New-York tribune., 1908-09-25
FINANCIAL AFFAIRS
STRONG STOCK MARKET.
Substantial Gains Throughout the
Lst-Pressure on HUI Issues
Politics and Business.

The stock market yesterday opened at around
Wednesdays final price level. and after period
Of uncertainty started upon another upward
movement which continued with unimportant
occasional recessons until the close, substantial
net gains being recorded for most of the issues
traded in and the net declines being confined to
ten issues. all classed among the inactive stocks
Great Northern and Northern Pacific in the first
hour were under the pressure to which they
have been subjected with more or less frequency
for many weeks and declined to about their low
level of Tuesday, when the severe general break
occurred The transactions in Erie common
were again in heavy volume, although the stock
made only a trif1ing fractional advance in the
course of the day, and the reports of plan for
a voting trust, through which the Morgan and
Hartman interests would be enabled to insure
the carrying through Of measures for the read
justment of the company's finances became
more definite The suggestion was also put
forth that the selling of the Hill stocks, which is
known not to be for account of the estate of D.
Willis James, might represent further liquidation
by the Union Pacific the heavy selling Of Great
Northern and Northern Pacific by which COM
pany beginning near the close of 1906. was the
principal factor in the tremendous shrinkage in
the market value of those two stocks; and that
possibly the funds released by the liquidation of
the Hill stocks might be employed in the accu
mutation of Erie common.
Great Northern and Northern Pacific gained
strength later in the session and closed at net
advances, respectively, of 21s and rs points,
Improvement, however. less than that in Union
Pacific, Reading. Southern Pacific and st. Paul,
the market leaders, and representing as the re-
suit of the two days operations gains of only
Ia and 11s points, respectively IN comparison
with gains of more than points each by Union
and Southern Pacific, 51a points by Reading and
324 by St Paul Amalgamat Copper and
American Smelling and Refining made gains of
about points each, the report Of large sales of
copper metal al prices well above the quotation
OF the local Metal Exchange probably contribut-
ing TO their strength. Railway Steel Spring
common, which had had a decline in anticipation
of the reduction in its dividend rate, advanced
4 points on the announcement that the dividend
had been cut in half
There was easier tone in time money the
rates for four five and six months being quoted
4 per cent lower and the supply offering for
all maturities continuing far to exceed the de-
mand. Although normally the demand for funds
for crop moving purposes should be making it
self manifest. the local banks have thus far this
week gained cash instead of losing any the
interior, and institutions in the interior ap
pearing as would-be lenders of money in this
market Money market conditions there
fore still favorable to borrowers desirous of op-
Grating for the rise in stocks. and a further ad-
vance may be witnessed, although the recovery
from the recent break has run already as far
could be expected in view of the political
certainties which cannot be allayed within two
or three weeks and in view also of the dulness
Of general business. the hope Of improvement of
which is so Vitally dependent upon the outcome
of the contest in progress in the national
political field quiet market with no wide
price fluctuations, might naturally be predicted
as likely to be seen until the middle of October.
by which time a reasonably accurate forecast of
the outcome of the campaign should be pos
sible but there are plungers in these days.