The Birmingham age-herald., 1908-10-04
STOCK MARKET IS
 ON TIE UP GRADE Undertone Is Strong Through
 out the Session PEACE IN WALL STREET. Political scares Have subsided for the Time and Stocks Act Naturally.
 Prices Are Still consld-
 cred Rather High.
PEACE IN WALL STREET
By THOMAS c. sHoTWELL.

New York, October 3-Stocks continued today the advancing movement begun several days ago. The close was slightly under the best figures, but the undertone throughout the session was strong. Ma terial net gains were recorded in all the active stocks. Union Pacific, St. Paul and Steel Wire fayorites. The metal shares participated in the activity. Even the bond department was influenced, first class issues moving slightly higher. The bank statement showed a decrease in re- serve cash of about $10,O00,00O and de- crease in surplus reserves of nearly $8,000, 900.
 On the curb, Nevada Utah, La Rose and Cumberland were the features
 Peace reigns in Wall street once more and all the mighty ones in high finance, the Morgans, the Rockefellers, the Har- rimans and the professional operators al- lied with them are at work advancing the stock in celebration of what they be- 1ieve will be the outcome of the political campaign There probably will be more political scares. but the real people in Wall street have decided to go ahead with their programme, letting the scares if they cene, IufnISn lIe HucludlioiiS heeueu in any scheme of market manipulation
 Present plans call for a very quiet advance. Perhaps the list in the average will not move more than 10 points higher before November 1. Union Pacific, Steel and St. Paul are to be conspicuous. The copper stocks will join the procession on the theory that there is to be a revival of business this winter. The present out look Is rather doubtful in regard to bus- ness, but only a month of campaigning has been arranged for the simple reason that even the big people do not feel cer- tain about the industrial situation for this winter. They have not the slightest doubt that year from now things will be booming and their market operations are being made with the expectation of see ing prices justified by developments of next year.
 Taking into account all differences of opinion that might exist in regard to the markets future, it is perfectly safe to say that even though stocks are ab normally high when viewed in the light of actual business, they are a safe in- vestment purchase provided the holder is willing to wait patiently. It is quite like 1y however, that they may worry per-
 
 row margins through the winter. The market is just right for active traders who are willing to take a little risk and who will have sense enough to seize their profits as they develop.
 Hundreds of millions of dollars will be saved in the next decade by economies introduced as a result of widespread in- vestigations now in progress at the ex- pense of the corporations Ultimately this is going to mean very great increase in value of many stocks involved.
 The number of shares sold today was 470120, against 151,762 a year ago. Par value of bonds sold, $213,00o against $547,- GOO year ago.
 Close business associates of Theodore P. Shonts said he was not seriously ill, but only slightly indisposed.
 United States Steel common was rela- lively heavy all through the session and closed unchanged. One rumor said John w. Gates had sold out his investment line in the stock.
 During September over half of the total volume of business on the stock ex- change was confined to four stocks: Un- ion Pacific 159 per cent, Reading 19.9 Amalgamated 5.6, and United States Steel B9.
 A representative of Marshall Field 6 Company, the big Chicago dry goods house, says that the temperature of the last few days has greatly stimulated pur- chases of dry goods and retail trade has been the best experienced in good while
 Some people are inclined to credit much strength in the market to Reid, and flaw ley interests. Bullish gossip on Clover Leaf, preferred, is almost as general in its circulation as that on Rock Island preferred
 Bank cearings for the week showed a loss of 132 per cent while for the month of September bank clearings were $11,- 100, ,1S7. .433, against $10,573, OPP, ,O63 This Is a gain of 3 per cent, and is the first monthly gain this year. Railroad gross earnings so far reported for September show a loss of ST against 12 per cent. for