New-York tribune., 1908-12-08
FINANCIAL AFFAIRS
STOCKS CLOSE HEAPI.
RuH Market Looks TTed-LoS0
Priced Issues Features
Moneu Easy.

r.o,. market values moved in an Irregular
-,snner throughout the five hours OF traolhs yes
terday on moderately active Fo!ui'le ol oiooI
made IN Of the transactions OF me PIole' 80
o1ar,ent q small amount OF COMMISSION -
tss. ord surDort from the substantial ia
to-os+s r-heneyer indications OF weakness
,-eIoped The high priced shares' "!ile Ios
showed little variation in their quoId'lo0' -
ing at small fractional changes eeheraHE l19 g
IN the majority Of instances, Whlle soiie .t,, u
io,- rricad securities notably Colorado q oouIn-
ern and Wabash preferred, ENJOYED MAJ % heu -
rrovement the two stocks named seiiliie a. "I
high levels for the year ana III 'iI0 - 70
colorado &. Southern. the best price ever
Dorted was made. 1t is assumed IN specula'iN
circles that this issue will become d resul@i
ner cent stock. The activity III tie ai
class of securities caused some seIlhs III o'
,,.rts of the list, but every appearance u
iic,,5a+io7 sI1pport appeared especially III 'iie
Hartman shares, Reading, Dnlted StateS 9C00i
issues and the copper and sineltlIlS 80
American Smelling was heavily SOLO Ii'e INV
-nen+ heing based in great part on the ~"
l.o.to,, FOR silver while the copper shareS
60 offered in sympathy, though there was Il"
,noportant liquidation Traders OF tno ~ H. -
,,orte1 difficulty in getting action etheI way -
tba Leading stocks adding that on any atIelnp'
9 ti9 ar ,-ol,es aggressive support was forth
o,,Ing In the final dealings. however seillle
T,rassure made enough headway 70 prihs ~ ~aoo1
material recessions in the special'ies ma ni,
aridI,~ advanced in the early operations, WhHe
f1a
ol,v o,stttnr The bull market looks a little bit
tired. :. 10.
The Arrner tendency that developed in last
weeks money market is reflected IN q ldre9
transfer of loans from the banks TO the uusl
companies and With any further aoFaHc7 ~
rates the latter institutions will become mo'e
of 4 factor in loan operations-a oeNelopiiie"
much desired by these concerns, owing 10 '"e'
large surplus holdings of funds whlch lot "leh'
months practically have been inactive A gen
Al,
however appears out Of the question, for tne
good reason that the amount OF money aNd''
able for lending purposes Is tar IN excess u
the current demand any demand that may
ori.a before the turn of the year. Requirements
Of the mercantile community are not heavy Al
the moment but business activity gradualE
Increases Improvement in the inquiry from tillS
source may be looked for. especially after the
business world has clearer idea or the extent
Of the proposed changes in tariff schedules.
Business Improvement is under way ana re
adjustment of our industries to normal paslS
douh,less will be accomplished in the new year.
though the return of prosperity may not be as
rapid as overenthusiastic post-election predic-
tions indicated. That there has been gain III
confidence and in actual business operations
since the summer months Is rejected IN the
evanston that has taken place in bank loans
and in the reduction noted in bank reserves;
also in the volume of bank clcarings and the
Increase 81 railroad earnings, Notwithstanding
The fact that the last named factors present
cOmDartsOns WITH q lean pellou year dSo-
Some observers little encouragement in
larger railroad earnings at this time because
they compare with weeks in 1907 when the ef-
fects Of the panic were beginning 10 be serious
" seen IN trade conditions. OF course, il would
be more cheerful to be able TO report that cur
rent earnings larger than in the prosperous
days Of 1906 but the very fact that transporta
ton receipts are showing improvement from
panic results ought TO appeal TO thinkers as
development of profound satisfaction.
rio ad S0nfh African
that was offered yesterday in the open London
market without causing advance in bar gold
at the British capital The Bank OF England
is in such q strong position for this period of
the wear that far il has made no objection
to the outward movement Of the yellow metal
from the British market. but if in addition To
the Withdrawals from the open market the
banks own vaults should be called upon for
heavy amounts Of gold for Egypt and other
points the movement would b" checked by
advance IN discount rates. just movement
from the United States rould n checked hs- an
sdyan,o in tn" price Of money if the demand
here should become urgent Sterling exchange
AT this centre ruled Yesterday at about last
weeks closing prices, With talk In foreign bank