New-York tribune., 1908-10-30
FINANCIAL AFFAIRS
iCECTRITTES ADTANCE.
Union Pacific at NesO High Record
for Tedr-Money Rates Easy
-Erckange LOsCer.

Transactions on the Stock Exchange were
light in volume on movement of values that
showed net gains throughout the list notWlIh-
standing the declines that were recorded IN the
early dealings. In the last hour all the leanlng
issues developed decided strength on covering OF
shorts and buying by some of the more I'M
rortant houses in the Hartman shares, the
metal issues, Reading and Northern Pacific. the
advance in the last named being accompanied
by further reports Of an extra dividend declaTa-
ton Immediately after the election. Consoli-
dated Gas and American Cotton oil also were
strong features on light purchases. but ther
movements were not followed by news develop
ments affecting the companies beyond the regu-
lar dividend announcement in Consolidated Gas
Union Pacific made new high record for the
year at 17212 closing under that figure, while
the convertible bonds were strong and in good
demand. Union Pacific stock according to
Street gossip. is on its way to 200. AS 10 per
cent issue this stock is entitled to a higher
quotation, and It is not at all unlikely It eventu-
ally will sell 200 or better, as the company
has been able TO show much more than 10
per cent available for the stock even in period
Of lean earnings. The general bond market was
relative1- more active than stocks, investment
buying being reported IN many of the leading
issues both the Stock Exchange and over the
counter.
Wall Street investment houses looking
forward to an active domestic and foreign de
mand for American securities following the
probable election of Mr. Taft, and confidence in
the investment community in the success Of the
Republican party is so strong that every con-
cer- in the Street exhibits hesitation in pre-
dieting q big decrease in the floating supply Of
stock q result of accumulation by people
who viii lock up their purchases IN safe deposit
boxes. There are many first class securities
that still selling at level which makes
them attractive 10 the investor. especially in
the bond market, while despite the big advance
that has taken place in prices from the low
figures Of 1907 there also are good chances for
operators who merely buy to hold for higher
quotations. Purchases on margin at this par
ticular time, however, are not advised by con-
servative houses for the reason that It IS be
lieved that even in the event of Mr.. Tafts vic
tory values viii go to a temporary lower range
on realizing sales that the publication Of the
good will induce. If Mr.. Bryan should be
elected margin holders would be heavy losers
Advices from Europe indicate active move
ment of foreign capital into securities If the
Republican candidate triumphs while the same
edvices foreshadow the development of distrust
in American stocks and bonds II the Democrats
succeed IN sending their man TO Washington
The American people VIII, it is confidently be-
iieved, do nothing TO repel foreign capital. which
they need in the development Of their resources,
and the fact that the election of Mr.. Taft is so
vitaly connected with the progress and pros
perity Of this country suggests that labor. which
depends upon capital, VIII not. Mr.. Gompers
predicts, cast its vote solidly for Mr.. Bryan.
The aboring is wiser than labor agitators
believe, and he knows that his bread and butter
safe under a Republican administration.
Wall Street argues that labor and capital will
stick close enough November 3 to win a big
victory for the business mans party, and as a
consequence the Street is preparing for a heavy
buying movement OF investment securities in
the course Of the next few months.
Bank OF England figures in the weekly return
published yesterday show increase in the per
centage of reserve to liability of nearly per
cent. compared with week ago. and an in
crease Of 1872 over the percentage of this time
last year. The reserve is unusually large for
this period, and much above anything recorded
in recent years. There is a plethora Of money
In London. just there is in New York while
the same thing may be said Of the French cap
ltai, where. however, the accumulation of gold
appears TO be for a specific purpose Paris
secured further small amount of the yellow,
metal al the British capital yesterday and as a
consequence Of the French demand bar gold at
London was again advanced Sterling exchange
In the local market was easier owing more To a
lack OF demand than to any increase in the sun
ply Of bills while money continued to rule AZ
easy figures. Cotton is coming to market more
rapidly, and an increase in the amount of avail
able exchange is expected. According 10 cotton
houses. this weeks receipts of the starIe ara
likely 70 be OF enormous proportions