New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-01
FINANCIAL AFFAIRS
STOCK PRICES STRONG.
Dull Day on the Erchange-CaH
Money Reaches 2 Per Cent.

Movements in yesterdays securities market
were representative entirely of the operations
of the board room element, which traded WITHIN
fractions on both sides of the account without
bringing about many material changes in prices
as compared with the closing figures Of the pre-
ceding day. The general course Of values was III
the direction of higher quotations, with the chief
Improvement among the active shares IN Anal
garnated Copper. American Smelling. Baltimore &
Ohio Reading, Rock Island preferred, Colorado q
Southern and Union Pacific. the last named is
sue and Reading contributing a large proper
ton Of the total business There was no COM
mission house trading for public account, and
no evidence of activity on the part of the lead
ing Wall street interests, except as rejected IN
the support offered when traders attempted TO
force prices 10 a lower level There was much
talk in the Street regarding political uncertain
ties and the possibility Of Mr.. Bryans election,
but the course of values on the exchange indi-
Gated no uneasiness among the holders OF Sc
curities or among ordinary room operators over
the outcome OF the November voting. wan
Street really believes that Mr.. Taft will be the
overwhelming choice of the people and its vie"
of the situation is reflected in the rapid recover
les prices make from declines that on the sur
face are based on the fear Of Democratic victory
Spectators who depend upon the movement OF
prices for their living doubtless will engineer
further election sCares in the Street, but II is
not likely sensible owners Of American stocks
and bonds will throw their holdings on the mar
ket because of political speculative manipua
ton. At the close prices were at about the
best of the day Call money ruled at 112 Per
cent with a high quotation of per cent.
The small demand for currency at this centre
for the account of the West encourages the idea
in speculative quarters that New York balances
Of interior banks will not be called upon TO any
extent in the next few weeks. but, according to
the opinion of the best informed bankers, cur
rency to a considerable amount will leave this
city before the first of December, while the
same authorities believe that a large sum of
money will be sent TO the South in October
and November. Chicag go banks are supplying at
the moment the Western demands for accommo-
dation but Chicago institutions have large bal
ances here, and remote period they viii
be compelled 20 draw on New York, notwith
standing current reports that this year the in
terror will be able TO handle The financing of
the harvests without assistance from our big
supply of funds. The statement of the Chicago
banks under the cali of the Controller of the
Currency as of September % shows cash
sources of S155.454,279, against 21,95S.961 at
the same time a year ago, but in these resources
are included cash due from other banks pre-
sumably money held for their account in New
York. No uneasiness is felt in local banking
circles over the outlook in the money market,
il is believed that even with the development
of active interior demand for currency the
supply at this centre will not be reduced to
extent that will force rates for loans to high
figures. As a matter of fact the New York
l-tion which would place loan quotations on
higher lever, current rates giving them little
profit. The report that Canada will float loan
OF 25,0G00o0 and the announcement in Paris
that Russia will make d large bond issue in
November are factors to be reckoned with in
the discussion Of money and foreign exchange
movements but they not Of sufficient i'm
portance TO cause alarm the part of local
borrowers
For the third week in September earnings Of
railroads reporting made better exhibit than
in any preceding week in the current year. The
decrease amounted to about per cent, against
Z per cent in the second week OF the month. 10
per cent in the first week and rs per cent in the
last week in August, a showing that ought to
bring encourag cement 10 the business commun-
ity. And 1t ought TO suggest to the people who
insist that resumption of industrial activity
is q thing of the dim and distant future that
the time has for d halt in bearsh prog
nostiCatons. Railroad earnings in the balance
Of the year Will, of course, compare with
turns in 1907 that showed up unfavoraby with
the year before but it should be borne in mind
that earnings in 1906 were record breakers.