New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-05-14
FINANCIAL AFFAIRS
STOCK VALUES ADVANCE.
Hartman Issues Lead the MOUe-
ment- Manipulation an Eri-
dencc-GOld ETpOrts.

Indications of support from substantial f1nan-
ciaI interests induced active buying by the trad
ing element in yesterdays stock market, and as
q consequence losses made on the preceding day
were more than offset before the close of bust
ness. final quotations showing important net
gains throughout the list of active securities. The
Wall Street atmosphere surcharged with
bull enthusiasm because of the evident intention
of the so-caIled big men to bring about higher
range of values, Irrespective of various condi-
tions that do not warrant a continuation of the
advance at this time. and every idea. suggestion
and piece of news that could do service in the
campaign of manipulation was pushed to the
front as an unanswerabIc argument for better
quotations Knowing the Hartman interests.
among Others were behind the market, traders
naturally construed any statement from the
Union Pacific office invitation to buy stocks,
Therefore the announcement by the head of the
Hartman properties that the Union Pacific
company could afford to wait for a better mar
ket before announcing plans for the placing of
its proposed bonds created the belief in some
Wall Street circles that the company vas in no
urgent need of funds and that the angels of the
bull speculation would continue to spread their
protecting wings over the cause of advancing
prices Yet few traders who not in
sympathy with the bull movement advanced
the reasonable thought that the failure of the
Union Pacific TO announce its bond issue plans
reflected unwillingness on the part Of bankers
10 help the company. except at eXorbitant terms
Union Pacific wants $4,000, 000 but it continues
its common dividend at the rate of 10 per cent
Il year. Engagements of S5,750000 gold for
port failed TO check the advancing tendency of
stocks, while distTibUtive selling reported the
rise also was without effect on values, which
closed near the best figures of the day. The
Hartman. HILL Rock Island and Copper shares
the leading features. The copper market
shows slight Improvement; also that for iron
and steel.
Heavy engag ements of gold for export and
government Withdrawals of money from deposi-
tory banks do not encourage the expectation Of
disturbance in the financial markets owing to
the remarkably strong position of the banks i'll
the matter of reserve and credit facilities and
the probability of 4 steady flow of currency from
outside sources TO this city for many weeks to
come. The rapidly accommodating surplus at this
centre does not reflect strong conditions in the
business world. but il suggests however. freer
market for bonds and the building up of credit
situation that eventually will be Influential
factor in the restoration of industrial prosper
ity throughout the land This country can af-
ford send gold abroad, and il is unlikely
the current movement viii reach moderately
large proportions despite the buying of Ameri-
bonds for European account, and if the out
ward movement of the metal should be effective
in bringing about slightly firmer tendency in
the loan market objection would be raised
by thu lending Institutions. which unable
put out their funds at profitable figures The
banks and trust companies make the general
complaint that they have more money than the
market calls for. And apparently they see little
prospect OF material change IN their favor, as
they are making loans to run over the end of
the year at from ~ TO IA per cent.
Many of the best grade securities are being
bought for investment account by people of mod
crate means. and while the public exhibits little
interest in the course OF speculation the pur-
chases for outside interests for permanent hold
ing are gradually reducing the amount OF stock
available for speculative purposes and eventu-
ally VIII become an important factor in favor OF
the advocates of higher quotations. The ad-
vance an the last few weeks however has car
ried prices to a level that ought TO induce eX-
tremc caution in operations the bull side Of
The market for The immediate present especially
the upward movement has been based largely
on manipulation by j few powerful interests tbs.
success OF whose railway and general financial
plans depends in great measure on strength in
securities. The market cannot be held up in
definitely by brute force" An important SET
back may develop any day. but all declines
stocks ought TO be bought and paid for and then
tucked away III some safe place. either as per-
manent investments or DIS long time speculative
propositions