The morning journal-courier. (New Haven, Conn.) 1907-1913, 1908-08-29
WALL STREET NOTES
Financial interests Are Active,
Using Shorts to Put Up
Values.
GOOD RAILWAY EARNINGS
Bond Men Not Over Optimistic on the
Situation--Brown Failure
Still Tasted.

Opening generally higher stocks con-
tlnued to advance until midday, with
an increased volume amounting 10
pbout 25 per cent. Total sales to noon
were little over 100000 shares, against
100000 the day before, Five stocks
Union Pacific, Southern Pacific, Read
ing, United States Steel, and Ameri-
can Smelling made up more than half
g this total THAT financial interests
were active in the market seemed clear
! obably using the short interest as
/. cans Of putting up values, Around
Midday there was good deal OF prof
/ taking going on, which carried
lllny issues back IL point or more,
lot Reading was rushed mp above 1850
to steady the list while the selling was
Ia progress. During most Of the after
a9on stocks showed q yielding tenden-
-, with declines from top prices of l
to 2 points It was apparent that a
urge amount Of profit taking was 60
ng on, and whether banking interests
$ ere distributing their holdings or not,
they apparently did not care to hold
Inc basket for numerous traders to
laload into. The short interest was
probably eliminated by midday.
American stocks in London were ir-
regular, the inactive shares being In
lined to sell Off. while the leaders
slowed an Improving tendency, prob
aay due to operations from this side.
On. the advance here, however, London
sold Union Pacific and Amalgamated
upper and bought Southern Pacific
and United States steel, but tradns
moderately.
Railroad earnings which came to
hand we're more encouraging from one
point of view, just as was the case with
some of the last reports of prominent
companies. They were able to reduce
operating expenses so greatly that the
decrease in gross was turned into a
slight net gain. Atchison for July show
ed the enormous decrease in gross of
s954,1s4 yet expenses were cut down
more than this and the net from OPP
erations increased s10,lS9, though in
creased taxes caused decrease in in
come OF $fS,i2l Missouri Pacific for
June showed gross decrease OF s7241SS
but the next increased ss,552. This
caused favorable impression in the
financial district.
Bond men are not all carried away
by the Improvement in the bond mar
ket, saying that there Is still compare
lively little demand for the oyer-the-
counter goods, and that the best of the
transactions lately have largely been
in the more speculative issues 1nstl-
tuition buying, some say, has not been
Up to expectations, while the dlsposl-
ti1n is still noted on the part of some
interests to exchange their holdings
for bonds yielding a higher rate of
interest They speak Of congestion In
bonds of the strictly gilt-edged variety
Western buyers have cut more Of a
fiyure than those OF the east in the re-
cent market, according to brokers who
are in position to know. They are
not prepared to say however, whether
ti,is Is because they have more money
oi more confidence. The tone Of the
correspondence of houses with western
connections would lead to the concu-
son that the west Is not worrying q
Sreat deal about politics, and that II
E, content with the agricultural stua'
on wi ich, of course, means great
zeal.
The rise Of the last two days was
,nerall% regarded as having bearing
- the covering Of the remainder OF
lie short contracts of the Brown firm
Brokers on the floor said 1t looked as
II many brokers' who had stock due
them from this firm on Tuesday, the
DAY of the failure, concluded thai
nothing would be gained by hurryine
to buy them in on that day at perhaps
ridiculously high prices. They conclud-
ed to wait and give the market Z
chance to react some 1t did not go of
much, and when they saw it begin t.
rise again yesterday there was appar
emily a concerted move to cover con
tracts, which was concluded today. Al
the same time lot of other bear OPP
orators lost no time In saving them
selves, causing n still sharper rebound
Than would otherwise have happened