New-York tribune., 1908-08-18
FINANCIAL AFFAIRS
STOCK PRICES HIGHER.
Market RccoUers as Result Of Tech
nicaI C0nditiOnS-BondS IN
Good Demand.

stock market values moved in an irregular
manner throughout the five hours Of trading,
with the final tendency in the direction OF
higher prices The general course of trading
reflected an exhaustion of the selling. power
that conspicuous last week, while in
the last hour of business the execution of or
ders by brokers who generally handle the ac-
counts Of substantial speculative interests sug-
gested the possibility of resumption Of the
upward movement in the near future, especial
ly in the Hartman issues. Reading, the copper
shares Northern Pacific and American Smeit-
ing Net gains were shown in the greater num-
Der of stocks and sentiment bullish at the
close Technical market conditions were re-
sponsbe for the late Improvement rather than
outside Developments Weak accounts were
pretty well cleaned out last week. the short
interest was increased and the market Satur-
day closed in condition that fOreshadowed
further manipulation for higher quotations. The
bull leaders contend that with easy money and
brighter business prospects the ultimate move
rnent Of values must be in the direction or q
better level with only minor Interruptions Tor
the readiustmeHt of speculative accounts. put
the people who have no stocks to sell at an
advanced range and would like 10 accumulate
at cheaper figures are extremely active IN
preaching the doctrine OF lower quotations A
large amount OF credit has been used III the
stock market In the last few months, a refiec-
tion of which is presented in the statement or
the controller OF the currency showing the con-
dition Of the banks throughout the United
States as of July !, as compared with the same
time a wear ago While loans Of all banks
showed a net decrease of $50. 600 900. there was
an increase in New York City of Sl54.OOoOOO in
this item the chief part of which represents
stock market operations. Bankers reported yes
terday the first indication Of an active demand
for money from the interior IN connection win
the financing of the harvests
In bond market circles expectation OF hetIer
conditions in railway mortgage issues alreauy
has. been fulfilled, but Of course the pupDc
inquiry for high grade investments OF ,hls Gial a.
acter has not yet reached the plane hoped Tor
1,, banking houses It is interesting to note
however that so far in the current calehuoi
wear the operations in bonds on the STOCK EA-
change have amounted TO a total IN par Naiu7
nearly double that recorded in the corresponding
r,oJ in 1907 the increase being due in great
o-+ IA the low values that prevailed IN the
early part of the year and the cheap price VI
money Bond houses are advising customers ~
n1ace their idle funds in mortgage issues at ole'
as they believe that in the course OF tlle neAt
civ rnonths there viii be big apprecia'ioh -,
,1,,as among the high grade and even secohu
class securities The decision Of the Cehtrai 'I
Georgia directors not to pay interest," on amy - -,
tho income bonds OF the company TINS year "Iil
,,ot b,rt the general bond market. especialy as
NJ i honde are little better than preferred
+,col,s and are not obligatory charse upon
the company: and the depression III tlie 80.
Te1and-'Frjsco issues will not give the rest oi '
lie, a b1ack eve The general bond market res'S
i0tT
- o,,,ortunities for the profitable invest
,+ of funds There is every reason 10 oeheNe
that the new Atchison bonds VIII iiiiu "
or,at and though II is not known oelih''eiy a.
what price they will be ohereu 10 'no Pa or
80 already is a market in them at from 81 p
o-,I Al active senni-speculative business -
haine, done in the Interborough- ool
lateral 41bs There is an eXceleH' III .
1aroand for the Union Pacific converupie 49, Ioi
- American Telephone and TeleSrapH col
ty0nd
80 ,,eu, Manhattan Elevated 3s Bona nous
80 n Is understood, assured the Ioiili oiie Vi
.t ci+x, that he will have no dlhlcuI's IA -
inc ner cent municipal bonds IN the iAi'' 80
from S12.oVo,eco 10 "1''0'
rba average price of the leading actiVe ran
rood stocks declined last week apou' - -
.od that of the industrials trlne hiole 1n@t
noints but even with this deprecla'io Ill
o+ ipclnding Yesterdays advance Were We"
- tba level for railroad and industrial STOCKS
:. +t;. +i,,a a wear ago. Stocks are hlgh' per
ba,e. when one considers the sildh
.o,,,oI iroproyement in the country 5 iiuusIii7'
80 1,,ben prospects are taken into account anu
,I,a changed position of credit as compare eH WIN
.t.i ,,eriod in 1907 is analyzed II VIII oe seen
,b.t there is ample reason for the current q"'
,ion level Credit is now gwen al ~" :,
interest and il be had IN abundance ioi an
lne4tiunate purposes. At this time a yeaE ago II
was almost impossible to get money OH any
.r,e except those that practically were pro-
bibitive The bank statement last week sno"eu
a large expansion in loans, and the Idct that d.
- ,,roportiou of the gain in the strictly
arnrnercial banks indicated preparation on the
+ of the merchants for an active faii trade
1r,,e merchants will receive all the accommoda-
,ion they require at cheap rates. Ihere Is no
- - % a high money market this fall for in
-, eyent of an extraordinary drain upon the
-, resources of the banks emergency cur
-, Gould he taken out Bankers do not look
for ths issuance Of any large amount or tais