New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-16
FINANCIAL AFFAIRS
STOCKS CLOSE STRONG.
Sharp Rise in Final Hour-On'on
Pacific the Leader-Cau Money
Rate Higher.

The stock market moved yesterday in slug
gish and featureless way until the laSI noul'
when activity developed with Union RACINE a'
the leader and the whole list advanced, the close
haing strong ami at around the highest price
level of the session Union Pacific supplied
nearly % per cent of the total transactions ana
closed with net gain OF 21s points; Whlle Ihe
heaviest dealings in the bond department We're
In the convertible Is of the same road, when
advanced n point There were no news deVel-
opments to account for the activity in the Union
Pacific issues, nor was there any news af1ecuhg
the market in general The trading was again
almost wholly professional. and for long PERIODS
extreme dulness prevailed the tone at no time
however being weak The opening was steady,
with initial prices for some Of the active issues
fractionally higher than Wednesdays last ng-
ures and the early efforts of the bears mao
little effect in causing depression OF prices
Northern Pacific. which sold ex dividend, was
the early feature, recovering 1 point, gam
which was slightly increased at the close For
eign houses bought about $1,000 shares or va
rious stocks and the London market was cheer-
full with an advancing price tendency, the war
scare having entirely vanished, while the Paris
Bourse was strong and prices were steady on
the Berlin Bourse. The announcement that the
s14 900 bond issue of the Southern Paclhc
Railroad Company had been disposed OF TO In
vestors was used in the advancing Of Union
Pacific, but was not good an argument as II
would have been If the bond market were not
active and if high grade railroad bonds were hard
10 sell. The same dividend was declare by the
Amalgamated Copper directors as for the last
three preceding quarters, that declaration, which
was in accordance with the Streets expectation
having effect the market.
Call money made another advance. to per
cent, its highest level for several weeks and
within - per cent Of the high for the year,
which was touched about two months ago, when
il was believed that the loss of funds to the
interior was to be heavy this season. Time
money was little easier. the supply of funds
having become larger than heretofore this week
and the demand from borrowers showing no
enlargement practically the only inquiry at
present being for ninetyday accommodation,
which will carry the year. a shipment Of
$500, 900 gold TO Canada reported yesterday.
but the demand for funds for use in the interior
| in moving the crops continues very light, and
the prospect is that total Withdrawals this fall
will be far less than usual and that easy rates
| for money will continue to prevail The weekly
| slight increase in the proportion of reserve,
which is now 81 per cent, the highest figure for
/ this week for many years except in 1904. The
Bank OF France increased its enormous gold
holdings by s1.205,O0O. It's persistent accumula-
| ton of the metal has been believed to have as
one of its objects the preparation for participa-
| ton in Russian loan, which, according TO the
| budget made public in st. Petersburg yesterday,
| will be for SIS, 00O, 900