New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-06-07
FINANCIAL MARKETS
STOCK VALUES HIGHER
Union Pacific again in Demand
Bank Reserves LO7Cer.

Securities values except in the case of MIS-
souri, Pacific. were strong in the two hours OF
trading under the lead of Union Pacific whlch
again monopolized a good part OF the traulils'
its dealings supplying more than $4,000 shares
out of total of 21S,723 in all issues Ihere Is
some reason for the expectation that aller 'iie
Union Pacific bond issue is out of the way lhere
will be an announcement affecting Union Paclnc
affairs that may prove an influential market
factor and there also is good reason for the
belief that the Hartman Rockefeller interests
still hold the bulk of their Union PACING STOCK
which they accumulated at low prices. ano
which they intend to hold. so it is said by
people who ought TO know, for much better
ouotation than that now current. Doubtless
until after the political conventions pollucal I'M
certanties will play an important part III mar
ket movements. but the impression IN wen IN
formed circles that Secretary Taft Will be nom
mated and elected is strengthening confidence
in high quarters that the ultimate tendency OF
prices will be in the direction of a better level
and that all declines stocks VII! be good
purchase Low priced stocks are being accu-
mulated, and in yesterdays market there was
further evidence Of good buying in Ontario d
Western doubtless on the theory that its price
eventually will sell much higher as result of
its gain in real value as an asset OF the New
York. New Haven d Hartford The stocks of
lines taken by the New Haven always have
appreciated materially in actual and market
value. Fair buying reported in United
States Steel common, which, with Union Pacific
and Reading. supplied more than one-haf Of
the entire business in all securities. Bank
statement figures not in line with Fridays
estimates based on the known movement of
money. showing instead of expected large in
crease in cash and reserve holdings a decrease
in both items. AS result of all changes the
reserve above legal requirements declined S717,-
500 to s4I192200. Bank loans showed contrac-
ton, but those of the trust companies expanded
to the extent Of s14453, 500.
Railroad earnings in the last week in May
showed larger losses than in any preceding week
in the current year, and it is generally expected
that with the exception Of the anthracite roads
the complete statements for the month will
make a sorry exhibit compared with the same
time year ago. Railroad men believe that
June also will be poor month in the trans
portation business but they look for improve
ment in the remainder of the year a result of
expected large crops and general business re-
Vival The anthracite coal roads, such as the
Ontario & Western, the Reading and the Della
ware & Hudson, probably making at the
present time the best returns of any companies
. in the country, as despite the depression in
trade shipments of coal have not fallen off to
any great extent, while prices remain at an ex-
tremely profitable basis. The commodity clause
Of the Hepburn bill if upheld by the courts
will compel the coal carrying roadroads to
divorce themselves from the ownership of
their mines, but for a minute believes
that this cannot be accomplished in a way that
will not reduce the intrinsic value Of the an
thraclte railroad securities. There has been
some talk of an increase in the Reading divi-
dend, though the movement of the stock does
not suggest that the directors have any such
plan in view, and it generally is understood that
the directors of the Ontario & Western soon will
declare the usual : per cent on the stock of
that company, making the issue return to pres
ent buyers about per cent. The Reading di-
rectors always have exercised great conserva-
tlsm in the matter Of dividends and il is hardly
probable that they will depart from that policy
at this time by increasing the rate Reading
stock is losing some of its popularity with spec
ulators. reflection of which is presented in the
reduced volume of business in it. but il apnears
10 appeal To operators who are in the habit of
buying stocks for keeps.