New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-09-10
FINANCIAL AFFAIRS
STOCK PRICES HIGHER.
Hartman Shares, Including Erie
and B. & o., Features Sterhng
Rates Up.

The so-called Hartman market made further
progress toward higher level yesterday, though
the advance outside of the Hartman shares,
Consolidated Gas Reading and the Hill issues,
as rule were uninportant and did not repre-
sent the presence of the public in speculation.
Traders who are steady operators from day to
day through commission houses followed the up
ward movement in Union Pacific, Southern Pa
cif1c Erie and Baltimore Ohio. but no vide
spread demand for stocks was reported by wire
houses despite the character of the operations,
which ought, according to Wall Street theoriz-
ing, to attract a big buying movement from all
parts of the country. The fact that the Har-
riman- Prick Rockefeller combination. with its
almost unlimited supply of money, is working
on the bull side suggests the probability of
higher prices and ordinarily campaign backed
with these interests would appeal strongly to
the outsiders, but the latter show no indication
Of coming into the market at present quotations,
perhaps as a consequence of their experiences
of the past. which generally have not been
profitable. Wall Street, however, says that the
public will lbe forced to come into the market
by its desire 70 make money, and If the public
proceeds as it has done in other bull specula-
tons It will tumble over itself to buy stocks
when prices have been marked to higher level.
The strength in the Erie shares was the chief
feature of the days market, the advance in the
issues exerting particularly favorable effect
on Wall Street sentiment, as ii was believed
that the movement presented further evidence
of harmony between the Hartman and Morgan
interests. 1t is understood that the advance in
Erie is justified by the plans which Mr.. HarIi-
man has in view for the development of the Erie
property. And the same thing may be said of
Baltimore & Ohio. which yesterday sold at par,
its highest price of the year The character of
the selling in American Locomotive suggested
the possibility of a dividend reduction the
common shares at the meeting of the directors
to-day. Stocks closed at or near the best
Strength in the foreign exchange market at
m Of fhe is YnuglJal the
ent advancing tendency IN sterling rates will
be maintained for any length of time,
cording to the opinion of well informed bank
ers. And it is not believed that gold to any
amount will be exported result of the up
ward movement, which at yesterdays high level
was within % points of the price at which the
metal could be sent from here to Europe at
profit Two weeks ago foreign exchange
ditions favored the development of movement
of gold TO this country. and at that time it
not thought likely that rates would move against
New York before the year. In the last few
days, however active covering of short con-
tracts in exchange and buying by bankers
against New York City warrants sold in Lon
don last year and maturing November have
brought about material change in the mar
ket snd this, together with decline in ster-
ling in Paris, has developed the possibility of
gold exports the so-called triangular opera
ton to the French capital. Discounts at Paris
were higher yesterday, and London cable dis
England's minimum rate result of the con-
tinued Continental demand for the metal, ship
ments to Argentina and the Egyptian require
ments. Paris already has enormous supply of
gold on hand but it is the policy of the Bank of
France to accumulate gold on every opportunity,
and perhaps In the present case it is preparing
for a Russian loan. The foreign exchange market
at times moves contrary TO precedent and If
rates should continue to advance gold could be
shipped from this centre without the accom-
paniment of disturbance in the money market
especially as in the autumn there will be a
volume of grain and cotton bills here large
enough to restore the market to normal con-
dition. Local bank reserves are stronger than
generally recorded at this period of the year.
and New York could finance the crops and a
foreign demand for gold for many weeks before
rates for money would go to materially higher
level. IL there should be a heavy drain upon
New York trouble would be averted by the is
suance of emergency currency. Time money
WIS frmer yesterday