New-York tribune., 1908-10-25
FINANCIAL AFFAIRS
DILL DAY IN STOCKS.
Prices Generally Fractionally Higher
-Ronk Reserves increase.

o email volume Of business IN tho w
ho,,rs IF trading stock values. as d Iulo'
Ar,r, without important changes al ui0
cornnered with the Anal figures IN FLoas ,s
market. The greater numner OF lsSu.s pa1ifc f,,r
small fractional advances, southern ~ ~
nisbing an exception at & net gain ol 70, -
Improvement in this security belhs ,ho
strong London market 1or the s~'o ~ aS
attendance on the floor or the eAcli0iie -
Iisb+ owing TO the presence of q large Ha1oil's
s LII c+raet st the automobile race, ana
transactions represented little beyond the ep '1
ming operations of inconsequenuaI c,.n-
Amalgsmated Copper. St Paul, Reaolhs' 60.
ern Pacific Union Pacific ana Ol..a Olil'eu or
Steel common supplied a large peIceL.'e t %
+be dealings The statement OF bank averages
published after the close OF business sh
substs ntial increase In cash and reseroe noo
inps the latter advancing S14OSSto 10 solooV. a 81
0e0 which compares with dehcit OF sl,HoS:oo0 to
at this time a year ago and surplus ol Fo,o', o3
e-5 in 1904 In the statement or ac1ual Soilu4
t;ons as Of Friday night the expansion III - i
serve was slightly larger than IN the AVeiase
figures while there was decrease III io6ii'
of "a sO6 500 compared with decrease IN
the averages of S6.4O0. The chief loans
in the week were made by the trust com
panies Loans Of the Clearing house eanRs aEa
now stand at 81 33S 426, 800. an increase OF Sow
900 from the corresponding time year ago.
donoctts have increased 1894 $50, 400, cash has
increased S132 703, 400 and reserve above legai
requirements has increased S34, ll3'5oo' the
changes representing among other FACTORS INC
re-esta blishrnent of confidence in the banks iol-
lowing the financial disturbance in OCTOBER
1oo7 u,btch led to hasty Withdrawals by deposi-
tors throughout the country. The banks to-day
are in a remarkably strong position, and those
institutions that went under last year IN the
majority Of cases have paid their depostors IL
full and have resumed business on a saIe OASIS
Bank clearings are larger in volume than re-
ported in the summer. but are still well unoer
the records Of this time year ago and IN 1SUo'
while railroad earnings also show Improvement
over the results reported earlier in the year
Total navnents through the banks Of the United
States in the last week were 15.4 per cent
lighter than they were in the corresponding
period in 1907 and III per cent below the same
week in 1906 with the heaviest losses In the
Eastern cities At most OF the Western cities
small gains are shown The fact, however. that
clearings are larger than they were a few
months ago is an encouraging sign or gradual
return Of normal times, and in view Of the near
approsch of the Presidential election the i'm
provement In business as reflected in bank pay
ments and railroad earnings is particularly
noteworthy. Trade reports indicate a decrease
In idle machinery and preparation for future
business but of course at the moment an in
active market for the placing Of new contracts
The contracts are ready, however. and the cleo
ton Of Mr.. Taft will be the signal for their
placement. In the first two weeks Of october
railroads reporting earnings present marked i'm
provenent over the same time IN September and
August and only loss of 4.6 per cent
pared with the corresponding period in 1907
That the railroad business is picking up is re-
fected In earnings and in 49, increase in the
number of cars in operation. idle in
this country showing a decrease from Septem-
Der 80 OF 1876. leaving the total number
OF idle cars in the country 1906 compared
with the high record OF the year Of 413, ,60o. In
addition to the indications of coming better gen
eral business presented in bank clearings and
railroad earnings further evidence is furnished
by the condition Of the iron, steel and copper
trades. which are growing stronger every day
Wall Street has been discounting for long
time the return Of normal times In the country 8
industries, and though it would seem II the
process had gone far enough there is no indica-
ton that the top figures of the year have been
reached. The big men have been cooperating
for months, and their combination shows no
signs Of disintegratng. They have the money
necessary for the conduct OF a big bull specula-
ton. and apparently they are confident Of their
ability 10 carry prices TO much higher level
before the end of the year. There is at pres
an, No organized bear party.