New-York tribune., 1908-11-14
FINANCIAL AFFAIRS
STOCK V4LUES Up.
High Records for the Year on
HeaUiest Buying Reported
Money Rates Easy.

Tran Yesterday
heavier in volume than on any preceding day
in the current wear on a movement of values
that carried the greater number of issues TO new
high quot tations for 1905. Advances of from /
to 4 points were common, with the chlef gains
among the active issues il .Amalgamated Cop
per American Telephone and Telegraph, 81
Paul. Consolidated Gas, Illinois Central. Rock
Island preferred Tennessee Copper. Third Ave
nue. Reading. Union Pacific and United States
Steel common. trading in the last named issue
amounting TO more than 100000 shares In con-
neCtion with the movement in United states
Steel il was rumored that the corporation would
capitalize its expenditures on its Gary plant
but no confirmation of the report was received
from the company's officers. Commission houses
were heavy buyers for public account, and pool
operations were apparent in many parts OF the
list but on the advance there was large
amount of distribution by interests VINO nave
been heavy holders for many weeks and the
character Of this selling and the big transfer or
stocks from strong hands 10 the accounts "f
public operators who not capitalists sug-
gested to some minds the proba bility of a sharp
decline in quotations in the near future. 1t may
be noted however that there was good deal
of genuine buying in the day. ard that While
many cf the buyers were not men of vast imam
cial resources large margins We're supplied IN
most instances. Large margins. nevertheless
can be wiped out in a market of this sort when
the chief supporters of the bull speculation turn
over their stocks and make UP their minds TO
b,Iv them back at cheaper figures. The general
course of trading indicated that public buying
mania had developed Transactions We're fairly
well distributed. and many of the usually mac
tive issues made striking gains, Big -Four, TOT
instance, rising 55s while Manhattan Elevated
American Linseed shares, International Pump
Chicago & Alton, Chicago Great Western, CEN
eral Electric and Illinois Central were other
strong features among this class of securities
Investment buying was reported in Manhattan
and Illinois Central. At the close the market
showed a slight easing off from the best figures
on selling of stock bought earlier in the day.
The success of the Illinois Central bond offer
ing doubtless soon will be followed by new
financing by other railroads. and the expecta-
ton of the railroads being able TO resume their
policy Of expansion, which was checked by last
years panic, promises to play an important
mart in securities movements The railroads
need money for the development of their prop
critics as a result Of the increased burdens
placed upon them from the growth of population
and the opening up Of new territory contiguous
10 their lines. and now that confidence has been
restored IN business and financial circles, with
the credit of the railroads established on high
plane there is, in view Of the large amount OF
idle money in the country, no reason why the
transportation companies should have any diff
Guilty in finding attractive market for new
issues for refunding and general corporate pur
poses. Gable dispatches indicate that foreign
interest in conditions in this country Is tncreas-
ing especially regarding those underlying
ability OF the development I'm the months 10
come Of active demand abroad for our gilt
edged issues. At all the foreign capitals there
heavy supplies of idle money awaiting in
vestment. Foreign investors for many months
practically have been out OF this market await
ing developments here, ard the satisfaction they
now express over the outcome of the Presiden-
tial election and the favorable opinions of for
eign financial journals on the position of Ameri-
can securities naturally encourage the belief
that the supply Of our stocks and bonds in Eu-
ropean countries viii be materially increased in
the course of the next twelve months Foreign
ers will make mistake in buying into the
American market. In addition to buying GU
securities Europe will be compelled 10 buy all
the breadstuffs and cotton this country can
spare.
According TO the known movement of money
in the week, the local banks have lost a trife
more than 81 100000 in cash. due almost en-
tirely to excess payments TO the Treasury on
their operations with the interior the banks
showed shipments in excess of receipts 10 cnlv
a small extent and If the withdrawal of gold
coin for Canada had been excluded from the