New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-23
FINANCIAL AFFAIRS
STOCK CHANGES SMALL.
Hequy Realizing Sales Vel 10
sorbed-Money Rates Unchanged.

In many of the leading issues and in some OF
the specialties a fair degree Of strength was
shown at various times in the DAY, but as d
r1lIe the general market showed great lrregu-
laritv as result of realizing operations,
though closing firm in the greater number Oh
securities There was a good demand for Ne"
York Central St Paul Great Northern Penn
sylvania and the metal shares IN winch 'Ioo'
traders covered shorts in the last hour on CON
tracts NIT out earlier in the day, While there
MS some inside buying in Wisconsin Central
nreferred The active buying Of Amalgamated
Conner which carried the stock up IA rpolhts'
was based on the advance in the price OF tHe
metal and on the better reports regarding the
conner trade at home and abroad, condluohs III
the Tinted States being especially TaVoraGly
commented upon by interests closely luentinsu
with the copper metal business Union RACINE
though heavily sold for profits, closed the Gay
unchanged from Wednesdays final nsuTU'
southern Pacific and Reading were fractionaHy
higher ST Paul gained IA and Northern racine
1os+ IL the decline in the last named beng que
10 active realizing and bear pressure. l<otIoi'
was = moderate buyer in the local market. II
eorajen markets were inactive and furnished no
incentive for operations on the New YORK hA-
ot,orga based on the situation in the Balkans
though at one time in the day lew traders
endeavored to weaken values on manufacturer
war r11rlors The general market showed d re-
markedly good digestive capacity on al ie0ii1
ing movements and most coIilIssoii iiou707
advised buying on reactions.
Many irnportant interests have been cooper
atine in the stock market in the last six months
for the pllrpose Of bringing about higher prices
and according TO the opinion Of the chief spe-
cialists on the exchange, there is no indlcatloH
+bat This campaign for better quotations has
RIM its course. Certain spectators, however
assert that in the event OF the election OF MT.
Taf+ the people who are behind the market will
distribute their securities, If a public demand
DEVELOPS. with the view Of getting them back at
c5eaner figures and that q new bull specula-
ton will then begin, which will carry stocks 10
the best prices ever recorded. 1t Is not uhTed-
sonabIe to suppose that on a bulge 1oloWlhS
the election of the Republican candidate pres
emf speculative holders Of stocks will be willing
10 take profits while il also is reasonable 70 be-
Iieve that with the advent of business prosper
itv which certainly viii accompany MI IaftS
administration, declines in values due 10 the
transfer OF stocks to weak hands VIII be taken
advantage of by the substantial capitalists TO
make further profits the long side Of the
market. Fundamental conditions are so sound
that nothing sidetrack complete return or
normal times save the success Of the Demo-
cratic party and in most lines of business con-
tracts are being made ready for placement
when the votes have been counted in favor Of
the business mems ticket. The iron and steel
trades are looking forward TO an immense out
nut in the next twelve months, and when these
trades begin 10 get busy every other industry
in the country will be favorably affected With
M Taft in the White House and with the
banks overfowing with money, it will be diff
emit matter to stay the wheels OF business.
Money was not in active demand yesterday,
and rates remained at Wednesdays level 1t Is
not thought likely that there will be any par
tcular inquiry for funds until after the election
when II is believed quotations will harden
under the influence of active borrowing for
the account Of mercantile concerns, syndicate
operations in connection with the f1otaton Of
new securities issues, speculative requirements
and a probable call by the Secretary Of the
Treasury upon depository banks for government
funds. So far in the current year the Treasury S
excess of expenditures amounts TO upward Of
| $40 100000 while the available cash in the
| banks is less than S34,0OO,OO0. 1t therefore is
considered likely that the government will soon
draw upon the banks for portion Of the money
| now held for federal account The Bank Of
/ Englands return, published yesterday, reflects
/ a great plethora Of funds at the British capital
/ and foreshadows easy money conditions at that
/ centre throughout the autumn unless there
! should be a radical change in the foreign po-
ltical situation. The percentage Of reserve 10
! liza bility now stands at .. 20 against an aver
/ age Of 1876 per cent in the last seven years.
! and with the exception Of this weal! in 1901 is
the highest on record for this period Of the
year At this time last year the reserve had
been built up TO meet panic conditions but
! present holdings larger than they were a
! year ago, while the minimum rate Of discount
| is now quoted at 212 per cent, compared with
| "A per cent in this week ia 1907