New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-22
FINANCIAL AFFAIRS
BULL DAY. IN STOCKS.
St. Paul and Hartman Shares Feat,
ures-WaU Street Optimistic.

Ao+i,,e b,,,ine of American stocks in London
before the opening Of the local market was
factor that helped prices at this centre IN the
early dealings while purchases here by arbl-
TRACE houses to the extent of 10000 shares also
assisted the bull element in bringing about a
better quotation level The strength shown IN
the initial dealings attracted interest from COM
mission houses. reflection Of which was shown
in the great expansion reported in the trading
as compared with the operations of the preced-
ing day. and 1t served TO create the impression
that the people who for many weeks have been
identified with the cause Of higher prices We're
actively engaged in an effort to run the gen
eraI market into an oId-fashioned prediction
boom Though there realizing sales on
quite an extensive scale before the close, final
quotations as a rule were not much under the
best Of the day. with net gains IN the greater
number OF leading issues of from to rs
points the latter figure being reported by St
Paul which Of the chief features Of the
session This stock the Hartman shares and
to some extent Northern Pacific were bought
by houses that have affiliations with the chief
banking interests in the Street. but the last
named security failed to hold its early improve
ment supplying at the close one of the few
weak features Of the day on the idea that, de-
spite Tuesdays circumstantial reports that an
extra dividend would be declared in spite of
Mr.. Hills objection, action favorable TO the
stockholders would be taken at present The
better tone in the copper market, the optimism
Ol
ness and the cheerful feeling abroad over the
Balkan situation were advanced as reasons for
the purchase Of securities, though the belief that
Mr.. Bryan will lose the election continued to be
the star argument for higher quotations.
Time money rates are growing frmer. and
bankers believe that in the future better
quotations will be made for loans for all periods
Offerings in the last few days have been lighter
than recently reported the banks evidently
holding off for higher prices, while in CONNER
cial paper there is a good local demand though
merchants are not making active inquiry for &C
commodation- 1t is not likely that there will
be important amounts Of paper the market
until after the election, the mercantile COM
nlunity apparently does not care to make ex-
tensve commitments. though It is conf
dent Organism again will be defeated at the
polls Merchants and business men in general
appear to be satisfied that all indications point
TO the success Of Mr.. Taft but they believe in
proceeding with extreme caution at this partiC-
ular time owing TO the remote chance Of a
Bryan victory, which. of course would exert A
most depressing effect upon the country's in
dustries and upon the securities markets. The
Bryan policies II put into practice would upset
business conditions, and it Is therefore encour-
aging TO note that every day brings evidence
Of q stronger tide running in the direction Of the
Republican candidate, especially in quarters
where recently It thought the Democratic
party might poll an unusually large vote as a
result OF the financial troubles which began last
October. but which happily at an end
The country is beginning to realize that the
panic came from strained credit conditions
overspeculation and dishonesty among high
financiers" and was not a development based
upon any act OF the Republican administration
a Democratic politicians would have the voters
believe Wall Street believes Mr.. Taft will be
elected and stock market values are discounting
his success.