New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-05-08
FINANCIAL AFFAIRS
STOCKS And WHE1T UP.
Metal Shares in Demand Banks
Gain IN Cash Holdings.

e,.ol,. ,-.ra strong in the best part of the day,
with substantial net gains in many issues al ''g
close Trading was confined TO no one Pa'' "
the list though the so-called specialties again
,,-era active features in the upward movement
in the course of which high record prices I"'
the year were made by a large number OF acIiNH
issues The metal shares continued l" renee
The Influence Of the betterment in trade c"hul-
.i,,,s ,,b;Ia tho same factor was effective IN
attracting bull operations throughout the lN'
Of industrials especially in the Jniteo 9i't'S
Rubber shares. American Cotton on, virginia
Carolina Chemical. Tennessee Copper, American
can and Colorado Fuel and Iron, the last nam"l
advancing more in sympathy with the OnlIeH
States Steel stocks than on any Impressive ouH
ing of the issue. Steel common mace IL"
high record for the year, while the PrelerIeu'
after selling ex-dvidend at the opening Prac
1icaIlv recovered the "a per cent IN the Hr7C
1,o1,r Of trading. closing at 1201s, a net gam 81
rs Reading and Union Pacific. when III
THURSDAYS dealings were not conspicuous leaI
7Ires of the market, were heavily bought al au
,,ancing prices though Union Pacific was nov
as RESPONSIVE to the general bull movement as
Reading. which was particularly strong in the
last hour, when most stocks steadily gained oolil
I'm activity and strength, the Rock Island SilI'-7
and Wheeling & Lake Erie being among t''
f-atures.of the final trading, buying OF the last
1e-T0ed issue apparently coming from the same
interests who backed the movement in western
MARYLAND Followers Of Rock Island are under
the impression that the preferred VIII De re
turned the dividend column III IIit SUNNI.
At the close the heaviest advances were SHOWN
l,, the metal shares the railway equipment Is
slles American Cotton Oil. Great Northern ore
certificates which were helped by the strength
of the steel stocks; New York Central Zen
nessee Copper, United States Rubber, ReadlhS
and wabash preferred in which net gains raa
from ~ TO 32l The advance was too rapid |"
appeal to conservative traders, especially as i
was accompanied by active pool manipulation
and evidence of distribution on the part OF SUD
l,oIi., hat mt raTigf
ara a+tra,tive for the realizing of profits. Com
mission houses reported large increase in pub
lie buying.
Government figures of crop conditions as OF
Nav ! were differently interpreted IN the STOCK
and grain markets, appearing quite satisfactory
10 stock Exchange traders. while rejecting, ac-
cording to the spectators in wheat far from
encouraging conditions. Wheat went to the best
price of the day. following the publication OF the
federal figures while stocks resumed an advance
,,-ticr for a short time prior to the receipt of
the official report had been held in check owing
to the possibility Of an extremely poor crop
showing In the month of April the two WIN
ter crops-wheat and rye-enjoyed slight i'm
provement as compared with conditions OF The
preceding month, but the acreage OF winter
wheat showed a substantial decrease from that
reported a year ago which, however, doubtless
viii be Offset by the planting Of other crops To
the acreage abandoned. The weather in April
was not uniformly favorable. Reports now COM
ing TO hand from the great agricultural section
of the country indicate change for the better
in this respect. and though the season is late It
will not require many DAYS of warm growing
weather To make up whatever has been lost ~
the recent adverse climatic conditions. At this
early stage it is not safe to be overbullfsh on
wheat for long pull nor is it wise TO be bear
ish on stocks because bulls in the wheat market
announce that We are to have year of famine.
The crops OF this country diversified. and
the agricultural community is so large, that
general crop failure is practically impossible, but
the wheat bulls who booming wheat and
who could not tell the growing wheat from
growing rye if they should find themselves la
the fields have figured out TO their own salts
faction the improbability OF generous harvestS
in 1903 Bull manpulators on the Stock Elk
change on the other hand, are optimistic over
the position of affairs on the farms, though tleN
know little about the matter beyond what they
can gather from government figures and reports
of Drejudiced experts, their enthusiasm merely
representing their wish that crops may be largs
in order To maintain securities values AT high
levels until after the harvests have been gath
cred The bull speculation, both in stocks and
grain has reached position that invites trouble
for operators Of narrow means.
According TO the known movement Of money