New-York tribune., 1908-09-26
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
Hill and Rock Island Issues Rise
iShwpIy-Trading Professional.

TIL. inward pace of Thursday in the stock
market was not maintained yesterday. the
course Of the trading being marked by much
irreg7llaritv although at the close net gains
considerably outnumbered net losses. First
quotations were in the majority Of instances
fractionally under the final prices OF the pre-
ceding day and strength did not begin to de-
velop until around the end Of the first hour'
from which time on the tendency was lrregu-
Iarly upward Foreign houses sold stocks IN
moderate volume at the high level Of the morn
ing The feature Of the trading was the sharP
advance in the late afternoon of the Inn STOCKS
and the securities of the Rock Island system
Northern Pacific which with Great Northern
has for a good while Jagged behind the rest Of
the market, made rapid advance Of IA points
to 1884,. and had lost only one point or lts gam
at the close; while Great Northern gained is
points The movement Of these two stocks was
attributed principally TO covering by the shorts
who had become overconfidenr III consequence
Of the extensive liquidation in them and their
apparent lack OF support. The advance IN the
Rock Island issues. which ran 70 IA points III
Rock Island preferred on very heavy trading
p5s points in St Louis & san Francisco second
preferred and 10 points in the Chicago q East
ern Illinois certificates, was accompanied by re-
ports that arrangements had been made 10
finance the 'Frisco's obligations maturing on
October l and its note issue OF about S1,l23,oo.
falling due on December l. Although leading
Rock Island interests said that financing
rangements were at least under consideration
looking TO the taking Of steps which would
benefit the system. In the bond department the
heaviest transactions were in the bonds OF the
Chicago Rock Island & Pacific and the st
Louis & San Francisco. which closed at about
the best prices of the session, representing
gains of from 16s TO / points. Union Pacific and
Southern Pacific, the sales Of the former OF
which were the largest OF any issue, closed at
fractional net declines. and appeared 10 have
been distributed under cover OF the strength
prevailing in the general list
The days trading apparently in large
measure professional. and not Influenced
by news developments, for the day was devoid
of news bearing upon the market for securities.
Although the market has become sensitive 10
political developments. the most important over
night occurrence the publication of another in
stalment of the letters contained in the por-
tentous leather bag Of William r. Hearst. only
added to the proof of the already known fact
Of the Standard Oil Companys active interest
in politics and politicians The political situa-
ton should be the controlling factor Of the
stock market operations, for upon the outcome
of the contest for the Presidency hinges the
question of the speedy revival Of confidence and
of business activity. The mercantile agencies
this week report an improvement in business
but point out that il IS slow and cautious. tfS
bulk of the buying being still for Immediate
deIivery-in other words. hand-to-mouth buying
and many important orders being withheld
until the result of the election shall be known
The election OF Mr. Taft appears now to be
virtually assured. but the uncertainties OF poll
tics are proverbial, and the enemy Is active
Within two or three weeks 1t Will be possible
10 make forecasts which will be fairly trust
worthy but the stock market cannot yet with
safety proceed to discount the probability of
the triumph OF the Republican policies at the
polls in November.
The shipment of gold to Canada is responsible
for the largest part Of the Sb,'lI,VD loss OF
cash by the banks this week. indicated by the
known movements Of money; but despite that
loss, favorable bank statement is probable to-
day, as the severe liquidation in the stock
market must have reduced materially the loans
and deposits, and therefore the amount OF the
required reserve against deposits.