New-York tribune., 1908-07-15
FINANCIAL AFFAIRS
STOCK PRICES HIGHER.
Big Houses Better Buyers - Er-
change Rates Up.

Stock market values exhibited irregularity in
the early dealings moderate weakness in the
noon hour and general reCoveries before the
close with last prices as rule at the best of the
day Efforts to depress quotations by means OF a
traders raid on the Rock Island issues failed to
bring out important holdings, and the stories
circulated in the hope of attracting a gen
eral selling movement We're too 1imsy to be
effective in inducing liquidation. In the after
noon some of the best houses in the Street were
buyers especially in the Hartman shares,
which also were taken for European account in
considerable volume, and a consequence the
room element reversed its position, While in
MANY issues there was some indication of buy
ing for the account of outside interests There
is so little incentive in current conditions, in
Guiding the technical position of the market,
for aggressive bear operations that the spas
modc attacks prices by traders who are
willing to content themselves with insignificant
profits do not worry the holders of stocks who
believe the general outlook does not warrant
liquidation Some traders assert there are many
selling orders in the market. This is true. but
the orders at prices above the current level
and it is likely that when those prices are
reached the orders will be withdrawn. This is
one of the tricks of the trade.
The United States Steel shares We're again in
demand from good sources, the buying being
based on the known strong financial position of
the company and upon the improvement that
is reported daily in the iron and steel indus
try Within the last week the United States
Steel Corporation has placed in operation six
additional blast furnaces while reports from
manufacturers indicate that there not only has
been a material increase in orders. but also i'm
provement in the character of the business. The
railroads are In great need OF various classes of
materials, and though they have not yet entered
the market to any extent manufacturers pc
lieve it is matter of a short time only when
they will become heavy buyers The demand for
copper also is increasing The character of buy
ing in the Hartman shares in Canadian Pacific.
National Lead, Ontario & Western, Atchison
and Reading suggested the presence in the mar
ket of substantial interests while the tone of
talk heard in leading banking quarters tended
to confirm an impression which recently has
been gaining strength that the chief holders of
stocks believe prices can be carried TO a higher
level and that in the course Of the next six
months there will be active participation in
speculation the part of the public. The peo-
pie who are buying stocks now bought at panic
prices last fall and the fact that prices are now
many points above that level, with further pur-
chases by the same interests under way, doubt
less will be taken by some market followers as
a good argument in favor of the bull side of
speculation. The pool in National Lead was
active yesterday. American Smelling interests
in it. Southern Pacific was pulled" as
cheap per cent stock; also Canadian Pacific.
Exchange at Paris and other prominent Cont
mental points continues to rule against London,
while in the local market sterling rates are at
from here if importing concerns would pay in
terest the metal in transit. At the moment
there is great scarcity of bills at this centre.
but the demand for remittance is not especially
heavy. and it is not likely gold exports will be
resumed in any volume if at ALL though it is
not unusual send the metal at this time Of
the year. Conditions in Germany are much i'm
proved. and Berlin bankers doubtless will not
make extraordinary efforts to secure further
amounts of gold here, particularly they
able TO get all they apparently need in the Lon
don market, which is still receiving large sums
from South Africa Large receipts Of gold
from the last named country secured by
Berlin and Paris Monday. there being no COM
petition on the part of English banks owing
the ease Of money rates in London where call
funds are now quoted under the range in New
York. Money continues to accumulate here,
but bankers look for better demand before
the summer is over. irrespective OF the inquiry
for accommodation in connection with the fl
nancing Of The years harvests. current indica-
ticns pointing 10 an enlargement in the demand
from ordinary mercantile borrowers and from
Stock Exchange houses the expected increase
in the demand from the latter being based on
the belief that there will be an expansion In
speculative activity on the bull side OF the mar
ket There many favorable signs OF
growing strength in the business situation that
brokers counting public buying move
ment in stocks at distant period. Bond
market conditions better. Il reflection of
which is presented in the Willingness of the big
banking houses 10 finance the requirements OF
railroads on new security issues Of the mort
gage variety and the elimination OF the issuance
of short time notes.