New-York tribune., 1908-08-14
FINANCIAL AFFAIRS
STOCK V4LUES DOWN.
Break IN Rock Island Issues Affects
General List-Moneg Rates Easy.

Stock market trading showed contraction IN
the volume OF sales as compared with recent
heavy daily totals. while the general course Of
values was extremely irregular, with the greater
number Of issues at net losses at the close. 1ndi-
cations of slackening in the public demand and
q dininution in activity among the substantial
Wall Street interests encouraged selling by the
room traders, especially in Amalgamated Cop
per Reading and Union Pacific. in which maxi
mum losses amounted 10 more than one point
but which. however, were well taken on the de-
cline. In most stocks the buying was good. but
not aggressive. Apparently the chief hackers
of the recent heavy bull speculation were will
ing to let the market drift for the time. but
there was no indication that plans for further
Improvement in values had been abandoned.
Indeed the talk in the higher Wall Street cir
cles suggested the probability Of better prices
in the near future, barring the development Of
condition bearing adversely upon the intrinsic
worth of securities. Houses that are affiliated
with the Standard Oil party continue to put out
buIIish advices the Hartman shares but
they are less optimistic the industrials, which
they assert have more than discounted the i'm
provement in business, especially in the case Of
the metal stocks There are other houses that
believe the copper and steel issues viii move to
a better level before the present movement runs
its course, their views being supported by some
of the largest individual operators in the Street
who appear to be particularly bulsh on United
States Steel preferred. both as a speculative and
investment proposition. A part of the forenoon
selling represented liquidation by traders who
had become unduly extended in the cotton mar
ket. and who found it necessary to raise funds
to protect their long cotton commitments
though this selling in itself was not heavy
enough To account for the general weakness
that subsequently developed Last prices were
near the lowest, with net losses OF from / to IA
per cent common. Rumors affecting the fnan-
ciaI position of the Rock Island were responsible
for weakness in the companys securities. while
they encouraged active selling Of the general
list in the last hour of business.
Al the moment the demand for time money is
not active but fair business is being done in
the call department at from l to IA per cent
with no Immediate prospect Of a materially
higher rate In mercantile paper larger offer
ines are reported, and it is believed that in the
course Of the next few weeks there will be a
substantial expansion in loans of this character
particularly in the uptown banks that are not
much concerned with Wall Street operations
and which confne the greater part Of their busi-
ness TO q strictly commercial basis An in
crease in the demand for money on merchants
paper viii indicate larger operations IN the busi-
ness world, il viii reflect the return or normal
times and serve TO stimulate greater confidence
in the securities of American railroad and in
iustriaI corporations That the men IN charge
of our railroads see better times ahead is shown
in the actual increase in orders received by the
railway equipment companies and the announce
nnent that many roads soon will be in the mar
lxer for new cars and locomotives, IN the case
of the Hartman lines, for instance which are
noyy figuring on new equipment to the extent Of
600 steel cars The outlook for activity among
the car and locomotive building companies IS SO
nrornising that the shares Of these concerns are
being accumulated by Wall Street interests in
the expectation of material rise in their mar
ket value substantial purchases Of American
Car and Foundry, American Locomotive and
Pressed Steel Car having been made in the last
few davs Most industrial securities have en-
loved marked Improvement in the current bull
market notably American Sugar Refining,
United States Steel issues and the copper and
smelling issues. their gains being In response 10
speculative and investment buying, based upon
the many signs of an Industrial revival Busi-
ness throughout the country is not booming but
steady expansion is reported