New-York tribune., 1908-06-19
FINANCIAL AFFAIRS
STOCK T4LUES HIGHER.
Prices Up on Light Days Trad'"s
Money Rates Easy.

-,,i, values in the last hour of business
in Yesterdays stock market were oaseH o tho
ering operations by traders WHO ,d
,,o,,iration of Secretary Taft was assured anu
- ~, ,ra,,era1 list of securities would move "
. l;,,,e, 1evel to-day as the result OF the az
conplishments of the Republican Natlohoi -,
xention Wall Street as a rule was pleaSeu VIZ VIZ
the platform a adopted, ana appdieht
catis6ed that the candidate on SUCH pd'lcli IA
would have no difficulty in defeatlne BY diiisl
~ tho fau-sonething much desired pH eNe''
one in the financial community. even pS 'h0'
misinformed operators who credlt the 49,
administration with the responsibility " -
colIapse in stock values last autumn Ihere W aS
no expansion in the volume OF tadlhs anu "
market lost none of its professional attrlou'e'' @
h,,+ If showed nevertheless, much more anlllid
tion toward the close than reported carrier III
the day many issues touching the hlshesl pm"
of the week entirely traders buying 1iaueiS
discovered the fact that prices would go up
much easier than down. This has peeh d cldi
acteristic of the market for several weeks ana
II NAV be well worth noting by operators WHO
are espoused to the bear side Oh speculdtioh.
Union Pacific Reading and United states steer
were the leaders of the rally, while they suppheu
large part of the total operations, ana, Win
Amalgamated Copper. American Smelting ana
Northern Pacific furnished about tWo-thlrds OF
the entire business Baltimore ONO, LOUIS
willie & Nashville and Republic Iron ana steer
were among the few weak features, the hrSt
declining
for the month Of May and the last two on div1-
dend considerations The Republic Iron and
Steel Company passed the dividend on its pre-
ferred stock and the Louisville & Nashville re-
duced its rate from 6 10 > per cent. Money was
easy and further negotiations for gold shipments
TO Germany were said to be under way.
An encouraging indication Of Improvement IN
the German financial situation is reflected in the
reduction by the Imperial Bank of Germany OF
its discount rate from 412 per cent to per cent
which compares with rate of , per cent two
weeks ago The stronger position of the bank
is due receipts of American gold, to re-
ceipts from ether sources and to the arrange
ments made for further importations of the pre-
cious metal before July /, when the Reichsbank-
will be particularly anxious to make a good
showing. The heavy shipments OF gold from
New York to Berlin in the current week doubt
less will be followed by further exports in the
course Of the next ten days, but 1t is not consid
cred likely that the movement Will continue to
| any great extent in July, owing TO the better
| ment which is rapidly taking place in the Ger
| man monetary situation. Open market discounts
! declined at Berlin in response to the reduction
| in the bank rate; in Paris they were trife
| frmer. while in London change was reported.
At the last named point money is extremely
! easy with call loans under the price quoted in
! the New York market, and according to cable
dispatches to this paper there is immediate
/ prospect of an increase III the demand for funds
sufficient to bring about higher rates for money
The Bank of England in its weekly return pub
lished yesterday showed an unusually large pro-
portion of reserve TO liabilities for this period
of the year, the percentage being 51.06 against
5065 a week ago and 47i0 in the corresponding
time in 1907. Notwithstanding gold exports and
the return by some banks of government de-
posits. against which they do not care to pay
interest the local institutions continue to gain
in their operations with the Sub-Treasury. while
receipts from the interior still heavy in vol
ume. coming from all parts of the country.
! There will be turn in the movement of cur
! rency for a number Of weeks to come but de-
spite the large accumulation Of money at this
centre and the low rates received by lending in
stitutions for their funds there is indication
| of a lack of prosperity among the banks and
| trust companies, regular dividends being de-
| cIared and in many instances extra disburse-
| ments being reported.