New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-25
FINANCIAL AFFAIRS
STOCK PRICES STRONG.
Heary Gains in Hartman Issues
Public Not FactOr-MOney
Rates Easy.

1-,,5.- tho influence Of a resumption OF clique
operations and covering Of shorts the SUM
market enjoyed marked Improvement IN yes
terdav's operations. prices in the greater num-
her Of active issues advancing to a level that
represented a recovery average OF two
points from the low points established in last
weeks reaction The upward movement was
not ACCOMPANIED by an important increase III
public interest in the market but 1t was con
sidered likely that in the event of further I'M
movement commission house operators again
would rush into the market, just as they o1d
in the so-called post election boom The larger
Wall Street houses reported that experienced
customers followed the advance by moderate
purchases in the Hartman shares. Reading
United States Steel and St. Paul but they found
no general disposition the part Of the out
siders 10 participate in the dealings, except 10
a small extent in the last hour, when the con-
sistent strength IN all departments of the mar
ket encouraged margin traders TO identify them
selves with the long side Of speculation. Act
iyitv by pools and room traders was reporter
in many Of the specialties, including National
Lead. New York Air Brake. Third Avenue ana
Consolidated Gas. but the real speculative in
terest was centred in the Hartman issues
United states Steel, st. Paul and Reading, IN
which gains of from . to SIS points were re-
corded Union Pacific sold high as 1855
against its record quotation for the year of
1871 closing at net gain Of 33s. while South
ern Pacific ended the day at a net gain Of &
ern Pacific ended the day at net gain Of 31s The
copper shares were strong features, also Ameri-
can Smelling. Baltimore & Ohio, Northern Pacific
and New York Central the last named issue
being helped by the generally credited report
that Mr.. Hartman at remote time will he
elected director OF the company Commission
houses reported at the close Of business that
they were carrying a light volume OF stocks on
margin and that loans representing margin &C
counts had been materially reduced. Most of
the floor short interest was covered IN the
=Fo wal ddayo nh
sold in the last hour TO up said that the
buying power was strong There some fair
buying in Chicago & Alton. accompanied by re-
ports that the stock being taken by Haw-
ley interests. The announcement that the
Southern Pacific Company had applied 10 list
S74 100000 new common stock was interpreted
in the Street affording basis for the recent
reports Of new financing that would bring great
profits to the shareholders.
Wall Street is satisfied that Mr.. Carnegie
knows whereof he speaks in his statement IA
voring the removal Of the import duty steel
as far as the United States Steel Corporation
is concerned. but II is not satisfied that re-
duction or complete elimination OF the tariff
steel would work to the advantage Of the indie
pendent companies. Indeed II is maintained in
well informed financial quarters that Mr. Car
negie's views If carried out, would serve to
strengthen the United States Steel Corporation
at the expense of its smaller competitors, many
OF whom doubtless would be forced out Of bust
ness by q radical change from the present tariff
schedules affecting the iron and steel trade.
The United States Steel Corporation could get
along without the import duties but in any
adjustment Of the tariff the independent manu-
fscturers will have 10 be considered TO
tent that from current indications will cause the
revisers Of the tariff long hours OF worry and
perplexity The United States Steel Corporation
controls. II is estimated. about go per Of
the steel business in this country. It long ago
outgrew the swaddling clothes Of the infant in
dustry. and to-day II is in an enormously strong
financial and statistical position, with every
prospect Of adding TO its earning capacity TO a
tremendous degree in the course Of the next two
years. Mr.. Carnegie's immense fortune is heav-
fly represented by the bonds Of the United States
Steel Corporation, but he has no voice in the
mana cement Of the concern and though his
tariff views will receive the serious attention NJ
the who handle the affairs ~ tina com
pany. present indications based on unofficial
statements from steel circles do not lead IN The
conclusion that the steel corporation will u,ortr
for the elimination OF the present duties even
II by doing SO IL might succeed in driving sor,a
OF the independents out OF business The Trpi,sd
States Steel Corporation will end the wear u-i,b
a working capital in the neighborhood Of s265
100000 Of which about $4,000 600 VIII he r,ada
up Of cash. II therefore is surprising tba.
its securities are favorites on the Stock Fly