New-York tribune., 1908-10-24
FINANCIAL AFFAIRS
STOCK PRICES DECLINE.
Heauy Realizing Sales affect Mar
ket IN Final Trading ng-MOney
in Light Demand.

stool, values moved in an irregular manner ~
the greater part Of the day. with aeSi'',' -
ness IN the late trading. when 'he r,t ro'u''Io
taking sales was heavier than the narNe'
oo,,15 rtand without q material recession III
rrices stop loss orders We're caught on the u'-
cline and traders took advantage OF the sue
1ative conditions 10 hammer quotations III a,
parts Of the LIST. The weakness was not a. ~, ~
e,,rnrIsing to people who have followed N
course of quotations in recent days ii'-
ro4r,,ry more than a natural setback at'eI
reriod of protracted strength ana fofsstla""'
ing nothing upon which the bear element t'"," ~
base the hope Of serious losses in the near
In the early dealings strength developed III Ii,e
co,,ner shares on buving based on further au-
vance in the price Of the metal and on the OPP
tirlistic reports from copper sellnS toHCeitS'
which indicated a decided change for the peIIe
In the position Of the copper market ana srauLal
ir,r,ro,en7ent in the quotation for copper in the
balance Of the year. The copper market was
one OF the first to suffer from trade de-'reSsioh'
and il is likely to lead the advance that appears
inevitable in all lines OF industry, interests iden-
tilted with the copper trade believing that we
shall have the metal at Is cents a pound before
the holidays. accompanied by marked apprecia-
ton in the shares Of the copper producing com
NAMES. St. Paul. the Hartman shares. Great
Northern. Reading. Rock Island preferred. In
terbOrough- metropolitan preferred and Third
Avenue We're the chief sufferers in the closing
weakness. but with the exception of the last
named net losses did not run beyond 13S
points. While the sales were fairly well taken
throughout the list. Evidence of manipulation
for lower prices was presented in various parts
of the market. but the declines recorded were
not in proportion to the efforts expended. Sell
ing Of Third Avenue stock had more the ap-
pearance of long stock coming on the market
than of a bear raid On the break in this issue
many stop loss orders were caught.
On the known movement OF money in the cur
rent week the local banks have lost S3SS 200 in
cash holdings, representing small loss to the
interior, less a small gain en- Sub-I'reas;1ry-
operations. The demand on this centre for
funds from the interior has been unusually
light this fall, and apparently the so-caIled drain
on New York for money in connection with the
financing OF the years harvests is about at an
end. while as yet there is no active inquiry here
for funds from regular mercantile sources
There Is so much money at Western points that
Il is not unlikely the interior banks will soon
begin TO ship funds to New York which will
undoubtedly furnish good market after the
election, when, in the event Of the election Of
Mr. Taft. which now appears a certainty there
will be a rapid expansion in the demand for
accommodation from the stock market and from
general trade circles. At the moment the time
money market is stagnant and the tone is
Slightly easier, though in commercial paper some
Improvement Is reported. The ease in the call
and time departments of the market is respnD-
sbe for d fair demand for railway mortgage
issues from investors, also from Spectators
VINO are taking the bonds Of Il semi-specuIative
character to hold for higher prices. There is
little doubt that the general bond market will
work 10 q better level particularly among the
issues that have not as yet responded to any
great extent TO the conditions that making
for higher quotations in all securities. Wall
Street has splendid facilities for securing un-
biassed opinions regarding the probable outcome
OF the election, and the fact that the largest
capitalists are accommodating securities is one Of
the best indications of how the voting will run
on November D. The Street is confident that
AIr Taft viii be successful and as a conse
quence II is not bearish stocks If there
were any doubt il the minds OF fnanciers over
the election of Mr. Taft bankers offices would
be clouded in gloom. There is more cheerful
and optimistic spot in the country al present
| than Wall Street.