New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-28
FINANCIAL AFFAIRS
SECURITIES PRICES UP.
ActiUe Buying of Consolidated Gas
and Other SpeciaIties Feature
-Moneu Rates Easy.

e-oo,- market values made further progress
toward higher level IN yesterday MAJ . ne.
without the accompaniment OF linPo, O. iI;,
atoms for the account OF the So-Cdlleu Pu
II was estimated that about 10 per cent Vi VIC
I,,,-;,aee on the exchange was between traders
and from reports received from the various
large commission houses II was eNlueiI &c
orders from the outside were hRnter 'Iian a.
any time since the day following the eieclioii
of Mr. Taft Though the leading issues were
strong features their movements represented
little beyond the swapping operations oI poaiu
room traders. the general character OF the yea
ings in these stocks being reflected IN Iie uL-
important total of shares traced in as COM
,,ared with recent days on the exchange Many
of the specialties were taken in mana pS Pr
fessional traders connected with hght "dieleu
,,oole but in the absence of any enectlNe OPP
T,osition this element was able TO advance quo
t.+fore RI q substantial degree, especially in
consolidated Gas which enjoyed maximum
gain of more than 4 points. western CLion mon;
Chicago & Alton Louisville & NashVlile an
N-ortb American were other issues IN TINS
class that were marked up with ease lhe-I du-
vance being followed by various faVordole lu-
roors affecting the respective properties. II vas
reported that Alton common ana western No. no.
soon would be placed on a 4 per cent olVluellu
basis the improved position OF the TWO coiH-
NAMES represented making the rumors some
Z-ha1 impressive The best feature Of the mar
zet from the bull point of view was the edSe
with which prices advanced without any eA-
2 moderate increase in the volume OF business
and prices at the close were near the best Oh
the dav Union Pacific made new nlgh record
for the year at 1S4B. Brooklyn Union Gas do-
vanced more than points in sympathy Win
the movement in Consolidated Gas, the buying
of the latter being based on the belief that the
decision BY the Supreme Court in the 60-cent
gas matter would be in favor Of the ConsoI-
dated Gas Company.
According TO the known movement Of money
al IzF. he "a n
in cash holdings 81 1876 900. due to a small loss
TO the interior and excess payments by the
banks on their operations with the Sub-ireas-
NV the latter transactions including reduced
pension disbursements by the goveInment and
heavy payments into the per cent redemp-
ton fund for out-of-town correspondents. The
Treasury on its general operations with the
banks throughout the country was loser IN
the week as reflected in the excess of expen-
ditures over receipts while the city banks, out
side of their account with the government on
national bank notes sent to Washington for
redemption and transfers Of currency to san
Francisco, actually gained on the interior move
n1ent more than 100000 The general trend
of interior currency movements is toward this
centre and is likely TO continue in this direction
for weeks to come. AS a result of the known
movement Of money predictions were made
yesterday OF a decrease in the reserve
above legal requirements in to-days Clear
ing House statement, but it not con-
sdered likely the decline would reach impor-
tant figures, while in some quarters 1t was
thought the local cash movements and the
changes in the loan account might offset as
influence upon reserve the estimated loss in
cash. The banks hold much money that
they would welcome contraction in cash, but
at the moment It must be admitted that the
chances are not especially favorable for i'm
poTtant reduction in the near future.
Rates for money just appear to be an
chored TO the low level prevailing The Pan
anna bond sale and the call by the Secretary of
the Treasury for 81 100000 from depostary
banks will not be material factors in the money
market, but ii IS conceivable that in the event
OF further calls by the government for federal
funds quotations for loans may go to a slightly
higher level There eight hundred banks in
the country that are national depositares and
from his call of last week for 100000 the
Secretary will receive from each institution
So 900, and the payment by interior banks
oubtless will be made by drafts on their cor
respondents at this centre. This relative light
withdrawal Of government money foreshadows
further calls in the future, owing to the
small amount of cash in the Treasury and TO
the constantly increasing revenue deficit which
now stands in the neighborhood Of So O0OoO
for the fiscal year date. with the prospect of
double that amount before the end of the fiscal