bear
raids possible. Much of the recent buying has
been by people who have bought outright or on
margins large enough to stand the ordinary
bear decline, but caution at this time neverthe
less NAV prove profitable. 1t is quite evident
that the larger interests have not distributed
their stocks on the current movement, yet there
has been increase in commission business on
the advance that encourages the expectation OF
further active realizing sales, which, of course,
will induce pressure from the trading element
and incidentally injure the operators who are
courageous enough TO buy securities on an up
ward movement, but too timid or too weak to
hold them on reaction. The Standard on
and Hartman interests have not parted with
! their speculative holdings. while they have in
the case Of Southern Pacific, their market atti-
tude being based on the various factors in the
situation which at present making for great
activity IN the country's industries and for
the success of the Republican party in Novem-
ber.
The big supplies of money in New York, Lon
don and Paris will prove influential factor in
stimulating a trade and stock market revival
throughout the world, and already the influence
of the money plethora is being reflected in the
| investment business M arka 7 ma he
true that stock market values In some instances
have discounted 10 great extent the return OF
| normal times in the industrial world, but this
will count for little in the face Of the opera
tions of powerful financial interests whose plans
| for the future depend upon expansion I'm stock
market dealings with higher prices Domestic
exchange at Chicago on New York continued to
rule at discount yesterday and there was a
slightly irmer tendency in time money rates
for long periods. The change In interior ex-
change is welcomed at this centre as IL re-
| fleets the expectation of increased demand
1 for money IN general trade and bumper har-
vests Farm conditions in the West and In
Canada are above the average and as a conse-
quence Western interests are buying stocks