New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-17
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
Ne7C High Record for Union Pacific
COnUertibIes- Small Cash
Loss of Banks.

In response to lower range of prices from
London the local stock market yesterday
opened little below Thursdays closing level.
but after the first few minutes strength de-
veloped, with Union Pacific. Northern Pacific
and st. Paul among the leaders Foreign houses
sold stocks at the outset and later were buyers,
but their operations were unimportant in vol
ume. A reaction occurred toward the end of the
first hour. which brought prices back to about
the opening figures, and thereafter there was
inactivit- until early afternoon, when another
advance began, under the leadership Of st.
Paul, the tide turning again in the last hour,
and the close being irregular and rather de
pressed, with fractional net changes the rule
and losses and gains about equally balanced.
The conspicuous gains OF the day were made in
some of the speCialties, among them the MaCkay
Companies, which had a maximum advance of
points and net gain of Is, and Butterick,
which advanced 13, while Westinghouse,
heavy transactions for that issue. gained 312
points There was a revival OF interest in the
railway equipment stocks, based reports that
orders large in the aggregate were being
ceiVed by the companies, and American Loco
motive common rose above 30 for the first time
since the passing Of the dividend last month.
The days business again professional in
character, the orders from commission houses
customers being trifiing in amount. In the bond
department by far the largest transactions We're
in the Union Pacific convertible As. which ad-
vanced to new high record of 1O0s4 in the
early trading. closing at 1902.
Time money rates were unchanged from the
preceding day, and a slightly increased demand
for funds developed, due to the higher call
money rate, which again yesterday touched
per cent The foreign exchange market was
featureless, and demand sterling closed , points
down. The reported movements OF currency
during the week indicate loss OF only $4,000
in cash by the banks, although this is probably
no index to the change in the cash item which
Will be shown in to-day's bank statement. The
pet loss of the banks to the interior during the
Week the smallest for any week since early
in September. and the nearness of the date at
which Withdrawals for crop moving purposes
normally cease makes it practically certainty,
in view of the still very heavy surplus reserve
held by the banks, that marked change in
rates for either time demand loans will be
seen in the near future.
The abstract of condition of the national banks
Of the entire country of September % pre-
sents some interesting comparisons with the
figures of the last preceding report, that Of July
Is, and with the statement Of August - 1907,
little before the panic. Loans and discounts are
now 81 750612 49, representing an expansion of
S135 100000 since July and being S12,OU0.GpO
more than a few weeks before the panic. Indi-
viduaI deposits are S1I3, 10000 larger than in
July and S229 100000 in excess OF the total on
August % 1907. The specie holdings Of the
banks are nearly S1J0000y000 larger than in
August of last year, and these institutions hold
nearly S.00O0O000 more of securities than then,
exclusive of United States bonds to secure circu-
Iation and deposits.