New-York tribune., 1908-12-29
FINANCIAL AFFAIRS
STOCK PRICES STRONG.
Railroad Shares at Ne5c High
Figures for 19O8-Money in
Good Supply.

Stock market values moved IN the direction
Of a higher level in the greater part Of the DAY
under the leadership OF Union Pacific, which
sold within fraction of its best quotation OF
the year. There was unexpectedly active
demand for stocks from commission houses and
accumulation to moderate degree by leaGlng
market interests the latter being prominent in
the dealings IN the Rock Island issues, including
the con1panys collateral IS, Reading United
States Steel. the Hill stocks, St Paul, New
York Central and the Hartman securities The
resumption of heavy buying in Union Pacific
encouraged covering of shorts throughout the
list on the theory that the real hackers of the
bull market were actively employed in working
for = higher level before the close of the year
in the expectation Of attracting a large public
interest in speculation and a generally advanc-
ing price level in the first month of 1903 The
ordinary Street element is inclined to be more
hopeful over the outlook for a legitimate bull
market when the high grade issues are taken
in hand, and the fact that the Hartman shares
and other first class stocks. which recently 10
a certain extent have been sidetracked by the
low priced issues. again are moving under the
impulse Of aggressive support from strong
financial quarters naturally acts as a stinuat-
ing influence on speculative sentiment, and il
promises TO carry the entire list 20 a materially
higher range. with. Of course, the usual setbacks
incident to all bull campaigns. Among the indus
trials American Sugar Refining a strong
feature. This stock Is heavily owned es an in
vestment, and as consequence of Its note
worthy record as a dividend payer, both in
times of general business prosperity and depres-
sion. il is held in high regard by the financial
community. Notwithstanding the fact that years
ago il one Of the speculative footballs of
the Street The steel shares also were we'll
bought; likewise the copper stocks and Ameri-
can Smelling
Brooklyn Rapid Transit is being taken on all
reactions by a careful set of buyers. who believe
that in spite of the statement Of the president
Of the company discouraging the idea Of a divi
dend the stock the day is not far distant
when the issue will be added TO the dividend
column The dividend policy of the company
by the way is not in the keeping of the presi-
dent Of the road. The directors control the
property, and the chances are they will decide
at no remote time that the financial position Of
the company warrants a distribution to the
stockholders. In the afternoon Southern Rail
way preferred was marked up more than 3
points. the movement doubtless foreshadowing
some financing by the road in the year
The company gradually is improving its f1nan-
Cial position, and though the preferred stock is
not dividend payer it is worth its current
price based on future possibilities. which at the
moment are more encouraging than they have
been in the last twelve months Missouri Pa
cifc also was one Of the strong features among
the non dividend paying issues Following the
publication Of the Atchison's earnings for the
month Of November. showing a substantial gain
in gross and 2 heavy increase in net, the COM
mon stock Of the company advanced more than
points, maintaining ITS Improvement in the
final dealings. when the general market
showed more strength than at any time in the
day with closing prices as a rule at the best
Profit taking sales in the last hour were with
out effect upon values. Money was in good
supply and fairly easy-
Current conditions in the stock market do not
suggest the development IN the near future of
long periods of declining values though they
hold out the promise of sharp reactions similar
to those that recently have been recorded. To
use Wall Street phrase. the market several
times in the last few weeks has been bought
TO a standstill.'' followed by the inevitable de-
cline, which merely served to strengthen techni-
cal conditions and bring prices back again to
the best figures Of the year The present level
of the railroad shares Is the best reported
since the advance began last spring. while tho
industrial issues are slightly under their top
figures the latter showing being especially fa-
vorable in view OF tariff agitation and the pros
poets Of a readtustment Of import duties. The
chief effect far of tariff talk is noticed in the
import trade, which has been materially cur
tailed as a consequence Of the disposition Of
consumers Of foreign goods 70 keep out OF the