The morning journal-courier., 1908-10-26
FINANCIAL REVIEW Activity in Market Based on Anticipation of Election
 Result. HIGH PRICES REMARKABLE Gains Limited to Few FayOrite Stocks Controllers Statement
 Cheering.
HIGH PRICES REMARKABLE E


 There was a decided prosperity in the speculation last week to look to the coming close of the political cam paign, which is expected to release the financial and business world from re- pression, Much of the activity in tho stock market was based on the as- sumption of the good results to follow The movement involved not only not able advances in prices caused by speculative buying, but considerable subsequent reactions due to realizing of profits, thus covering the full cir cle of a speculative movement in ad- vance of the event. The extent to which the expected improvement has been anticipated in the stock market movement in fact awakens some sen tlment of caution in the seasoned speculative clement over the possible large foreign which will he met in the movement to take profits when election uncertainties are once out of the way
 The week was one of anniversaries or the incidents of last years panic, and this was made the occasion of "reminiscences and comparisons which were Illuminating as to the extent of the ground traversed and the pro- gross made since that deplorahle per- iod In the matter of price quota tions of stocks, the approach durns the present movement to the high levels of last years prices before mis- givings had begun to arise and while the country's prosperity was believed to be at full tide, proves surprise 10 the ii1consl0rrate The showing is the more remarkable since the prices of the early part of the present year. after the first rebound following the panic had receded again to the neign- borhood of the low prices touched In the panic and in some cases to low er point. The advance in price from panic level shown by the quotations current last week. fin consequence, show some large figures Union Pa cifc for instance sold more than 70 points higher than in the panic, Reading 6S, St. Paul and National Lead SO. Southern Pacific 4& North ern Pacific 43. Amalgamated Copper 3S, etc.
 These are the extreme gains, and 1t will be perceived, also. that they are in the stocks which have been the favorite mediums of the active specu- lation of the whole summer and in which muc hmore than half of the total dealings at the stock exchange in all issues was congested.
 The controllers abstract of condi- ton of the national banks as of Sep tember 23. gave an exhibit of the vast restoration which has occurred in the banking situation and in credit re- sources Individual deposits. loans and cash reserves all show heavy in- creases over the figures of August 22 last year which was the last abstract published before the panic The enormous expansion in the items due to and from national and state banks and Repositories also shows the com plete restoration of the relations be- tween banks, which were most vio. lently disturbed by the financial crisis and were long in being resumed. Tht fact has been especially remarked tha of the fifteen institutions in New Yorl which became embarrassed last fall all but one have either resumed o' paid depositors while the one eXcep lion is proposing soon to pay the las ten per cent of deposits. The slowe recuperation shown by the figures Q bank clearings, railroad earnings, irol and steel mill capacity and other ndi cations does not impair the faith tha the progress will be continued 10 full recovery
 The more immediate events of tn week were of small importance or in nuence on the securities market, Th varying phase of the Balkan situation were of lessening effect in this mar kat, A revived demand for coppe was regarded as important, Placin on some orders for rails and eduipmen by the railroad companies was Q favorable augrry for the iron an steel trade. Mercantile lines receive some stimulus from the cooler weath ed. Foreign exchange hovered nea the gold export point, but with tn completion of preparations to mef the maturity in London on Novembe of New York revenue warrants tn rate yielded and the stlffening of th local money market relaxed some what.