New-York tribune., 1908-09-29
FINANCIAL AFFAIRS
STOCK CHANGES LIGHT.
Earzy Strength FoIIosced by Re
action at CIose-Money Rates Easy.

limits during the greater part Of the day, Wlth'
however an undertone Of strength Whlch sus
gested the unwillingness of professional trdu-
ers to work for lower prices, Notwithstanding the
.beencA Of q III blic demand and q lack of buying
for the account of substantial market interests.
The volume of trading was light, with the chlel
activity in the Hartman and Reading issues III
which there was moderate amount OF noor
covering in the early dealings when II was seen
that the weakness that developed IN saturday
operations was not 10 be resumed
weather reports from the South and West,
though somewhat uufavorable in their general
character were without effect upon values WINE
the Street as a whole appeared for the time to
have lost interest in the political situation. OF
which. however, comment was MADE thaI ne"
sensations in the camps OF the two parues
doubtless would be made TO do service IN the
securities markets.
,Tos+ of the davis business originated the
floor of the exchange and in few stocks eVl-
dence of manipulation was noticed, especially IN
Rock Island, which was a strong feature uhu.
the late afternoon when the general list sold on
under the influence of realizing sales WITH the
chief weak points in the copper shares ana
American Smelling.
Canadian Pacific closed strong; also Colorado
Southern and Consolidated Gas. Brooklyn
Union Gas is IN a strong position, and II would
not require much bull pressure to place 1t on a
level with the Consolidated issues. There was
some good buying of 500 common on the
strength of the company's improving earnings
Money was easy throughout the day, and no i'm
portant change was registered IN the seelliIS
exchange market.
Railroad earnings now coming to hand show
far better results than recorded in the early
summer, and substantial and STEADY oe-
crease in the number of idle cars Is reported
while the movement of grain to market Is IN
creasing the last months of the current year may
he expected TO show marked change for the
better in the volume of railroad trafflc
1t is interesting TO note that the Atcnlson coH-
pany in its report for August shows gam OF
about 16 per cent in net earnings over the CORE
sponding time year ago. when the companys
earnings began to show such noteworthy
declines, resulting in loss in net for the hscal
wear of S577S.770. OF course, the roads gain
in net August was not brought about through
q gain in traffic as compared with the same time
in 1907 but the fact that it was able to show a
gain in net of S344, ,053 in the face of loss OF
half a million in gross earnings was most sgn1h-
cant of the companys ability to control expeh-
ditures.
The Atchison's annual report, received yester-
dav shows that when gross business began TO
fall off as a result of general lndustrlal Cepies
sion the company was not IN position 10 put
into effect at once the economies WARRANTED py
trade conditions but subsequently 1t found II
nossih1e 10 cut down operating expenses and to
curtail rew construction work. And, according
10 the report the company has no intention OF
resuming extraordinary expenditures until there
is no doubt as to the permanency or the I'M
movement in the countryS business.
The Atchison has a large earning power ana
there need be no uneasness over lls luluFe'
The country through which the road runs IS
biqbl,, productive, its population constantly is
Increasing and il is rapidly growing up 10 the
great mileage of the Atchison. And the same
thing NAV be said OF the Southern Paclhc ana
the territory il serves.
last weeks bank statement showed a falr de-
mand for currency at interior points, but the
loss in cash and reserve by the Clearing House
;nstitutions was not heavy enough TO cause any
irnnroyernent in money rates Since Frlday nlght
tho local banks have lost on their operations
with the Sub-Treasury in the nelghbornood OF
81, 10000.
Moderate direct shipments OF funds 10 out OF
town points are reported and it is thought likely
the demand from the South Will show material
EXPANSION in the near future. The South Will
have a big cotton crop to move this year and 1t
will be compelled TO draw on New York for
large sums of money Notwithstanding the
Southern banks are in strong condition
In view of the great ease in the money mar
ket IL is not likely the bear side OF STOCK specu-
lation will become popular, especially as there
has been a heavy decline from the hlgh prices
of the year Nevertheless. as political arguments
and deyelopments may afford professional opera
tors an opportunity to make temporary turns for
the bear account, ii would appear that current
buying should be confined TO the downward
moves
There has been a large amount of liquidation
in recent weeks by persons who bought in last
wears panic and the floating supply of stock
holders are still the men who have unlimited
financial resources.