New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-03
FINANCIAL AFFAIRS
STRONG DAY IN STOCKS.
Many Ne1c High Prices for the
Tear-Money Easy and IN
Poor Demand.


chiefly of the operations of the professional ele-
ment stock market values moved toward a
higher level In the greater part OF the nNe hours
of business. many issues reaching new hlgh
records for the year Union Pacific sofa DIT
17414 closing at a net gain of 2l2, while net
advances of a point or were made by
Amagamated Copper. American smelling, AT
Gibson, St Paul, Consolidated Gas Great North-
ern and Great Northern Ore receipts, Northern
Pacific Reading, Southern Pacific, Southern
Railway preferred, Westinghouse General Elec-
trio American Locomotive, American Cotton Oil
and American Can preferred. Though there was
an active profit taking movement before the
close prices were not materially affected by the
selling, last quotations being at or near the
best of the day. Few traders went home short
of the market, fearing a rapid advance in the
event Of the election of Mr.. Taft, but the ma
iority Of small floor traders evened their con-
tracts and made ready to take fresh start in
TO- rnorrow'S dealings. It was TAFT market,
and was wholly in line with the presidents es-
tablished the Monday before election IN
about every Presidential campaign in the last
twenty-five years. The public was not a factor
in the operations, but Wall Street predicted an
active outside demand for securities following
victory for the Republican party, and extensive
realizing liquidation this sort of buying, with
further transactions for the rise from lower
level. London did nothing in the local market
as the British exchange was closed for the All
Saints Day holiday, while d careful canvass
among the foreign houses disclosed the imprOb-
ability of ali active business with London before
the opening OF this market tomorrow, despite
the fact that arbitrageurs have made arrange
ments TO begin cabling at the opening at the
British capital which viii be 4 o'clock New
York time. 1t is quite likely that London will
wait to take its lead from the course Of local
quotations.
The September earnings OF the New York
Central lines and of the Pennsylvania system
show some Improvement in gross over the
ports of preceding months and marked improve
ment IN net. especially in the case of the New
York Central companies, which, in spite Of
falling off in gross Of s., 092, 615, present an in
crease in net OF 1888 121. Gross earnings of the
Pennsylvania lines east and west of Plttsburg
decreased So. 696, $50 while the falling off in net
amounted to S1lO,500. Both the New York Cen
trail and the Pennsylvania have been heavy suf-
ferers in the last eight months from the bust
ness depression, for the reason that their lines
run through the section Of the country where
hard times have been most acute. 1t may be
asked why the Union Pacific was able to make
q better showing in September than the two big
Eastern systems The reason is not difficult TO
find. as business conditions in the Union Pacific
territory at no time have been bad as they
have been in the East while in September the
company pTohted from a heavy movement of
grain TO market. The Eastern railroads are
showing steady gains over the returns reported
earlier in the year, and il is confidently believed
pare faVorably with the results of 1906 when
traffic at its best The Improvement in the
earnings Of the United States Steel Corpora ton
in the last quarter means much to the railroads
while a result Of the foreign demand for our
breaGstufs, which soon must become more ac-
tive, the roads in this part of the country will
be benefited TO an important extent through the
movement Of grain from Chicago to the sea
board The general outlook for the TRANSPORTS
ton business IN the United States is extremely
encouraging, and if Mr. Taft receives a ma
Jority of The electoral votes, as all indications
suggest there ought to be a marked expansion
a traffic receipts al once.
Money was easy yesterday. while sterling ex-
change after early weakness showed decided
strength, the latter movement being due chiefly
bidding by national bank that apparentI,1
AaG some reason for wanting higher prices in
The exchange market Cable advices received
yesterday strengthened the impression that with
-dT- Taft elected President there Will be a more
dctive inquiry abroad tor American Investment
issues, while according to leading local bankers
L viii De found more profitable TO use finds
n this market than in Europe TO some extent
ne exchange market therefore will be influenced
~ election results.