New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-24
FINANCIAL AFFAIRS
LITTLE CHANGE IN STOCho
Final Prices Shoe More Net Cams
than Losses-Sterling Rates
Higher.

-. -.1,,ae moved in an irregular
manner throughout the five hours % " 80,
q moderately active volume OF business, 5a7.s
- comparison with the dealings in the oa!s
al Osia+a1, following the election the total was
,;,;eoor+ Declines in American seCuilt'e'
a.. 7 o-5on and some pressure by the local ~
<essional element were responsible lot ca
o,enjDp urfces from the closing nguieS Vi
,1riav while in the subsequent forenoon, -
lions the general tendency was in the olrecl.o"
=, n,ha- 1ey-al The advance, which was Que
q Great mart TO covering Of shorts Was h0'
ma intained in the early afternoon. the mp -.
r7,ent in prices failing TO attract coIiilii'
to,ea b,ying while there was no indication "
,ocreeei,-e bull trading fer the account OF tle
chief Wall Street interests. Furlher e.s
~ b,,,,ine nv pools was reported in Consoildateu
cas- tennessee Copper. American cotton Oli anu
Colorado Southern, in which net gains % nlol
than one point were recorded liie
character Of the trading was not 1mpressiHe
<-o,7, a hull point Of view. notwithstanding the
fact that In the final dealings the greater NUM-
her of securities showed Improvement ou le
nevved covering by room traders. with siiiah ne
gains in the majority OF issues <AioHS ~
active shares AmaIgamated Copper, AineIlCaii
Smelling St Paul Chesapeake & ONO .>oItH-
EN- Pacific and United States Steel showed iIaC-
ttonal net losses but elsewhere IN the actNe HS'
last prices were slightly in favoI OF the long
account There was some selling in the afleI-
noon on the result Of the city bond Offering Tor
with the subscriptions for the 4l2 per cents OF
a wear ago Analysis of the bids will show.
however, that the leading banking houses IN the
Street are ready TO take the bonds at far prices
for the city.
wall Street interests who agree that stocks
eventually will seek higher level do not appear
70 be at all bullish over the outlook for an actNe
resumption Of the bull movement IN the lIhIIe-
diate future, their argument against further sts-
tanned material advances at the moment beng
of SnecIla ton
on the fact that many OF the people who stood
behind the market in the summers advance
have distributed their holdings and are waiting
for lower prices before assuming an active par
ticipation IN the dealings and on the apprecia-
zion in values TO 2 level that has fully measured
election results and the Improvement that has
taken place in the Country's industries. FROM
the high point of the post election advance
which marked the best level Of the year, there
has been q substantial decline. hut in view OF
the great gains recorded prior to and following
the election II readily may he seen that from
speculative consideration Of market conditions
the expectation Of additional declines IS not
unreasonable. AMI that purchases at the current
range Of quotations should be accompanied ny
large margins There are many pools that have
NOT ,-e+ been Inundated and the chances are
that on advances that may he brought about in
the next few weeks heavy selling from this
source will be recorded, while on declines that
may accompany such a movement the heaviest
which will tend TO prevent Decentralization in
values Looking at the market from the wholly
investment side, securities, while no longer
Welding the attractive returns of few months
ago. still present opportunities for the safe
placement OF funds at a reasonable income
basis and as there is enormous supply OF
idle capital throughout the country, the demand
from investors dou btless will be heavy enough
for the present at least, 10 offset TO extent
as an influence upon quotations the liquidation
OF speculative accounts
The bank statement for the last week supplied
ample reason for the continued ease in money
rates at this centre. Cash holdings and reserves
of the banks and trust companies are abnor-
mally heavy for this period of the year, and
the probability OF cheap money for weeks to
come is causing considerable speculation in for
eign exchange circles s 10 the possibility of
gold exports from New York before the end OF
the year. Sterling exchange was firm yesterday.
The Bank OF France showed a further dis9o-
sition to increase its gold holdings by bidding
for and securing all the South African metal
offered in the open London market, a reflection
OF the Paris demand being presented in another
advance in bar gold at the British capital Fort
unately London is we'll supplied with gold but
IL is conceivable that with any large increase
In the inquiry there for the yellow metal efforts
may be made to switch the demand tC the
United States, which the moment is about
the cheapest money market in the world If
the Bank OF France should make an induce
ment in the way Of paying interest on gold in
transit, shipments, with q slight further advance
In sterling rates. could be made from here
Foreign political considerations and the ex-
pected offering OF 8 large amount OF Russian
bonds apparently the chief reasons for the
exxasrdinaxy accumulation OF gold al Para