New-York tribune., 1908-08-13
FINANCIAL AFFAIRS
STOCK VALUES IMPROVE.
Earlu Weakness FoLo5oed by Reco0-
eru-Money Rates Easy.

Stock market values were weak in the early
dealings in yesterdays market, but recovered
their losses in the afternoon, when the greater
number of issues advanced TO level well ABOVE
the closing of the preceding day SelIlng III Ihe
morning was a continuation of the movement
that carried quotations down in Tuesdays oper-
ations while the subsequent buying represented
renewed trading for higher prices by the leading
market interests and covering by traders. the
latter changing their position from the short
side on the first appearance of effective support
esneciaIly in the Hartman issues. the United
States Steel shares and Northern Pacific
The Street had many tips to buy the last named
security and the argument was advanced Ihal
both Northern Pacific and Great Northern were
entitled 10 better quotations. on the basis that
neither had enjoyed improvement in proportion
to that which had been recorded in the Hartman
and many other first class stocks. In Union
Pacific and Southern Pacific further accumula-
ton by so-called inside interests was reported
Southern Pacific being one Of the chief features
Of the trading both in activity and point of ad-
vance its price reaching the best figure ever
made in the history of the company at S79s.
AS this issue pays per cent. its current quo
tation places it in the list of investments mat
are not selling beyond their actual worth, While
the same may be said of Union PACING, Whlch
paws 10 per cent and. is selling at 1881, yester-
days closing.
American Smelling was one of the few shares
that failed to show a net gain on the days move
ments the weakness in the stock apparently be-
ing due TO efforts to shake out weak following.
Reading. Ontario & Western. American Sugar
Refining the Steel shares, st. Paul, and Missouri.
Kansas & Texas were well bought on the morn
ing decline and all closed at substantial improve
rnent. Though copper metal prices showed the
first decline in number of weeks, AInalgarnated
enjoyed a fractional gain. Mr.. Bryan's speech of
acceptance was ignored in the financial com
munity
Exports Of domestic products from the United
States in the month of July. the figures of which
were received yesterday, present a decrease in
value OF more than $7,000,000 from the same
month a year ago, the chief falling off being in
breadstuffs. meat and dairy products. shipments
of cotton and mineral oils showing a gain The
full statement of merchandise exports will be
made public at the end of the week, and IT
doubtless will show lighter outward move
rnent than in July, 1907 though it is likely that
n will make a favorable comparison with i'm
ports which as a result of business depression
in this country have been well under last years
record From now on exports ought to increase,
and as a consequence of light grain and cotton
supplies abroad and poor grain harvests in
Europe the foreign demand for our new crops
undoubtedly will be heavy enough TO turn eX-
change strongly in favor of the United States,
making possible imports Of gold in the autumn
if money market conditions here should make
an inward movement Of the metal necessary
At present there appeara 10 likelihood of high
rates for money in the fall but in the event or
an active expansion in the mercantile inquiry
for funds and continued heavy speculation in
stocks grain and cotton reserves at this centre
may decline TO a point that would encourage
shipments of gold from Europe. The interior
demand for money in connection with the crops
will be large and New York, as usual Will be
called on to finance it Interior bank balances
at this centre are heavy, and the idea that out OF
town banks will be able to handle the crop
movement without making large Withdrawals of
their funds deposit at New York is not well
founded. At this season OF the year reports al
ways come in from the West that the crops can
be financed without assistance from this point,
but there never has been time when the in
terror has been able to get along in the harvest
period without help from this centre.