New-York tribune., 1908-08-27
FINANCIAL AFFAIRS
STOCK VALUES HIGHER.
Market q Traders 4fair-Money
Easu and an Heavy Supply.

Stock market values were strong IN liie
greater part of the day on a small NoiuIne Vi
business made up chiefly of the operations VI
the professional element. There was some OUT
side buying in the Hartman shares Chlted
States Steel and Canadian Pacific but as rule
commission houses had practically no business
for public account. the absence OF orders Deihs
due to the uneasiness caused by the recent
-,,opin,,Ia,ion in various securities. The disap-
pearance from the Street of the frrn tha' Ga auSeu
SATURDAYS disturbance will be accomplished
without the development of factors tha' VIII
weaken the general position of the market; in
deed the elimination OF this firm ought 10 HI
crease confidence in legitimate speculation ana
strengthen the hands of the men who are inter
eeted in bringing about higher quotations
-brouSh normal operations. The failure of A -
Brown & Co is not a reflection of any under
living weakness in the business or financial situ-
alton as it was caused entirely by condi''ons
created by the firm itsef-conditlons tha' nave
not the slightest bearing on the posiuoh 'ol
money and business. 1t may not be lhappro-
pirate at this time to suggest that people VINO
operate in Wall Street ought TO kno" soihe-
thing about the history of the mouse ana l's
members through which they intend TO conduct
their operations for unfortunately there are
many new style brokers who do not understand
the rnIrDose for which the Stock Exchange was
established and who have a poor conception OF
the true ethics of the Street. Perhaps II the
public would refuse give its business to this
class of men there would be fewer losses TO lay
I'D against Wall Street and greater faith on the
part of the country at large in the hnancial
community. The general market closed with d
little more animation than reported earlier IN
the dav and with prices generally at the best
figures. The Hartman shares were the real
leaders of the trading. While there was no ag-
gressive buying, there was ample evidence that
stocks are in strong hands. The fate of the
failed firm has not served to encourage short
selling
Local banks so far in the current week have
made only small gains on their operations with
the Sub-Treasury owing to a decrease in the
governments excess Of expenditures over in
come and 10 the transfer by interior banks of
internal revenue collections by drafts on their
New York correspondents in favor of the Sub
Treasury this centre. The latter operation
reflects the inquiry for funds for crop moving
purposes, as the out of town banks by settling
their internal revenue collections through New
York are able TO keep their home funds to sat
isfy demands from the agricultural interests.
A yet there has been no heavy call upon New
York for money in connection with the financing
of the harvests, but the course of interior ex-
char -e on this city indicates that in the near
future shipments OF currency from here will be
heavy in volume From the way foreign eX-
change recently has been moving it looks as il
the United States would import gold from Eu
rope this fall notwithstanding the fact that
there will be large supplies of funds in this
country. Rates for sterling since last Wednes
day have declined % points. unusually large
reduction in view OF the fact that cotton and
food products have not yet begun 10 go to Eu-
rope in volume. Cotton exports have increased
as the result of the break in cotton last week,
but the movement is not yet large and probably
will not be for several weeks to come. That
there will be heavy outward movement Of
cotton and grain in 'the autumn is reflected in
the position of visible supplies abroad and in
the poor harvests of grain in foreign countries.
Europe will have to come into this market for
enormous amounts OF our chief agricultural
products, and the chances are it will be com
PEELED to pay prices which will bring Eig profits
to the American exporters. There d better
demand for time money yesterday. but no mate
rial change in rates. A frmer tone in sterling
was caused by covering operations.