New-York tribune., 1908-06-06
FINANCIAL MARKETS
STOCK PRICES HIGHER.
Ranks Gain Cash Money Rates
Easu-Fmther Gold Erports.

prices
e,,oyed declines from the final figures OF the pre-
-. a- b,,+ before the close losses were re-
covered on buying by the shorts ana suppoi'
e, tho Substantial interests, whose operations
,.a been effective factors on the bull SIDE Oh
,,,ac,,la+ion for many weeks. While the lasC
,aned did not deal extensively, the fact tha'
they were willing to extend their lhllueiCo "
the market served to attract buying ps
=, :. +1,o start were active the short side,
os,eofar1v in Union Pacific, Reading, St Faul
ard Amalgamated Copper. In the current inoi
l,e+ there are a number Of operators VINO arc
,.,,-t,, short of stocks. and they are counting
on political uncertainties to help theih IN tieii
offorts n break prices, but the chances are they
will not make much money II they hain'aih
.beir nosition for any length Of time, as with
o,,-,+5ae Welding from TO per cent and
-.,,a ,oonev at 80 per cent for six months, COLI
ai+;ors do not warrant a bear speculation Inc
most evnerienced observers Of market move
,,ents believe dulness will be the chief feature
of the trading for the next few weeks pCI tleS
do not look for material reCesslons III values
,,n,ees there should be some development al
fectins adversely the intrinsic value OF SeCUil-
tics Some poor souls who class freslueht
Roosevelt as the enemy Of corporations WITCH
they want lower quotations on the STOCK EA-
o,,onoe are irving to work up third term
few timid holders silly enough to play into the
,,,d. Of ,oaninulators for the decline, it is not
likely there will be any general selling move
mont because speculators may say the president
will he renominated and that his re-elecIioh
would be a bad thing for the country
Trading was poorly distributed in the hVe
hours of business eight stocks supplying more
than tv,o-thirds of the total operations MIS-
souri Pacific was among the few issues that dld
not close at q net advance selling evldently De
ing based on the advance Information that the
dividend would be passed, announcement %
which was made at the close of business 1he
/ nassing of the dividend under the present nhah-
cia1 ,osition of the company was the only sellSl-
BILE action the directors could take. 1hs'e -
little probability OF q long suspension or pay
| ,oents 10 the stockholders, as the road runs
through a section Of the country that recoVers
| essilv from the effects of industrial depression
| 17z-i5ence of renewed accumulation of ontario d
| Western was presented in the day and III wen
| informed quarters a price or 90 was predlc'eu
! for the issue At the close Union racine, PAhdl-
| gauated Copper. American SmeItns, thesa-
| peake & Ohio, St. Paul and Northern Paclhc
/ showed net gains of l point or more, Wflle the
/ General market looked a though the rally OF
! tbe afternoon might be followed by 1urlher iil-
| movement in to-day's transactions, especially
as Indications pointed to a favorable bank state
! r,ar+ According to the known movement of
| money in the week the banks have gained more
! than S10pO0000 in cash. made up by heaNy re-
| GENTS from the interior and excess payments py
the Sub-Treasury. small amount Of gold was
| taken for German account, but sterling eH-
! ct,oree Was weak while time money at this CEN
fro and discounts abroad were easier, the BANK
| oP Holland and the Bank of Sweden reducing
| +beir rates and testifying in TINS aclloh 10 lhe
worldwide growing ease in money berih Is
afo1,4 the only point where money Is not cheap.
| r,,,a-a has haen some good buying of the low
nriced shares in the last few weeks by people
| who made active purchases IN the panic ud3S >
! and who evidently believe that the cneap ISSUES
| bo,a NOT vet enjoyed all the Improvement 10
which they are entitled on their current IN
| +r,nsic worth and their prospects for enhance
ment I'm actual value IN the next fe" years
| Colorado Southern. which is earning al the rate
| Of 4 per cent on its common STOCK, ana Ne"
York Ontario & Western. Whlch mas peeh pay =
| ing . per cent, are among the issues WIlch are
| beinp steadily absorbed by discriminating buy
| ers The Ontario &s Western majority stock Is
| opned by the New York. New Haven & Hart
! ford and unless the latter company DECIDES 10
/ coll IFS holdings TO the New York Central the
stock doubtless will remain in its treasury Inc
| ontario & Western runs through a productive
section of New York State, which Is constantly
| growing in population and Industrial acuVlty'
and the minority stock which is now selling be
low the price at which the New Haven pur-
chased control is closely held and doubtless Will
sell as high as and higher than the best price
ever recorded 1t is estimated that the ROAD VIII
show for the fiscal year surplus OF Hl.fi ''Jo4'
! which would more than cover the dividend or
! ner cent which the directors are expected soon
! 10 declare Chesapeake & Ohio. which pays
only / per cent, sells higher than Ontario &
/ Western but in the latter stock there has been
| considerable manipulation for better prices,
| while no concerted effort has been made TO ad-
! vance the Ontario issue. Traffic all rail-
| -cads shows a heavy falling off from this time
| q wear ago, but It should be borne In mind that
| .r,tnps IN 1907 broke all preceding records, so
that the lighter returns this year apparently re-
! g.. more unfavorable conditions than actually
axiat The years Of 1906 and 1905 were good
! ones in the railroad world, and If this years
. ......ns are compared with those periods II viii