New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-06
FINANCIAL AFFAIRS
PROFIT SALES IN STOCKS
Weak Closing after Early Improve,
ment-Tin1e Money Fwmer.

In the early dealings in yesterdays stock mar
ket prices throughout the list showed improve
ment, many of the leading issues recoFolls
new high figures for the year, but in the final
trading realizing sales and bear pressure were
heavy enough to bring about material recess
sions. In the course of the mornings upward
movement United States Steel common sold
at d. its best quotation on the current move
ment while Union Pacific, Northern Pacific and
PENNSYLVANIA also advanced to a level above any
thing so far reported in the present year An
active demand for the steel and copper shares
was reported. Interests identified with the
metal trades active factors in the deal
ings their operations apparently being based
on the encoura ging reports from steel. iron and
copper circles, which indicated large expan-
sion in the volume of orders as consequence
of the election of Mr.. Taft. Northern Pacific
bought on the announcement that the di-
Tectors of the company had decided to pay a
large extra dividend to the stockholders but
on the advance heavy sales were made by inter-
who for many weeks had been carrying
the stock in expectation of a melon cutting.
The greater number of conservative interests
in the Street do. not indorse the attitude or
the Northern Pacific directors on the extra
dividend question. their reasons against the
declaration of such a payment being based
grounds that appeal to common sense The
Northern Pacific Company will pay its extra
dividend out of the assets of company which
IL controls but the interests Of the Northern
Pacific Company would be better served if the
directors would use the assets of It's controlled
company for the development Of the Northern
Pacific property instead of handing them over
as a bonus to the stockholders. The people
who have subscribed for the new Northern
Pacific stock the final installment upon which
will be paid in January, do not share in the
dividend just declared.
At the close of the market the majority OF
active railway securities showed small net losses,
Union Pacific, Great Northern Southern Pacific
Northern Pacific. ST Paul and Pennsylvania be-
ing the chief losers. The copper shares were
higher as result Of buying based the adj
vance in the price OF the metal, while through
out the list of Industrial issues general improve
ment was recorded. Amalgamated Copper ad-
vanced in the late trading in the face of heavy
selling in other departments of the market, the
gain in this stock being accompanied by advices
from copper metal circles Of tremendous buy
ing movement on the part Of domestic and for
eign consumers. Commission houses C
tive factors in the operations on the exchange,
both for speculative and investment account q
reflection of their transactions being shown IN
the bond market in which total dealings
amounted in par value to more than 100000.
There was an active inquiry from investors for
the high grade mortgage issues while there also
was q fair demand from spectators. who argued
that based the price of money and on the
prospects for business expansion, prices Of sound
railway and industrial bonds were at most at
tractive buying level There was no change in the
day IN the quotations for money and no move
ments OF importance, in the sterling exchange
market. The Bank of England in its weekly re-
turn showed percentage Of reserve 20 liabilities
OF 80, against 35.2 per cent at this time in 1907
when the minimum rate of discount was per
cent compared with PA per cent at present. A
at the British capital and in New York while
present banking institutions at home and abroad
find il difficult to lend their funds al practically
the easiest rates record.