New-York tribune., 1908-06-28
FINANCIAL AFFAIRS
STOCKS CLOSE HEApI.
Early Strength Lost IN Last Hour
Bank Holdings Erpand.

Further covering of shorts IN the hrst hour
of trading on the Stock Exchange was ef1ecelVe
in advancing prices throughout the list OF So
called active issues but the buying power
thereafter showed such signs of exhaustion that
many traders put out new lines on the pear
account with a result of lower quotations at
the close final figures in the greater NUMBER OF
leading shares being under the last IN frluav
operatjons Dealings were light in volume in
all parts of the market and represented nothihs
bevond the transactions of small board room
clement In Reading. Union Pacific and United
States Steel the sales amounted to about one
third of the total business. but even in these
issues the speculation did not approach the
basis of activity the duness being accentuated
by a complete Jack of commission house orders
As far as commission houses were concerned no
hardship would have been imposed If the ex-
change had been closed. Trading was so quiet
and so many Wall Street men were out of town
that the question of closing the exchange on
SATURDAYS in the summer was revived, though,
no one for a minute thought the idea wols.1';sset
beyond the wish Bank statement flgures
showed further increase in cash and reserve
holdings in the Clearing House banks state
banks and trust companies large contraction
in loans among the associated banks. an expan-
sion in loans by the state banks and trust com
financial position at this centre. AS result of
all changes the reserve above legal require
n,ents of the Clearing House institutions ad
vanced 1886 925 to S66O9S;S00, which COM
pares with s., ,;J092 this time last year and
ST. 055 $50 in 1905. The state banks and trust
companies show a percentage Of legal reserve of
81 20. against 3fl4 by the Clearing House banks.
The most conservative houses in Wall Street
believe there will be a long period Of compara-
tive dulness on the Stock Exchange, with no
immediate extensive movements in prices either
up or down. but with the ultimate tendency in
the direction of higher level There are many
good reasons why holders Of securities should
look forward TO better range of prices, and
there is no real reason for pessirnism over the
present refusal of the market to bull And if
traders are able to depress prices from time to
time on the strength of the Bryan argument
there will be no sense In selling we'll protected
accounts Stocks as a rule in strong hands,
the floating supply available for a bear
paign is small and money market conditions
wholly against the successful carrying out of
bear operations. the bear element practically
having nothing to depend upon except the un-
certainty the harvests and the outcome Of
the fall election. The uncertainty over these
two factors is enough to encourage caution in
buying for d rise and to keep speculation quiet
| for weeks 70 come. but 1t is not an argument
| for the liquidation of investment holdings or n
| reason for uneasiness over the future Of the
country All indications point toward bountiful
crops and the election OF Mr.. Taft, though of
course no man at this iuncture intends to make
| large commitments in business stocks merely
on the basis Of expectation of big crops and a
BRYAN defeat II is too early in the season to
predict the harvest results, but II IS encourag-
ing nevertheless, TO know that all signs are
hopeful, while the thing may be said Of
| the political situation. In August the country
will have a better line both the crops and
politics and if conditions then point the cleo
| ton of the Republican ticket and the gathering
! OF a big corn crop the stock market undoubtedly
will begin TO discount in earnest the return of
| PROSPEROUS times