New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-12-02
FINANCIAL AFFAIRS
LIGHT GAINS IN STOCKS.
Rock Island Issues Features -StCrl-
ing Exchange Strong.

stock market trading active in volume
on r. movement of values that showed net gains
in the greater number of Issues without pro
nounced strength in the leading securities but
with sharp advances in some of the low priced
shares and further marked Improvement IN
Consolidated Gas The Hartman stocks showed
fractional gains, though actively dealt in There
vas a small gain also in United States Steel
common, in which the trading was mixed
TO an extent that made the actual char
acter Of the dealings difficult to interpret
Large blocks changed hands within fractional
variations, two lots of 10000 shares each, for
instance. being offered and taken at II under
the last preceding price. An order of this sort
ordinarily would force the quotation down at
least a full point. and generally such an order
would be executed in parcels on a scale down
The Rock Island issues were marked up I'm a
manner that had all the earmarks of the manip-
ulation of certain inside interests who have
been prominent in the market movements in
these stocks in the past the advance Of more
than points in the preferred serving to attract
covering of shorts in other parts of the list
and inducing some commission house buying.
though the latter operations were not heavy.
The manipulation. however. in Rock Island was
based on solid grounds. as IT was known to those
behind the movement that the Rock Island
company is to be relieved of carrying the fnan-
cial burdens of the st. Louis & San Francisco
through the sale by the latter company of an
issue Of bonds large enough to provide for all
the requirements Of the road. The strength In
the low priced securities, including colorado
Southern. Missouri Pacific, Pacific Mail, Mis-
souri, Kansas & Texas and Brooklyn Rapid
Transit was welcomed by brokers suggesting
a resumption of interest by the public in sec
ton of the market where there still appear good
chances of handsome profits. Southern Pacific
closed fractionally down, while Reading ended
unchanged. The best prices were made before
the delivery hour but the gains were fairly well
maintained in the final transactions. Sterling
exchange was strong. and it admitted in
oyrC clos hat f1rfh a.
in sight drafts on London. without material
change in the Paris cheQue. would be followed
by shipments of the metal from here If an
outward movement develops it is not likely it
will run into large figures Call money was
firmer
So far in the current week the local banks
have lost heavily on their operations with the
Treasury a consequence of transfers OF
internal revenue collections of payments Of
government deposits of calls from interior cor
respondents for Christmas coins, which are re
mitted through government channels and or
large payments into the per cent redemption
fund. Government receipts in the month just
closed showed some Improvement over the cor
responding month in 1907, but expenditures
were far beyond income and largely in excess
of payments in November year ago, with the
prospects favoring a continued heavy federal
outgo of funds in the balance OF the fiscal year,
which will compel the Secretary of the Treas
ury to make further calls upon depository
banks for government money. OF which these
institutions hold upward of $l1&.000.00O. With
its large deposits in national banks the govern
ment Is by means III impoverished posi-
ton, despite the heavy deficit in revenues since
July J. but All increase in receipts would be
tremely welcome. and doubtless such u move
ment viii be well under way before the close OF
the fiscal year i result OF Improvement in
Industries. which VIII tend TO swell the fed
eTal income from internal revenue and customs
Bank loans have increased to q moderate
tent since the election, and in the course OF the
large enough to bring about firmer market for
lending rates. though the outlook does not favor
high quotations until bank reserves show a ma
terial contraction from the high figures pre-
vailing, amounting to s2S130.650. against def
cit last year Of $529S9424 for the Clearing
House banks. Cash holdings of the New York
banks and trust companies stand at $3.50 APE, 600
latter backed by gilt edged collateral Com
pared with this time in 1907. cash In the Clear
ing House institutions has increased s165,643
600 deposits have increased $342, 09I, 700 and
loans have increased S14245S.s00 Our banks
are in an exceedingly strong position. ard their
great supply OF cash, together with that In other
parts of the country. will be q powerful factor
basis.
Earnings of the railroads in the West and
Southwest are making, a rule, better show
ing than those OF the Eastern Lines, but Il = en-