New-York tribune., 1908-12-17
FINANCIAL AFFAIRS
STOCKS GENERALLY HIGH
Professional Element CoUer Shorts
M011ey Rates Firm.

Stock market trading showed a material CON
traction in the volume Of business ana was
made up in great part of the operations ol Ile
professional element. which worked, as rule
on the bull side of the account Support IN
American Smelling which recently has been
under heavy selling pressure. encouraged Gov
ering movement in other parts of the list, Whlle
the failure of outside interests to offer stock
for sale as consequence of the weakness IN the
final transactions in Tuesdays dealings also
was a factor in inducing dealings for higher
quotations, especially in Union Paclnc, Read
ing United States Steel and Amalgamated Cop
per which enjoyed maximum gains or more
than one point The wholly professional char.
acter Of the speculation doubtless was an IN
fuence in keeping ordinary commission mouse
interests out of the market, though this feature
of the dealings according to well informed
brokers was overshadowed by the hardening
tendency in the money market, as far as public
interest was concerned. The covering move
ment continued until the close. but In the last
operations there was enough selling TO carry the
greater number of securities slightly under the
hest Drices of the dav In the last few days the
trading has developed the fact that there is a
stronger bear party in the Street than at any
time in recent months while it also has given
an impressive demonstration Of the determine
ton of the leading market interests to work
against efforts to bring about period of stead
ilv declining values The so-caled Hartman
party Is still identified with the bull side of
speculation but it is conceivable that it will be
I
a material slump in values. There are some
persons in the Street who would like to discount
a January rise in prices. There are other per
SONS who would like to cheaper quotations
/ before the expected January advance in order to
buy at relatively bargain fghres.
Money rates are at a higher level than
at any time since the passing of the financial
disturbance of the panic OF 1907, and according
10 all indications the tendency of quotations in
the rest Of the month will be in the direction
Of better figures. Wall Street shows no IN
easiness over this outlook. It apparently is
convinced that there will be difficulty in
curing all the accommodation It requires at rea-
sOnable prices, but notwithstanding the fact that
no trouble IS expected TO develop II is not un-
likely that the bear element the Stock Ex-
change will take advantage of any advance in
rates TO hammer securities while 1t is
than likely shat there will be calling OF loans
10 an extent that will upset the calculations Of
many commission house traders whose accounts
are being carried margins. Commission
| houses fairly well supplied with funds
last over the end of the year but the ordinary
marginal speculator will not receive any con-
sderation based this feature of the situation.
Stocks in the greater number Of cases have dis
counted in their market value the Improvement
that has taken place in their intrinsic worth.
and though the future is bright with promise
for the consistent bull there is much uncer-
tainty AZ present over the probability of a
steady advance in the rest Of the month and
great elements OF danger for the operator who
buys on the theory that the market viii not
seek a temporary lower level There Is no
good argument against the holding OF stocks
for long pull Indeed. there are many rea-
sons why actual owners OF securities should
feel extremely hopeful. despite tariff agitation.
which already has served to check to a certain
extent the revival Of our industrial activities
that began with the success Of the Republican
ticket in the recent Presidential election
ANY student Of affairs who looks at the re-
suits Of the years harvests and who keeps in
mind the constant addition to the supply Of
money through new gold production will not
be bearish on the future 1t is right that there
should be certain changes in the tariff, but no
business man need believe that the party which
has always represented the best interests Of the
people and has worked for legislation that has
helped to build up our industries will enact any
tariff law that will interfere with the prnsperity
OF capital and labor. The Pennsylvania Railroad
placed an order yesterday for 80. 900 tons of
steel rails, and other roads soon will be I'm the
market for 1903 requirements. which viii be
unusually heavy owing to the relatively small
contracts given in the current year conse-
quence Of business depression, which compelled
an almost nlggardly retTenchment on the part
Of the transportation companies The period
OF severe economy is over. All corp0rattons
will be heavy buyers in the new year Iron
men look for big business after the first week
in January and in most lines of trade a marked
change for the better is expected in the new
year irrespective Of the probability Uf tariff
legislation