New-York tribune., 1908-11-11
FINANCIAL AFFAIRS
HE4TY STOCK TRADING.
Southern Pacific Up 6 Points on Pool
Operations-Copper Prices
Again Adrance.

The stocks that gained the most ground IN
Yesterdays market were those IN -"hlch poor
activity was 50 pronounced throughout the sum
rner the movement in these issues-that IS
Trrion Pacific southern Pacific and Reading
not being considered an especially Favorable
sign from the point of view Of big bull mar
ket on the theory that operations or thls chaI
scter should be required so soon to stimulate
general trading AS matter Of fact. the ad-
vance in the day confined TO limited num-
her of stocks public interest showing evidence
of Iagging in the early dealings, while supse-
ouently enormous trading developed IN the fidr
riraan shares apparently made up of operations
for the account Of the same people who Tor so
,,snz, months have been the chief factors behind
the market Southern Pacific rose more than
noints and Union Pacific more than points
while Reading and Northern Pacific noth We're
strong on smaller gains. The advance IN the
Hartman shares was accompanied ny runoTS u
an advance in the dividends at the meeting 81
the Hartman boards to- day, but the ldea was
not credited in well informed quarters 1otal
transactions were heavier than on any pTeceu-
ing day this year. but the business was poorly
distributed. with four stocks-Reading. South
or, Pacific Union Pacific and United States
Steel conmon-supplying more than one-halt oL
the business Among the specialues lnterna
tioual Harvester and the American can issues
showed pronounced strength The Erie stocks
were strong features; also Canadian Pac1fc' New
York Central. and Delaware. Lackawanna q
western the last named making a new hlgh
record at 57424. The governments setpack III
the STANDARD Oil case helped the general market
in the afternoon and carried Standard OH STOCK
10 a new high record for the year at 6oI, against
low price in the panic last year of $50. At the
close prices as rule were under the best, ana
in many cases small net losses were shown,
chiefly among the inactive issues Heavy buy
ing for Western account was reported
Increased interest in the copper shares ana
b,,,-ine of the issues at their current advanced
level are based upon the bright outlook for i
large expansion in the volume Of business IN
the copper metal trade and higher DIVIDENDS for
the copper securities. On their current dlNloehn
basis Amalgarnated Copper. Anaconda and Utah
Garner which are quoted the New York
stock Exchange, are manifestly too high but as
the shares are being bulled on the plausible the
orv that at no far distant time the DIVIDENDS
will be increased it is not unlikely their market
values will continue TO enhance, with Amaga-
mated the leader The Amalgamated Copper
Company st present is earning from It's equity
in the production of it's subsidiary companies at
the rate of S10000,0 900 a year, winch Is equlVa-
lent to 6lz per cent on the stock, while Ana
conda is earning at the rate of 81 share and
Utah Copper at about the rate Of 50 a share At
present Amalgamated pays per cent yearly.
Anaconda 81 a share and Utah Copper S2
share Producers and selling agents believe that
electrolytic copper will sell above Is cents
pound before the close of the year. The conserv-
stive interests In the copper trade do not care
to see big advance in the metal from the cur
rent level such movement would. 1t is be
eved result in d serious reaction, like that
which occurred in 1907, when the business be-
came demoralized- carrying with 1t trouble in
other lines Of work At Is OF 16 cents pound
domestic consumption will cause a steady de-
mand. and these figures according TO the best
informed men in the trade producers make
good profits. From now on the copper. iron and
steel markets will be worth watching, as they
are the country's greatest trade barometers
call and time money rates slightly frmer,
but no great appreciation in the market is
pected in the immediate future. 1t is generally
believed. however, that the general tendency will
be in the direction of a higher level in the bal
snce Of the year a result of business and
stock market requirements and the financing OF
federal Treasury needs The Secretary of the
Treasury has announced his intention of paving
OF the per cent certificates of Indebtedness
which mature November 80 but he has so far
given fntimation OF calling upon depositary
banks for q portion Of government funds held by
them Any bank desiring TO maintain circula-
ton based upon these certificates must furnish