New-York tribune., 1908-12-04
FINANCIAL AFFAIRS
SMALL STOCK CHANGES,
Narro5c Fluctuations on Big Tol"mC
Of Trading-Mouey Rates
QuOtdbIy Higher.

Stock market values moved within narrow
price range in the greater number OF issues on
a moderately active volume Of business fairly wei
distributed throughout the list yesterday. In the
early dealings losses We're shown from the clos
ing of the preceding day, result of traders
operations but in the absence of a continuation
Of the heavy selling pressure reported in Wed
nesday's late transactions, and on the COM
pletion of foreign selling, the professional ele-
ment resumed a position on the bull side Of
speculation. its dealings being made responsible
for complete recoveries in most shares and net
gains in the ma ty of issues at the close,
Final changes Id ever were not large The
standard shares were well supported and some
Of the low priced issues again were in demand,
in this class Chesa Deake & Ohio, Colorado
& Southern. and Wabash preferred being feat
ures. The Could group apparently IS becoming
more popular a consequence of improving
earnings. and there is good reason 70 believe
from the character of the dealings in the Vari-
oas issues that their prices win show material
appreciation in the course of the next six
months especially Missouri Pacific and Wabash
preferred Colorado & Southern, upon which
. dividend recently was declared, made a new
high record at 52l. while the first and second
preferred also enjoyed substantial improvement.
the movement being based upon the strong
condition Of the company and its excellent pros
poets for doubling its business in the next few
years Union Pacific. which highly active.
ended the day at fractional loss. Both call
and time money were quotsbly higher. and
foreign exchange continued to rule at the gold
export level.
Compared with this time a year ago there has
been increase in the amount Of money in
circulation in the country Of S1O9319450 due
almost entirely TO gain in gold. and the cir
Culation per capita now stands at the highest
figure in the history Of the United States. In
November the expansion in the amount Of
money outside Of that held IN the Treasury
amounted 10 more than S19,O00000. and not
atfstanding the current foreign inquiry for
gold at New York if is likely there viii be
further addition to the circulating medium in
the present month unless shipments of the ye
low metal should amount 10 an Unexpectedly
heavy total. Any who to study the
official figures showing the amount Of money in
the United States doubtless viii reach the con
cusion that this nation is in an extremely
strong financial position, with no danger If
monetary disturbance. providing speculation in
securities commodities and In general trade IS
held IN check, but the observer also may figure
out that with much money hand. with con
stant additions from gold production, the ten
dency in all markets will be toward imitation.
over speculation was an important factor in
bringing the collapse of last year With the
memory of the disastrous results of that panic
strongly impressed on eyerybodys mind the
chances would seem to favor an absence for
long time TO come OF disturbing financial and
speculative excesses Underlying conditions are
sound and they doubtless viii be allowed to
move in natural and healthful manner for the
benefit Of the whole people. who hungry for
2 protracted session Of prosperity. There is
plenty OF money in the country to bring about
greater industrial progress than before
recorded. and nothing win stand in the way of
the development Of prosperity if a proper
is made OF the funds that seeking employ
ment
Railroad earnings continue to reflect improv-
ing trade conditions. Roads which for many
months have shown a heavy falling off in traffic
receipts turning the corner and are point
sent complete recovery from the losses of the
last year. Erie which has suffered as much as
II not more than big road in the country.
shows for the month Of October. the returns of
which published yesterday. an increase
in gross Of Sl14214 and a gain In net of SSH
2s3. the gain in gross being the first since Sep
tember. 1907. The people who are financing the
Erie have faith in the property Last spring
when generally 1t vas thought the road would
be compelled to go into receivers hands. the
Hartman and Morgan interests decided that
temporary financing would be better than a -e-
reivershp. and there is every reason to be
lieve that they made mistake in their judg-
ment % the property. ST Paul for October
makes a conspicuous showing, its gross earn
Ings increasing S455.S6S and its net earnings
Sis 444 The st. Pauls Pacific Coast extension
practically will be completed in January. though
the building of round houses. shops stations aud
other Incidental work will delay the opening
of traffic to the coast over the company's own
rails until the summer.