New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-05-15
FINANCIAL AFFAIRS
SECURITIES MOVE UP.
Total Dealings Heouier than on Any
Preceding Day This Year.
Losc Priced Issues ACtlue-
Money Easy.

Stock market values enjoyed further substan-
tial improvement In yesterdays trading, the up
ward movement being helped by aggressive sup
port from the Union Pacific interests and buy
ing by belated shorts who apparently were thor
ouehlv discouraged over the outlook for declin-
ing prices In addition to active buying Of
the issues which have been the leading favor1tes
in the last few weeks there was a good dernani
for recently inactive shares including some OF
tn. low priced securities in the railroad list and
a number Of industrial stocks. purchases of the
latter indicating to many minds increased con-
hdence among Wall Street houses In speedy
termination of industrial depression. American
Sugar Refining. which ranks as one OF the stand
ard industrial investments; the Copper STOCKS,
American Smelling. Republic Iron and Steel and
United States Steel were active, strong features
that attracted attention, particularly as the
character of trading suggested that a part Of the
buying was for something more than mere
turn In the market. The Hartman. Hill and
Reading issues again were leaders. but on their
advance distributve selling reported, which.
however, failed TO make noteworthy impression
on prices. buying by the shorts and inside sup
port offsetting liquidating operations. General
trading was heavier than any preceding day
this year, while transactions covered larger
number Of securities than had been recorded in
many weeks. though of the total dealings of more
than 100000 shares the usual speculative stocks
like Union Pacific, Southern Pacific. Reading,
Great Northern, Northern Pacific, United States
Steel and Amalgamated Copper supplied mora
than one-half. The movements in New York
Central and Pennsylvania failed to bear out the
generous bull tips that have been going the
rounds in the last week. Sporadic efforts were
made in the day by certain traders to bring
about lower quotations but such attempts gen.
orally led TO financial losses. Bonds also were
active and strong.
The successful financing of the needs of sew
eral railroads in the current week and the
pectation that the movement will extend
throughout the railway world factors that
encourage confidence in the future of the trans
portation business. while they suggest that the
great railway and banking powers OF the coun-
try believe business activity will be resumed on
a large scale at no distant period. With conf
dence growing in the belief Of better times,
rent adverse railroad earnings. poor bank clear
ings and generally unsettled trade conditions
fail to worry Wall Streets banking element
but it ia not improbable traders will endeavor
10 these matters arguments for lower
prices just the current bull cam
paign runs its course. Experienced operators
DO not venture predictions regarding the prob
able duration of the present upward movement,
but they do not hesitate to advise caution because
Of the extensive bull account existing IN the
market and the wholly manipuiative character
Of the advance. The market is moving under
interests who are extremely DESTROYS Of creating
an active public demand for new securities 10
tations and who also DESTROYS of increasing
bank accounts that were seriously depleted last
October. but even with such strong hacking
the advance viii not continue Indefinitely, while
from now on sharp reactions must be looked for.
The majority OF traders at the moment are fol-
lowing the lead of the Hartman and other
financial interests and in view of the enormous
credit facilities behind the bull campaign any
other course would appear suicidal
Though the local banks have lost more than
$4,000 600 their operations with the Sub
Treasury in the current week, money rates show
no change and monetary conditions indicate no
important development in the course Of loan
quotations for weeks To come Money is easy in
most parts of the world. Germany being the
chief exception. There seems to he no chance
of material improvement in the German situa-
zion in the near future, and the fact that the
Bank Of England maintains its discount rate at
per cent in the face Of the heaviest proportion