New-York tribune., 1908-11-15
FINANCIAL AFFAIRS
MOST STOCKS LOWER.
Traction Shares Sho1c Conspicuous
Strength-HeaUy Expansion in
Bank Loans.

Stocks were active in the two hours Of bust
ness on a movement Of values that showed great
irregularity with final prices at small net losses
in the greater number Of issues A large volume
OF new buytng was Offset as an influence on quo
tatIons by heavy realizing sales, though the lat
ter were not effective IN bringing about i'm
portant declines in any Of the leading issues
which appeared 20 be as popular with the public
as they were in Fridays tremendous market
public buying according to the reports received
from the chief commission houses, presenting
no indication of falling off. Notwithstanding the
big advance already recorded and the weakened
position OF the market from a technical point OF
view. AT the close the general list was firm
with conspicuous strength in the local traction
shares buying Of these securities being baseo
on the belief that the future Of the companies
represented by the stocks promise a marked IN
CT ase in the intrinsic value OF the issues Third
Avenue apparently Is being bought by substan-
tial interests while the same thing may be said
e BROOKLYN Rapid Transit In the final dealings
.raders who sold stock to even up on their
weeks transactions reported that IL was well
taken The weekly bank statement published
after the close OF business showed interesting
changes in the loan item in the average figures,
IN the actual figures, as Of Friday night. and IN
the figures Of the trust companies ana nOn-re-
porting institutions In the average return
there was an increase in loans OF $5005,500,
while in the statement Of actual conditions the
increase amounted TO s11,925,000. accompanied
by Q gain in the loans of the trust companies
and non-nernber banks OF S7,S42,S00 This in
crease is direct reflection OF the great require
rnents Of the public speculation IN the stock
market and IS well worth the attention Of buy
er- Of securities at current quotations. Cash
h. iings increased in the week $1582,40O. and
result of all changes the reserve above legal
requirements decreased S68025 TO s30.21l950.
against a deficit year ago Of S53.666,950.
The known movement of money in the last
week shows no especial demand from the in
terror for funds at this centre, with the eXcep-
tion of a moderate call from San FRANCISCO Tor
money In connection with the moving Of the
citrus crop and the chances are that with any
increase in local loan quotations out Of town
poir Will be fair shippers Of currency to New
York. Exchange at middle Western cities IS in
favor of New York the large supplies Of money
in other parts OF the country providing all the
accommodation required to meet home demands,
with enough to spare to send to the East, where
active employment for funds is promised. Money
conditions throughout the country are In favor
of a safe and sane expansion in the nations
Industries That Improvement to a marked de-
gree already has set in is reflected in the reports
Of the commercial agencies, in railroad traffic
and in bank clearingS, the last named IN Inc
week Just closed showing an increase In the
volume CO payments through clearing houses not
ONLY in New York, where the increase is heavy,
due in great part to the activity in the stock
market, but at most other leading cities. At
points where reductions are shown the decline
shows decided decrease from the falling off
TeCeutlV reported. Inc tOldI CiedT4ISS OL TIE
country in the last six business days presents q
gain Of $50 per cent compared with the CORE
spending time in the preceding year, when it
should be recalled conditions were unsettled
a result Of the panic Bank clearings are signs
Of the way the country's business and finances
are moving, and II therefore is encouraging to
note the Improvement recorded. From all parts
Of the land reports TO the commercial agencies
indicate that business not playing for
q boom in the country's industries, but
ranging their plans on the basis Of gradual eX-
pansion. Booms end in disaster because of the
initiation overstimulation and overspeculation
resulting and profiting by the unfortunate
perience of the past, merchants manufacturers
and bankers working for healthful growth
which will bring about statility-the most i'm
portant factor in inducing permanent prosperity.
"rip-roaring' bull market in securities is
desired by the people who buying the stocks
which other people selling at handsome
profits but the character of the current buying
is not impressive enough 10 foreshadow further
immediate excessive advances without the in
terruption of sharp declines There was an
enormous buying movement last week Stocks
bought scld by interests that had been
carrying them for months, and which hope to get
them back at lower prices. this feature of the
current speculative situation providing the weak
feature Of the current market from the point of
view Of observers who have had the opportunity