New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-08-07
FINANCIAL AFFAIRS
STOCK VALUES HIGHER.
Nezo High Records for the Year an
Mana Issues-Money Rates Easy.

After an irregular opening, in which the
greater number of active issues showed small
declines from Wednesdays closing a buying
movement developed that carried quotations we'll
above the initial figures the improving tendency
continuing with only minor setbacks until the
close. last prices as a rule presenting substan-
tiaI net gains. Heavy buying of Reading the
Hartman shares. Missouri Pacific and United
States Steel by prominent houses was an effec-
tive influence in attracting more general de-
nand for the entire railway and industrial list
especially as the attitude OF the larger specula-
tors in the Hartman securities appeared TO be
based on reassuring private advices from the
agricultural section of the country indicating
that the damage reports on wheat and corn re-
cefved on the preceding day had been grossly
exaggerated New high points for the year
were made by many stocks The advance nat
rrally attracted realizing sales. but offerings
were well taken, q part of the buying coming
from new sources particularly in the leading
shares Traders on the floor who put out short
lines on Wednesday in the expectation of a
weak market yesterday made considerable haste
TO cover the appearance of wide commits
sion house demand. the character of the latter
buying suggesting that the old bull crowd was
still active and that It had been strengthened
with large financial backing Prices were
strong in the last hour. and traders who bought
TO even up reported that there was indication
that the bull account getting unwieldy.
There was some good buying of PENNSYLVANIA
and the Hill shares in the day. the movement in
these issues being considered a sign of broad
ening public inquiry for securities. There also
was further buying of Ontario & Western The
accumulation of this stock by prominent inter
ests is puzzling some sections Of the Street
but as the security has increased materially in
intrinsic value as an asset Of the New Haven
company while its market value has not ad-
vanced in proportion there ought to be no nvs-
terry regarding the buying of the issue. There
is not a large amount Of this stock available for
speculative purposes. and short sales therefore
look dangerous American Smelling. on heavy
dealings. gained more than points, while net
gains of from to . points were common. Spe-
ciaIties were features.
Improvement in the country's business IS re-
fected in increase in bank clearings in the
month of July over those in June the gain
amounting to 12.7 per cent. Though there was
a falling off from the same period a year ago
the percentage Of loss was the smallest recorded
in any month in 1903. the decline in July Of
104 per cent comparing with decrease in
June and May Of II per cent, % per cent in
April, 33 per cent in March, 26 per cent in Feb
ruary and "a per cent in January. AS in
creased bank operations in New York may
feet expansion in stock market operations II is
encouraging TO learn that outside this city
clearings showed in the last month the first
important gain since the beginning of the year
amounting to about per cent over June Bank
clearings and conditions in the iron and steel
trade supply faithful indication Of the situa-
ton in the countrys general industries and
the fact therefore. that bank exchanges are
expanding, while an increased volume of orders
is being handled by the United States Steel
Corporation and other concerns Identified with
the steel trade, together with marked gain
in pig iron production, naturally serves to
strengthen confidence in investment circles over
the future of business in the United States Chi
cagO crop rumor factories are working overtime
in order to impress the grain and securities
markets with what they call the seriousness IF
the harvest outlook, but trustworthy rerorts
from the farms do not suggest that tbare has
been enough damage done by heat and lack Of
yield from the estimates made in the last GOV
eminent figures on the conditions in the wheat
and corn belts. A large winter wheat crop has
been gathered, and while the spring wheat WELD
will not be a record breaker there is no good
reason for the expectation of a crop much under
the normal. Corn needs rain but the best in
formation from the corn states does not uphold
the scare reports that being circulated
the Chicago Board of Trade and the local
Produce and Stock exchanges.
The New York banks have gained on their
operations with the Sub-Treasury so far in the
current week more than S40o00O0. Receipts Of
currency, according TO estimates made by va
rious banks. have been lighter Ia the current