New-York tribune., 1908-10-04
FINANCIAL AFFAIRS
STOCK PRICES UP.
Heary Loss IN Cash and Reser0e
Shoscn By Bank Statement
E.rchGnge Easier.

ctoc,,e ,,,ere strong in the two hours Of trad
ing with substantial advances in the Hartman
and Hill shares. Reading. United States steel
Canadian Pacific. St. Paul and American Smet-
ing the movement rejecting the same sort of
trading as reported in Fridays dealings EVl-
IDENTIFY some of the big spectators connected
with the so-caled T'arriTnan-Standard OH party
have resumed operations a large scale in the
markets speculative favorites. but in view OF
the advance recorded in the last two days care
ful traders doubt will not rush IN TO buY at
the opening tomorrow. It Is quite likely that
on an opening bulge a large amount OF stock
VIII be put out to take advantage OF the prohts
offered Reading is a per cent stock. but II is
not moving dividend considerations. Ihe
speculation in the stock is being conducted by
shrewd operators who know as well as the
Street in general knows that as an investment
proposition the stock is selling at a fancy ieVel
and that investors will not touch it ar current
quotations when they can get better return
on their money in issues equally VaIuaple
intrinsically. Union Pacific, however Whlch
pavs 10 per cent and W ich represents com
pany that is making gre t earnings in spite OK
dull times in trade is not dear at its present
quotation but a material further advance III LIS
price WILL of course, place It on level that VIII
not appeal to investors who are looking Tor par
gains And il begins to look as if the general
bargain counter soon would be bare. The net
gains In the leading active issues ran from 10
23-S per cent, the latter figure being RECORDED
by American Smelling. The weekly statement
%
Of $1,000. 300 and loss in reserve of S7'50'4OO
on the average system while actual conditions
rs Of Friday night showed decrease IN caSh u
s11Sl9 200 and 3 decrease in reserve or $6,o56'-
800 Loans of the Clearing House banks IN
creased to only a small extent, while the loans
of the trust companies and banks not members
of the Clearing House showed a large expan-
sion.
A few months ago there were 413,O0o idle
freight cars in the country while to-day fewer
Al fpNH- yDln
railroad earnings were making TREMENDOUS
losses from the corresponding time in 1907. but
reports coming to hand show vast improve
ment as compared with the spring and early
summer exhibits. Bank cearings in September
we're heavier than in any preceding month this
wear The factors named furnish practical evil
dence IF the Improvement that is taking place
in the country's industries and though they DO
not indicate the development OF boom condl-
tions they certainly suggest the probability or
steady gains in all lines of business. After the
election is out of the way, with its Endorsement
OF the Republican party, the immense amount
of money in the United States should at once
begin to move actively into trade channels and
Iav the foundation for one of the greatest
neriods Of prosperity ever recorded in the his
tory OF the nation. Many stocks doubtless VIII
move to q higher range following the election OF
Mr. Taft but as money becomes more active in
business the chances of further Improvement in
the general market will be less promising, ana
# should not therefore be taken for granted that
the return OF prosperity will be accompanied by
a constantly advancing securities market. Stocks
have discounted much of the coming Improve
7,,ant I'm industrial conditions In the last twelve
,,oo+bs the amount Of money in the country
outside Of federal Treasury holdings has in
creased S266l .667. but all of this may be said
70 he idle at the moment. The New York
financial institutions hold more than $50O,OOO,OOo
cash but at present they can not lend 1t at
nroftable rates A month from now loan quo
tations undoubtedly will rule at hgher level
Foreign exchange was weak yesterday and
showed for the week a material decline. Cotton
bills are coming on the market In greater
volume and II is not unlikely that in the course
Of the next month exchange will be at level
that will encourage imports of gold from Europe