New-York tribune., 1908-07-31
FINANCIAL AFFAIRS
LIGHT STOCK TRADING.
Prices as Rule Close at Net Gains
Money Rates Easy.

Although price movements in yesterdays
stock market showed irregularity, the general
undertone was one Of strength, with last quo
tations in the greatest number of active issues
at gains as compared with the final figures of
the preceding day. In great part the opera
tions were for the account of the professional
element, which at times made efforts to force
values to a lower level. but on declines offer
ings were well absorbed. and, as there was
nothing in the news developments Of the day
favorable TO bear transactions and nothing in
the technical position of speculation suggesting
weak bull account, traders exhibited no great
amount of enthusiasm in their excursions
the short side of the market. In the afternoon
the general list advanced under the lead of the
copper stocks and Canadian Pacific, and, while
the closing was somewhat heavy result of
an attack upon United States Steel common, the
best part Of the improvement was shown in
closing quotations. Buying of the copper shares
was based a further advance in the price of
the metal and the generally brighter pros
poets in the copper trade. In Canadian Pacific
local and foreign interests active, the small
amount Of the stock in the floating supply max
ing an advance an easy matter to bring about.
Unusually large crops in Canada indicated
by reports from the grain fields in the territory
of the Canadian Pacific; also by the heavy with
drsWals from this centre of money by the Bank
of Montreal for in connection with the har-
vest requirements, The Canadian Pacific has
hard times. it's returns. which compare with a
period last year when all preceding traffic rec
ords were broken. being well in excess of divi-
dends, while current indications point toward
record in grain traffic this year. The
Gould shares. including Texas & Pacific were
in fair demand, and some good buying was re-
ported in Corn Products. Ontario e. Western.
Tennessee Copper and American Ice Union
Pacific closed unchanged. United States Steel
suffered fractional loss and Reading a frac-
tionaI gain. The majority of commission houses
express the opinion in their market letters that
prices will go higher before they go materially
lower. barring, Of course the development Of
some factor of a distinctly unfavorable bearing
on the actual value of securities.
One Of the most encouraging features of the
current financial and business situation is the
spirit Of harmony and cooperation that prevails
among the who at the head of affairs
There was a time not very long ago when
many of the captains of industry were working
at cross purposes and even fighting one another
on lines that served TO weaken confidence in the
great properties represented but. fortunately
from the troubles created by the illogical diff
ferences between powerful banking and rail
road interests there has arisen new order of
things. a new personal attitude that promises
to strengthen corporate conditions in this CCun-
try The larger railroad systems of the United
States are practically controlled by interests
represented bv Mr. Morgan. Mr. Gould, Mr.
Hartman and Mr.. Hill. and unity Of purpose
on the part of these means much for the
millions Of public money invested in railroad
securities Under Mr.. Harriman's management
the Union Pacific Railroad has earned for divi-
dends since 1900 more than S195,0OO 900. of
which stockholders have received upward of
STA 900 900. the balance having gone into the
property. Mr.. Hartman has been criticised in
some quarters in relation TO his methods Of
railroad financing. but the fact remains he has
constructed a great railway property out Of a
bankrupt road and has placed Union Pacific
securities in the first rank Of investments. He
is following out his policy with other companies
with which he is connected. and with Mr. Gould,
Mr. Morgan and Mr. Hill he is planning for the
esta tablshment of the railways of this country
upon a basis that will enhance the intrinsic
value Of all classes of railroad securities. Mr..
Hartman and Mr.. Morgan have been working
together for upward of a year, and the two
men now in harmony with Mr.. Gould Tho
Gould properties have been in an unfavora bic
financial position for the last eight months.
but a way has been found 10 bring about a re
adjustment which is reflected in the quiet alb
sorption of the Could issues Icy houses that
until recently. have been antagonistic to the
rlans for the expansion of the Gould system.
Indications point toward greater activity on
the part of the railroads in the future in
the matter OF raising funds for extensions and
improvements Money market conditions favor
new railroad financing. and from the informa-
tion gathered in leading banking houses the
business outlook is considered promising enough
10 warrant the development of plans for an in
crease in railroad facilities. Railroads no longer
ara cop,nslIed IN finance their requirements
,bro,pb me issuance of their notes. They are
ahie 20 sci; their bonds. and the prospects favor
a material addition 10 the amount of railway
mortgage securities IN the market In the course
of the next year, the proceeds from which viii
be used to add to the dividend earning power