New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-12-06
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
The Specialties Actiue-Reading s
4dpance-The Bank Statement.

Pool operations were most conspicuous IN yes
terday's market, in which the total transactions
were heavy and sthe course Of prices was at
first inward and then downward Standard
issues Including most OF the usual market lead
ers moved within comparatively narrow range
with Reading as the exception The old rumor
that Reading second preferred to be retired
and that the dividend On the common was to
be increased was brought out again, and served
its part In the bidding up OF the second pre-
ferred II points on sales of z'soe SHARES
noints of the advance being retained at the
end Of the day The report may prove wen
founded this time as the company has the right
to convert the second preferred into common
and preferred stock, but the q per cent net
gain in the common yesterday did not suggest
that the conversion would be a development OF
the immediate future. The strength IN the
Reading issues and the advance in various spe-
cialties notably Kansas City Southern. which
rose points. were utilized for Heuidating large
lines of other stocks like the Steel and Harri-
man issues; but when the character OF this sell
ing became evident the bears made demonsJra-
ton in force with American Smelling and ANAL
eamated Copper the principal objects OF at
tack and under this selling the market speedily
Welded the specialties declining with the gen
eral list The close was weak, with net oecnnes
shown IN the great majority Of the issues. Inc
circulation Of alleged outlines OF tEo ElesloeiI'
message, which is to be transmitted 10 Con-
Rress tomorrow, added to the weakness OF the
second hour, for, according 20 those forecasts
the message is distinctly radical IN tone.
A poor bank statement had been expected, ana
the expectation was realized The loss IN cash
S. 2se boo-was almost exactly the amount OF
the preliminary forecast based upon the known
movements of money during the week Loans
increased S. sos. 200 and deposits decreased ST.
2425O0 while the surplus reserve decreased It,
e6ss75 to a trihe over s20,00o000, a rate OF
shrinlxaze which IL continued for the next three
weeks would mean the disappearance OF the
surplus by January 1. The actual. statement
showing condition OF the associated banks on
Friday night was In line with the average
statement as to the cash item, but differed
widely from it in the items Of loans, which
showed a decrease Of 100000. and deposits
with a decrease for the week of $40. $4,000.
The fortnightly bulletin of the American Rail
vay Association which came TO hand yesterday
showed a considerable increase IN the number
of idle freight cars. which is one OF various IN
dications that the recovery of general business
Is not proceeding at the pace represented by the
stock market advance, rate OF progress not,
however deemed disappointing by conservative
observers who have recognized the fact that
the complete restoration OF prosperity cannot
be- the work of week or month certain
though II Is to be witnessed within reason
able period That the stock market has moro
than discounted the improvement to date and
that which may be expected TO be seen in the
near future seems probable, and the present
activity OF the minor issues and cessation OF
the advance of tbs stocks OF the better class
would seem to III icate the approach OF mar
ket movement which will end in readjustment
of stock market prices