New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-18
FINANCIAL AFFAIRS
NEW RECORD FOR [. 2.
Manu- Net Gains in Securities
Market Looks Tired Money Easy

Stocks were strong in the greater part Of the
Eve hours Of trading. though with the exception
OF a few Of the leading issues net gains were
confined TO fractions. The Hartman shares
Reading New York Central. Northern Paclhc'
Northwest Louisville & Nashville and chicago
Great Western supplied the chief features OF
siren 9Th but the buying in these was not par
ricularfy impressive while throughout the ilst
the character Of trading suggested that the oui
market was growing tired and vas seriously III
need Of z rest The fact that prices have ad-
vanCed practically without interruption since
the election. while in that time there has peen
2 big distribution OF securities by some of the
strongest interests IN the Street to people OF
smaller financial resources. naturally encourages
the idea that a period OF sagging values Is not
far distant In some quarters where market
movements are carefully watched II was SAID
YESTERDAY that speculative signs pointed toward
lower quotations in the near future, and certain
operators who sold their stocks on the election
advance predicted q ten point decline before the
holidays. Such decline viii supply a good
opportunity TO buy securities to hold for higher
prices assuming that current indications Of
business expansion are not upset by future de
veIopments At the close the general market
was firm and active under the influence Of buy
ing by cIiques and commission houses for pub
lie account though the latter transactions
showed q noteworthy reduction in volume from
the operations OF recent days. The general
market was far auieter than on the busy days
last week the business was poorly distributed
and aggressive bUyinE was not in evidence. cN-'
cept in Union Pacific, which made new high
record for the year At 1885. and in some of the
low priced shares. which quite often are taken
in hand ~ the tail end Of q bull movement.
Union Pacific convertible bonds were strong, in
svmpathv with the stock. The copper issues
were heavy on selling based on the reaction in
the price OF the metal from the high point
reached the so-CaIe6 election boom
In the current market buying o. Northern
Pacific comes from good sources while selling
OF Great Northern represents liquidation by
substantial interests Many sellers Of the latter
stock have reinvesJed their funds in Northern
Pacific the theory. which is borne out by the
earnings and capitalization Of the two COM
nanies. that Great Northern is not in as favor
able A financial position as Northern Pacific.
and that in periods Of poor earnings the latter
company would be more likely to maintain its
per cent dividend than would the Great North
Crn. In view however. Of the promise OF a
great increase in railroad earnings in the next
twelve months, and for that matter. IN years
to come. there is no reason for Uneasiness over
the future OF the Great Northern. particularly
as the country through which the road runs is
capa bic Of enormous development on lines that
will bring heavy traffic TO the company. The
Northwest has not Yet grown UP 70 the mileage
Of the railroads that traverse that parts Of the
United States but as that section contains a
great area that IS attractive the pursuits of
agriculture it readily may he seen that Il viii
continue to prove inviting spot for the build
ing Of communities along its railroads. All
the transportation companies in the Northwest
have added materially 10 their capitalization in
recent years. and though in many cases the
increase appears undulv heavy, il should be
borne in mind that the conn parties are preparing
for expansion in future business that is fore
Swallowed by the tendency OF the country TO
grow in population and industrial activities
There are good investment inquiries for Union
Pacific St Paul Chicago & Northwestern ana
the 500" stocks. and according 10 advIces re-
celved from bankers IN the Northwestern and
middle Western cities. large amount of in
vestment capital Is expected to be placed Ia
the development OF the industries of that por-
ton az the country before the next Presidential
election Borrowers ia the West. the Northwest
and the Southwest are able 10 secure accommo-
dation on moro favorable terms at present than
any time IN the history of the United States
and the financing Of their requirements at rea-
sonable terms VIII benefit the railroads and the
general industries 81 the entire country
Money rates continue IL rule at a low level,
and Notwithstanding fine activity in the stock
market call funds present Indication OF a mas
terizi advance in the future In time
money the market y showing the same
anslvitv that WIS reported Immediately follow