New-York tribune., 1908-07-30
FINANCIAL AFFAIRS
STOCKS CLOSE STRONG.
Early Trading at Declines-Moneg
Continues Easy.

The volume of business in Yesterdays stock
market showed material contraction as com
pared with recent heavy daily totals. the lighter
movement apparently being due to the DISPOSE
tion of the larger interests to find out the
course speculation would take without their
active participation in the dealings. Iraders
discovered soon after the opening, which was
on advancing values. the absence of buying
from quarters which in the last few weeks had
been identified with the improving tendency,
and for a time worked the bear side of the
market, without, however, bringing important
losses Their failure to induce liquidation and
their belief that substantial interests stood
ready to support prices on signs OF eSpeclal
weakness were responsible for extreme eau
tion the part of the board room element. and
in the last hour covering of early short sales
reported throughout the list. the effect OF
which strong closing. Stocks in the cur
rent market become dull on declining values.
while advances are accompanied by expansion
in the dealings. The larger interests who
in the market yesterday noted this while
they also learned that the commission house bull
account too strong to be frightened by bear
intimidation. There was nothing in the days
general news that had adverse bearing upon
values though there were several developments
along lines that ought to increase the intrinsic
worth of securities.
News from business circles was encourag-
ing. Perhaps the most important develop
ment of the day in the financial community.
and one which not generally known
the Stock Exchange the result of a con-
ference which insures a practical alliance be-
tween the Gould and Hartman interests, the
financing of the Wheeling 6, Lake Erie notes
and an increased PttsbuTg tonnage for the
Erie. Mr. Hartman intends TO develop the
Erie. and that road will give the Goulds and
the Harrimans New York entrance of con-
siderable value. Some of the Gould issues were
strong features in the last hour, and il was
learned in the day that the recent buying of the
Erie shares had been for the account of people
associated with the Hartman properties At the
close net changes were divided between small
net gains and losses, Missouri Pacific the Wa
bash and Wheeling & Lake Erie issues showing
the only important advances
TWO important branches Of the countrv's in
ous1rles. steel and copper, are making encour-
aging progress toward normal conditions the
movement being suggestive of return Of gen
eral business activity. It is officially announced
that IN the first twenty-four days of the cur
rent month the new tonnage booked by the
United States Steel Corporation is equivalent
TO an increase to - per cent of the concerns
capacity, comparing with business in the last
few months equal to from As to 50 per cent Of
lts capacity. while through advancing ten
oency IN the copper metal market it is made
known that consumers are increasing their
orders for the product The amount of copper
purchased by domestic consumers in the last
two weeks has reduced to a material degree
available supplies and has placed the metal
selling interests in position that enables them
reflection O
which is presented in figures for actual transac-
uons and in the quoted price the local metal
exchange. The prediction is made in copper
selling circles that the price will reach IA cents
before election day and Is cents by January /
AS copper occupies such important place
in many industries notably the electric manu-
facturlnS business, Improvement in the copper
market indicates better conditions in the va
1ous lines that are large users of the metal and
the higher prices recorded therefore may be
g r1rSfN ~-l.,r refr-,
ment.
"A tone OF pessimism is heard in a few quar-
ters over the outlook in the industrial world
but II is a noteworthy fact that the men
who are best qualified TO talk about condi-
tl"ns, as result of their intimate relations
With banks railroads and industrial corpora
tons, express themselves as we'll satisfied with
une course OF business affairs. There also are a
1e" people VINO assert the Improvement is SEN
tlnentai and not real but their ideas are not
based on the facts which stand out so cleer rIv
that a man must be blind or a weaklInc NOT to
read their meaning. Prices of securities are
good trade barometers. Since July the aver
age price OF the leading railway issues has ad-
Vanced from 1892 TO more than lG6 and that of
the leading industrials from 1916 10 70 &c II
the country had been going to pieces the money
of capitalists would not have gone into stocks
Money is cheap and business is improving Ae
a consequence capital is bullish