New-York tribune., 1908-06-24
FINANCIAL AFFAIRS
LIGHT STOCK TRADING.
Prices Irregular at Small Final
Chonges-CaU Money Easier.

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course of trading which was made up III 60
mart Of the operations in a few OF the leaoliS
issues notably Reading. Union Pacl1c' CIiltTu 7
States Steel and Amalgamated copper E"iiS
ouotations were at fractional improvement 90
cornared with the closing of the preceding day,
b,,+ before the noon hour heaviness developed
throughout the list which in turn was sue
ceeded by a period of strength IN whlch most
losses were more than recovered only 10 oe
followed hy renewed weakness at the close:
As 2 result of the various fluctuations hhdl
Aeures as rule. showed unimportant changes
from, Monday. with few more net losses than
gains in the active list, Amalgamated copper
and Chesapeake and Ohio being the chlef SUI
ferers There was outside support at any
time in the day. the rally in the noon time
dealings being due entirely TO covering py the
shorts who subsequently put out new lines
when they found no response to the raliylhg
tendency The tactics by which the Rock
Island issues We're knocked down in Monday
market were not continued, and nothing further
was heard Of the alleged financial troubles or
the rropertv The Rock Island. like all rail-
road companies. IS suffering from loss OF
traffic but it is making its interest charges ana
the dividend the old Rock Isiand stoch'
Moreover, It has the backing Of one OF the
strongest banking houses in Wall Street
colIanse in the cotton market owing to unload
ing by operators who had tried To corner the
market a decline in wheat and further ease IN
call money. were factors which attracted atten-
ii on
without effect upon stocks. Call money declhed
tn ner cent the lowest rate since March 80
Inactivity in the current stock market Is
reflection of unfavorable business condluons'
involving the uncertainty over dividend pay
r,en+s in the next twelve months. of unwilling
ness on the part Of the public TO take an active
mart in sreculation until il is convinced Bryan
and his policies will not be indorsed at the poiis'
of the unknown crop factor and of the apparent
determination of substantial financial interests
TO leave the course of trading for the present
in the hands of the board room element In
the labsence of genuine support traders as a
rule prefer to operate on the short side OF the
market but il should be observed in the pres
ent case they do not make extensive commit
nents for the bear account, while they appear
anxious to cover their contracts at small profits
Doubtless they realize that the enormous ac-
! cIlmulation Of money in the banks supplies the
| big men with powerful weapon that may ne
welded at any time to round up venturesome
| shorts while they also appreciate the fact that
/ stocks are in strong hands, with little chance
| of a material increase in the floating supply
available for speculative operations on the down
| side of the market. Investors though receiving
smaller dividends in the case of many of their
| securities than they received last year viii find
no profit In selling their holdings neither will
operators who have their accounts heavily
margined make any money in qudating at
the current level, particularly as the money rate
! is below the return they are receiving in dvi-
as conditions do not suggest more than pass
| ing excursions by bear operators there is no
| good reason for general selling movement. In
| view of the various uncertainties in the situa-
| ton. as enumerated at the beginning of this
| paragraph. the public hardly be expected
| TO become aggressive buyers just now, but it
| is not at all unlikely that later in the summer
the people who have idle funds their hands
Will find in the signs of the future sufficient
| encouragem 70 purchase securities.
In the first McKinley-Bryan campaign the
Street was visited with frequent Bryan sCares
| until the latter part of August when indica-
| tions began TO multiply daily that the Republi-
can party would be successful. and from that
| time until after the election the movement of
| prices was for the part in the direction of
! a higher level There is reason to expect a
! similar course of values in the current cam
| paign The country will nots support Bryan
| heresies this year with any more enthusiasm
than it did in 1895 or 1900. The majority of
| people in the United States interested in
| preserving a form of government that protects
| American industries and the rights of inveS-
| tors in the railroads, in the farms and in the
| manufacturing enterprises. AS consequence
| the American people will not elect Mr.. Bryan
| Spectators will have their fun" with stocks
| as a result of Bryan election talk, and unscru-
| pulous operators will attack stocks, as they
did Monday, with Hbellous reports about the
| financial standing of corporations, but as the
| country is not going into bankruptcy, while
| progress and prosperity will be revived. the
4 ultimate movement OF values should be toward
\ Aieyba