New-York tribune., 1908-08-29
FINANCIAL AFFAIRS
STOCKS CLOSE HEAVY.
Early Strength Follozred By Reac-
fioa,-Banks Gain Cash.

In the early dealings IN yesterdays stock
market the general list Of securities enjoyed
further Improvement, advances of q point or
more being reported by many OF the leaoihs
issues while In the afternoon session declines
were made throughout as result or heeVg
realizing sales and some pressure from the room
element Losses were large enough to wipe
out the entire improvement of the morning in
number OF stocks, notably in Reading and st
Paul which closed unchanged from Thursday 9
final figures against maximum advances OF ia
and "a respectively, and In Southern Pacfnc
and Union Pacific. which, following new high
records for the year in the forenoon operations.
declined in the last hour. closing fractionaiiy
down. The Hill shares and Missouri Pacific also
were weak features at the end of the day. with
out. however. the accompaniment or active sell
ing The Hill securities have not shared TO
any extent in the bull campaign that has car
ried the Hartman issues advanced prices,
their weakness being due more to neglect than
to any other known factor. In New York Cen
trail a moderate demonstration was made against
the shorts, and this stock. with Amalsamated
Copper, American Smelling Atchison and Con-
soldated Gas, supplied the few instances in
which net gains We're recorded. though their last
quotations were we'll under the best especially
in American Smelling. which, after advance
of u points, ended up only q The general
course Of the market was on the lines that usu-
ally develop after a day OF extreme activity and
strength but there was nothing in the charac-
ter of trading suggesting that the prominent
speculative interests who carrying immense
amounts Of stocks on cheap money had changed
their position or were figuring on making
distribution of their holdings a large scale
in the near future.
According to the known movement Of money
in the current week the local banks have gained
in cash ss.339,o0o. more than one-haif OF which
has been receipts OF currency from the IN
terror Notwithstanding increasing shipments
by the uptown commercial banks to out-of-town
points. large receipts Of cash have been made
by the Wall Street institutions. and the gain
In the current week from other cities Is larger
than in any week since the last week In July
II is understood that while shipments have be-
gun in connection with harvest requirements
large sums of money are coming to this centre
for investment III the securities markets for the
account OF Western people who are bullish over
the future as a result OF the big crops promised
and the general indications that the business
activities Of the country are returning TO a
normal basis Reports to banks and banking
houses from correspondents In the West indi-
cate that uneasiness is felt In that part of
the country over the outlook for new business.
while they reflect willingness on the part of
holders of idle money to buy stocks and bonds
for cash in this market. There has been
large absorption of railroad bonds In the last
few DAYS by Western interests. and this buying
has been one of the strong speculative bull
points on stocks 1t is encouraging to note
that railroad men as a rule believe the turn
has been made in the railroad earning situation.
For the month Of August gross returns have
shown a material decrease in the percentage of
loss as compared with the preceding month.
while full reports for July now coming TO hand
present better results than those for June. July
gross earnings in most cases were well under
those reported in the same month year ago..
but net returns in many instances showed i'm
provenent as a consequence Of drastic reduc-
tions In gross. Missouri Pacific for July gives
a loss Of s724.1Ss in gross but gain Of sS.552
in net and the Atchison loss In gross Of 1884,
1884, against gain In net OF s10,lSs Colorado
r. Southern increased in gross s50,124 and In
net SIS. zoos.