New-York tribune., 1908-12-31
FINANCIAL AFFAIRS
MOST STOCKS rfPROTE,
Call Money Easy, soith High Rate at
81 Per Cent-HarTimGn
Earnings.

In the forenoon trading the stock market
showed irregularity in the movement OF NaIues
and lack Of interest on the part Of the pro
fessjonal element in the dealings. while in the
suhseouent operaticns activity developed. ac-
companied for a time by advancing tendency
that carried the greater number OF -leadlng Sc
curities to the best prices of the year. the cailge
in the character of speculation being hased
1lreon the appearanCe of aggressive buying OF
the Hartman issues. Reading. Analgamated
Copper. St. Paul and several other stocks shafed
in operations that suggested support from the
chief financial interests in the Street Whl4e
further Improvement was recorded by Waoash
preferred and Brooklyn Rapid Transit. which
were among the few strong features IN the early
transactions The Wabash stocks are selling at
2 figure that more than discounts their pronlls-
ing prospects. hut this fact IS having no eHect
upon speculative considerations affecting them
Wabash preferred has found good market, a
better market than that for Missouri Paclnc'
though the latter is intrinsiCally far more Vala-
able. People who have been following the nun
campaign n Brooklyn Rapid Transit assert that
the stock will be carried TO q much higher level
and that at no remote time the issue VIII be
placed in the dividend column. This company
has placed an enormous amount Of money in IT'S
property in recent years. and the results of these
expenditures naturally will accrue TO the stock
holders. In the final operations there was
enough selling to cause further irregular ten
denCy. which most pronounced in Union
Pacific. American Smelling. AtChison. St. Pau.
Northern BdClQC ana lnlteQ states CIeSl, kllH
losses suffered by these issues. however. not
running beyond small fractions. The greater
number of active stocks closed at insignificant
net gains, New York Central being an eXcep-
ton at advance OF l point Most Of the early
gain in Wabash preferred and Brooklyn Rapid
Transit was lost in the late dealings
The earnings Of the Union Pacific and the
Southern Pacific for the month of November,
received Yesterday are not particularly encour-
aging far as gross receipts are concerned.
companies, Union Pacific presenting all increase
Of S524.o21 and Southern Pacific an increase of
$166.462. against a loss in gross OF S164S42 and
z452 &C.. respectively. The Hartman roads
have gone through the year with earnings larger
in proportion than those shown by the greater
number Of Leading properties and though the
November gross returns disappointingly
light il need not be assumed that conditions in
. the territory covered by the properties are NOV
ing backward The movement of grain over
the Union Pacific in November was relatively
light while cotton traffic on the Southern Pa
cifc was comparatively inactive. other classes
of freight showing Improvement compared
with the same time year ago. with the promise
Of better results in the new year. The general
position Of the railroads has been materially
. bettered in the last few weeks. and though
earnings compare with 4 period n year ago
when the effects of the panic were beginning
10 he acutely felt -he percentage of gain shown
by most roads in their weekly exhibits reflects
actual Improvement in husiness in all parts -
the country The year in the industrial world
closes with all indications pointing toward q
large expansion in the output Of Industrial con =
Germs in the course Of 1909 especially from the
iron and steel companies and the railway equip
r9ent corporations. the latter having the p 1nise
of big orders from the transporta ion companies
for new rolling stock which viii affect the earn
ings Of the steel companies The industiia
shares Of merit are being absorbed by careful
market followers. and notwithstanding the tariff
agitation, which undoubtedly viii lead TO re-
adjustment Of import duties to lower basis
the outlook favors a general appreciation in this
group Of securities in the course of the new
wear
Arrangerrnnts s,y the banks for the handling
o the fTst Of tgs year interest and dividend
disbursements ca sed 10 disturbance in ns.sy
rates YESTERDAY. Call money did NOS 80 above
3I4 per cent. as against 2J per cent -=4- go
Money soon will begin 70 return to this centre
from tbs interior, and the chances are that be
fore the end oI January there will be material
increase in hank reserves. even though the fed
eral Treasury may find II necessary to do some
additional financing q consequence ot falling
revenues ard heavy expenditures Rates for
funds in 1909, from current indications. viii rule
above the low average Of the current year
Higher quotations will represent business
growth A year ago n1oney was being with
held from the market. owirg TO fear among