New-York tribune., 1908-06-18
FINANCIAL AFFAIRS
STOCK T4LUES " EAh'
Final Prices Ven Abore the Lo7eest
-Heary Gold Exports.

failure Tuesdays ADVANCE ia IA
attract an active demand for STOCKS l'uuOeu
.1li,,e nreseure from the room element in yes
tar6av.s trading in the course OF winch Il nun
her of noteworthy declines We're -,
though before the close the greater pall VI '
loss was recovered on buying by operators WHO
evidently did not to go home WIN sIioi
contracts outstanding. The decline was HeiP"
bv the action of the Vanderbilt directors III
passing the dividends on the common stoON VI
the Big Four" and on the preferred STOCK ol .ile
Lake Erie & Western: also by adverse Ned'iiei
renorts from the Southwestern grain secuohs'
which have suffered severely from the excessive
rains and floods The scarcity of hoatlns STOCK
was reflected in the light offerings or New oIh
Central and Big Four" on the dividend an
rouncement, but the prices of the issues no"
ever declined easily on small dealings the lattel
ending the day at a net loss of rs. while New
York Central. after losing more than point
closed at q partial recovery. AS the income oL
the New York Central will be directly aHecteu
by the suspension of dividends on the shares OF
two Of its most important subsidiary cohpailleS'
further weakness in the New York central is
sues will not be surprising. After the speEu,
latiye community recovered from lis so-caiIeu
fright over this dividend matter IL reiapseu iito
a condition of practical inaction, dlVerting us
thoughts from market operations TO reports
from Chicago paying especial attention 10 ,ne
speech Of Senator Lodge. which was faNoraoly
received particularly that part OF IL referring
10 the unyyillingness of the President TO accept
q rhir6 term Spectators do not like the Presi-
dent but the chances that their attitude VIII
not affect his standing statesman and
patriot OF the total business of 323,S3i shares
Union Pacific Reading United States Steel and
Amalgamated Copper supplied nearly tWo-thirds.
At one time Union Pacific showed maximum
loss Of more than points, but its final ngure
was only Il under the closing OF the preceding
dav. The company's new bonds were again
| active, with many sales al a fraction under the
subscription price. Ontario & Western was
| again bought in moderate amounts by well IN
| formed interests and it was reported in trust
worthy quarters that the regular , per cent
| dividend would be declared next week. Earn
ings of the coal roads are keeping up remark
| ably well reflection OF which is presented in
| the action of the directors Of the Lehigh Valley
| in just declaring the regular dividend on the
| common stock and extra dividend of per
cent the same issue Money was easy ana
not affected by heavy gold export engagements
| Current stock market conditions do not sug-
| gest the probability Of important movements in
| securities in the immediate future though II Is
| thought there viii be a moderate advance fol-
| lowing the nomination of Secretary Taft and a
| decline Of equal dimensions when Mr.. Bryan has
| himself put forth for the third time the
| standard bearer Of the Democratic party. OF
course. prices may move contrary to eXpecta-
| tion. as they quite frequently have done in the
| past. but Wall Street apparently has made up
| its mind that the course mentioned will be fol-
| lowed to the letter and is governing its opera
| tions accordingly. Politics doubtless will play
| until after the election There probably will be
| periods when the Bryan chill will upset prices
| to the extent of few points. and times when
values will advance under the confident feeling
that the Republican party will be successful;
| but il hardly appears likely that there will be
| extensive changes in values, particularly the
! down side of speculation unless there should
be some development in the business world OF
| sufficient Importance to affect the intrinsic
| worth of securities. Crop disaster. Of which
| there is not the slightest indication. would
| carry quotations lower Mr. Bryan's election
| would prove a bear card of big dimensions
| while the retention of the Republican party in
| power would be far reaching in its effect as a
| market influence in favor of the advocates of
| higher prices. All the chances in favor of
| cheerful developments in the future; but new
| ertheless the majority Of Wall Street interests
and people outside the Street undoubtedly for
| weeks will exercise extreme caution in
| speculative and business operations It is not
likely. however that they will sell their invest
ments accounts held large margins on
political scares. When the campaign is near
ing its end the signs of Republican success may
be bright enough to warrant the Inauguration OF
| discounting movement in the stock market.