The Birmingham age-herald., 1908-10-31
TURN IN \ PRICES IF STOCKS Jet Is Very Active and Sharp Gains Are Made eOSE IS NOT Al HIGHEST Transactions Are Heavy, With General Advance Due to Union Pacific Re-
 port, But Prices Ease Off
 Before the Close.
bSE IS NOT AT HIGHEST

New York, October S0.--The profess sional element in the speculation had An active day and rolled up a con Siderable aggregate of transactions. There was not much outside interest
 n the market, commission houses. get ting little of the days business. floor traders did portentous proportion or the dealings which were largely Of the HIxind that Mir. Hartman, in speaking pf the summers activity in Union Pa #3fc, described as in circle" There |was a notable congestion of these deaI- Hing today in Union Pacific and the movement in that stock had an impor- [tant sympathetic effect on the whole Hist This sympathetic. response was {somewhat sluggish and was quickly f lost when the strength of. Union Paeihc [itself began te waver The movement in Union Pacific found 16ts explanation in the earnings state inent for September which were pub lished midway of the stock exchange session. Obviously there was an ad- vance Knowledge of this statement on the part of those buying at the open hing made spread of ssc Tn the price of the stock, $500 shares of Union Pa cfic selling at the same time at lf29s k@173. Subsequently, the quotation 5twice reached 17SB.
 The showing of the monthly report 2was extraordinary, to such degree rthat it seemed to excite some suspi- cion and to leave the stock market heavy and uncertain upon it's publica- ton. The 5 per cent increase in net earnings over last year at this time lwhen the railroads have scarcely femerged from the depression which Overwhelmed them early in the year makes a brilliant contrast. Something must be allowed for the unfavorable effect on last years September net kearnings of the swelling operation
 4, the Union Pacific representing a
 afling off in net at that time of up kWards of half a million dollars com xpared with the preceding year. The theavy operating cost at that time af- fects the comparison with the expense
 tenn this year also which is reduced nearly million dollars.
 The roads increase of $464,359 in
 gross earnings shows it unusually for
 tunate in it's proportion of the re- burning activity of railroad traffic. With all these allowances made, how lever, the proportion of expenses to kgross earnings which amounts to less
 than AZ per cent with the taxes in cluded, represents a degree of efficiency 6n earning power which carries no con- Niction of a permanent condition. The ,whole market turned on this incident. BDther developments were little re- |garded.
 A sharp downward movement in for Reign exchange rates was attributed to 1 the filling of the requirement. for re- l mttance to cover the maturing New ~ ork city revenue bonds held in Lon
 hon. with some after effects of a
 Bpeculation in exchange based on this
 Requirement.. Money on call was dis
 tlnctly tirmer here, rising to per |cent during the day, The Novembe Ter settlements are given the responsibility flor this, although the demands of the
 Speculation may be associated with it.. PThe currency movement with the in terior has been in favor of New ork Iagaint this week, but the withdrawal
 on sub treasury operations leaves bal lance on the side of loss in the cash |exchange of a few hundred thousand dollars. There were intimations of a New York city bond issue next month |which will certainly be supplemented 6by important corporations borrowing.
 An advance in the price of copper was ban incident of the day.
 Bonds were firm. Total sales, par value, $5,S12000 United States bonds
 were unchanged on call