New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-11-21
FINANCIAL AFFAIRS
STOCK VALUES IRREGULAR
Heaug Morning Slump, FolloWed by
RecOUeru-Banks Gain Cash.

a
trading the stock market suffered sharp declines
in the midday operations, the latter movement
being helped by the professional element anu
others who were anxious to bring about a lower
quotation level. They succeeded to the extent
Of establishing values on level not much ABOVE
that recorded on the day before election, pct
from this point prices were bid up from to
s points placing the general range OF values at
the close at unrnportant changes from the pre-
ceding day. with small net declines predonlIat-
ing. Amalgamated Copper, which sold down 10
S2ks closed at 81: Reading sold as low as l3o74
and ended at 1875; Southern Pacific, after
selling at 1864, rallied to 1855, and Union
Pacific showed a gain from the low OF "A at
1917. the closing figure. There was nothing
mysterious about the noontime decline or the
final recovery Speculative conditions were re-
sponsible for the movements and the Street,
which generally finds some excuse In OUTSIDE
conditions for the course OF values, even When
technical reasons alone warrant decline or an
advance was unable to bring forward any souhu
argument outside of that presented in the gen
eral position of the market for the days violent
fluctuations. Prices have been declining Tor the
last three days as result OF the oVersDecnla-
ton following the election, the decline yesterday
apparently representing the end of the move
ment for the present, at least. Stocks We're
bought on the way down by strong interests,
reflection of which presented yesterday IN
the ease with which values recovered after
liquidation had its course and the dlh1culty
experienced by the shorts 10 get InSlI SloChS
back. The bear crowd made no attempt TO hght
the advancing tendency in the late transactions,
when bull operations were heavy enough TO give
the market the appearance of real buoyancy
Rates for sterling exchange recorded another
advance yesterday. bringing the market close
to the point at which gold might be exported
to Europe at a profit with the Paris rate on
London at its present low quotation. French
cables in this market yesterday were about 1854
from the point at which bankers can figure on
small profit on gold shipments from here. as
Stunning the Bank of France would allow inter
est on the metal in transit. but far there has
beep no intimation from the French capital that
the bank will extend that privilege. though 1t
IS known that the French Institution is eX-
tremey anxious TO increase its gold holdings.
Cotton bills are being held back from the local
market and unless the supply of exchange here
increases in the near future it is not unlikely
that gold will be shipped to Europe from New
York Gold exports at this time would not in
convenience the local money market though
they might tend to strengthen rates for loans.
Our banks are in strong position to stand any
drain that may develop their resources have
not been affected to any material degree by the
heavy speculation in the stock market, and they
have not been called upon to send large sums
TO the interior. Indeed, the movement Of cur
rency at present is in favor Of this city. The
out-of-town banks are so we'll supplied with
funds that they are able to finance home re-
quirements without drawing upon their New
York balances, but II Is possible that theT pur-
chases of the Panama bonds may be
financed from here These bonds offer no in
ducement 10 the ordinary investor, and the
chances are that the greater part of the $50
Oo00o0 Offering viii be taken by national banks
that can the security against circulation
and the deposit of public moneys. The proceeds
derived from the sale of the bonds Will Increase
the Treasury's working balance to the neghbor-
hood Of S41.p091O and will enable the depart
ment TO meet its constantly increasing deficit,
though with the large expenditures that must
be made the Panama Canal construction
count il is evident that in addition to the is
suance of bonds the federal government at no
remote time viii be compelled TO withdraw a
part OF its deposits with depositary institutions.
The general outlook favoss a firmer tendency
in money market rates in the year.
The commercial agencies reporting results of
the current weeks business throughout the
country make encouraging exhibits, showing
that sur industries are proceeding safe and
lines. with Indication Of overstrnula-
ton or overspeculatOn developing Stock mar
ket traders who arc In q hurry cash profts
would like TO see an immediate boom in all de-
partments Of trade. but fortunately there is no
prospect of business moving on any but CON
sentative lines stock market operators ought
to be satisfied with current conditions which
show vast improvement compared with the
situation prevailing at this time a year ago
Confidence in business circles has returned and
this confidence will prove one OF the strong
foundation stones for the upbuilding of the
nations Industries. Railroad earnings for the
arst week in November present noteworthy