New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-12-01
FINANCIAL AFFAIRS
FEW CHANGES IN STOCKS.
Money Rates at Easy LeUel-Ster-
ling Quotations Higher,

stock market trading in the FIVE hours OF
business was made up in great part OF lhs
operations Of the professional eIeHle"' CO.
transactions by pool interests III many % INC
prominent issues. Prices at the start sho"eN
some improvement as compared with inc clos
ing figures in Saturdays operations, but IN Iie
hest Dart of the session values noNSu III an
irregular manner without decided tehoeINE III
either direction. though at the close Ileie
mora net gains than losses. The days move
r,ents were responsible for much perpleMIy
among traders regarding the technical posl.lon
OF the market and the probable course o. values
in the near future especially as there was "
i've h,Ivfne IN the so-caled weak stocks ana sell
-. a., +ba strong issues The movement or
United States Steel common, which resulted III
q substantial net loss on the days business N"9
effective in discouragng outside interest," III Ii!e
market for the good reason that thls ISSUE -
a public favorite and is largely held oy COM
mission house clients, who believe the STOCK
eventually will sell at a materially higher level
The argument that Steel common VIII sell hgiier
is based on the strong financial position or the
United States Steel. Corporation, but the Sc
,,ritv is still in the semi-speCulatlVe class ana
ror long time to come will be subjected TO
speculative manipulation. 1t closed at a net
loss of 16S The copper and smelling issues were
lower at the close, also the Hill Stocks anu
Beading Atchison was strong feature at
new high price for the year. Union Paclhc, con-
solidated Gas Rock Island preferred. New YORK
Central Chesapeake Ohio. Missouri, Kansas
& Texas Missouri Pacific. Chicago Alton ana
81 Paul ended at net gains, while the general
list in the final dealings was firm under the IN
f71enCe of covering of shorts. + good class or
h,,,-ing was reported in St. Paul. which sold at
the best price of the current year. The bond
market was active
Foreign exchange was strong yesterday, but
there were no negotiations in foreign banking
circles looking to engagements Of gold Tor SNIP
rnent to Europe though it was stated in certain
banking houses that in the event Of a further
advance in sterling rates the question OF an
outward movement of the metal WOULD De Sc
riouslv entertained The Bank OF France Sc
cured the South African gold offered in the open
London market amounting to Fl OO0,oph The
absence OF competition for the African gold mas
made it an easy matter for Paris TO become Ihe
possessor Of the metal that arrives each week
in the London market and as a consequence
of its success in Withdrawing this gold TO IN
crease its already enormous holdings OF the
metal the Bank of France has not been willing
70 offer any induCement by which II WoUd De
profitable to make shipments from Ne" YORK.
Local bankers would not place any oostaCle d
rrexent in the way OF shipments OF soIo 10
F,rone Later on however when the domestic
demand for money becomes more actlFe' Ihe'e
will he no disposition on the part CT American
bankers to part with gold fer European account
md at that time Europe Will fnd II dlnCuII ~
taLe anv of our gold unless our credits ABROAD
should be exhausted and we should nave d"
accrro1Ilst ton of debts without any aVallabe eH-
change in the market 10 supply the demand Ior
remittance According TO current Indications
the trade balance in favor of the United STATES
u-I increase as the months go on, notWithstand-
ing gain in our import trade as a consequence
IF an increase in the purchasing power or the
r.orte while in case of serious political dis
tr,rhance abroad the balance WOULD not he ad-
,-ereel,- affected as Europe would have TO come
70 our great storehouses for its supplies. Inc
crous in the United States in the harvest re-
Gently completed were enormous. and as foreign
countries have not been favnrably blessed,
our exports of food products and cotton for
months to will be heavy. everything "p-
pears 10 he I'm favor Of this country. 1t Is not
surprising. therefore, that our business men are
in an optimistic frame of mind.
Bond houses report fair demand for hrst
class railway mortgage issues; also a good in
power and traction securities and municipal is
sues There are many first class investments
Of this character in the current market that
make 2 conservative income yield, and a con-
sidera BILE amount OF capital is moving 1T this
direction. with the prospects of an increased
buving movement in the course Of the next few
months Bonds of semi-speculative rating also
are in demand The abundance of money
throughout the country and the promise of
long perod Of stability in business and poiit IS
IN the United States have strengthened conn.
dence among investors. ana a consequence
holders of idle money. including the Institute ms
mat have large surplus funds hand grad
,,afIv are placing their funds i'm profitable
,arnrises the securities of which may be put in
the class Of these issues that legal invest
r,ents for savings banks. From now gain
in offerings OF questionable concerns may be