New-York tribune., 1908-07-23
FINANCIAL AFFAIRS
STOCK T4LUES STRONG.
Acti1ity an Shares and Bonds Helped
by Standard Oil DeciaOn-Ster-
ling Rates LO1cer.

on a movement of values that showed irregular
fly at times. though with the general tendency
in the direction of a higher level especially in
the last hour when the entire list presented
subs.an ntial Improvement over the opening quo
tations.. The same general considerations that
have been effective factors for several weeks IN
market movements again were the basis for bull
enthusiasm, but in addition there was the Stand
ard Oil decision. which had a most reassuring
influence on sentiment and quotations. Fol-
lowing recent court decisions overruling vicious
state legislation against railroad corporations,
the action Of the Illinois Court OF Appeals on
the Standard Oil fine naturally will tend TO
strengthen confidence in securities of corpora
tions which will be compelled TO obey the law.
but whose property will not be conhscated Inc
court did not acquit the Standard Oil Company
of wrongdoing, but il found the trial judge had
erred on points of law and abused his discretion
IN The imposing of the maximum fine for
arbitrarily estimated number OF offences The
demand for stocks from commission houses
was active, and there also was an enlarged vol
ume of business in bonds. the activity in the
latter representing as rule investment buying.
There was a more general inquiry for the
called speciaities. Such stocks American
Malt preferred, American Telephone and Tele-
graph General Electric, New York Air Brake
and Westinghouse showed marked improvement,
while in the regular active list Union Pacific.
Reading St Paul. American Smelling. New
York Central and the copper shares were feat
ures especially the latter. which led the final
advance, buying being based on better trade
conditions Conditions in the copper market
stronger than they few weeks ago, and
indications of Improvement in this important
branch of the country's industries, with the i'm
proyement already established in iron and steel.
are influential factors in moulding optimistic
sentiment In investment circles.
The demand for money at this centre in con-
nection with the financing of the harvests will
begin in earnest in August, but already ship
ments have been made from New York on this
account, the withdrawal of S5ooO gold for
Canada in the current week marking the actual
start of the movement. Interior exchange is
moving against this city for the first time In
many months, and the fact that wheat Is now
coming to market at the rate of a million bush
els a day representing in great part the new
harvest suggests the probability of an active
reduction in interior bank balances at this point
in the near future, though ii is not expected the
pressure for funds here will be heavy enough TO
cause disturbance in the money market Later
in the season. however, higher rates for loans
will develop. The movement of grain to market
in the current week shows marked Increase
over that of a week ago, the gam being
due to a better demand and TO the attractive
prices prevailing for wheat, corn ana oats.
Favorable harvest weather has helped the grain
movement to primary markets, while the low
supplies abroad have accelerated the export
business Canada expects TO harvest an ehor-
nous wheat crop this year, reflection OF whlch
is presented in the resumption of demand for
the London Exchange, while for similar reasons
there has been better demand for the shares
of our own grain carrying railroads, this in
quiry being especially heavy for the account Of
Western interests that know from personal OBJ
servations the progress of the crops and from
experience the meaning to the transportation
companies of large yields in the agricultural
sections OF the country. The Western element in
the stock market generally has had the courage
of its convictions, and its market movements
seldom have been unsuccessful. Apparently,
these interests and other prominent market
operators viii encourage reactions In order 10
attract better public following, but from cur
rent indications they will not distribute their
stocks present prices
The speculative public, which would not touch
stocks when they were selling many points
der the current level, is beginning to come into
the market and, a rule, these outsiders well
supplied with margins. The public element which
buys stocks investments was active in this
line at panic prices, and the transfer books OF
coruorations DC not show that any great amount
of this stock has come on the market a result
pr,ntled losers in Wall Street who assert that
tirel,, 70 manipulation. and that there is
,,;ra demand for stocks and bonds This Is
1,,,ro,,as ly the investment orders received by
,,ayo;ssion houses both for shares and mott
rage issues and by the accommodating specuis-
ti,,e orders from people In all parts of the conn
-, nc course the Hartman, Morgan and
c..n5ara oil interests working on the bull
80 oe the market and. incidentally, they
beln,yg IN increase the wealth OF every investor
in ths limited States. Money rates We're easy