New-York tribune., 1908-11-26
FINANCIAL AFFAIRS
STOCKS CLOSE HEAVY.
Heacy Profit Taking as a Result OF
Tuesdays AdUdnce-Pablic Not
IN the Market.

Stock market values moved in an irregular
manner throughout the five hours OF business
closing at net losses in the greater number OF
active issues. The gains Of the preceding day
failed to attract active outside demand Ior
securities and though further covering OF shorts
and efforts by certain pool interests TO advance
quotations in the morning operations nroueh'
about moderate improvement n the leaoms
shares the inquiry from commission houses tor
public account disappontingly light the
only indication of public buying being presented
in the operations in Reading and the Hartman
shares Absence Of an active public buylng de-
rnand encouraged a resumption OF speculaton
on the bear side Of the market in the after
noon and as a consequence Of this movement
and realizing sales by traders whose accounts
showed substantial profits a result Of Tues
days advance the forenoon gains not only were
lost IN most parts of the list but prices showed
before the close relatively extensive decllnes
from the high points OF the morning. The net
changes however were not large. except in the
case OF some of the leading securities. The
profit taking sales in the Hartman issues ana
United States Steel were heavy, the movements
in these stocks not being accompanied by buy
ing Of an impressive character, the chief de-
nand coming from the shorts. Bear traders
IN the steel shares made much Of the so-called
argument that talk Of a reduction in the tarih
on steel will bring about q falling off IN the
earnings of the United States Steel Corpora
ton. on the theory that consumers will stay out
OF the market until Congress takes action or
the tariff question. American Cotton OIL Con-
solidated Gas Missouri, Kansas & Texas, Ne"
York Air Brake and Reading were among tho
few active stocks that closed at net gains. Erie
was sold on the announcement of proposed
bond issue, notwithstanding the fact that the
issuance Of new obligations by the company
will work for the eventual good of the property.
Railroads earnings beginning to show
gratifying IMPROVEMENT, compared with this
time year ago. and the fact that from now on
comparisons will be with e period OF declining
receipts in 1907 does not rob the current ten
dency OF its Importance as an indication or
trade revival. For the third week in November
results far reported exhibit in the case Of
most roads substantial gains especially for
Canadian Pacific and the Gould properties. Mis-
souri, Pacific presents an increase OF $4,000,
Texas Pacific an increase Of S50,597. Denver
& Rio Grande an increase of s17.400, and Wa
bash an increase Of s4,9SS these gains being
particularly noteworthy owing TO the heavy
losses suffered by the roads In the recent period
of commercial depression. With transportation
receipts on the mend there is every reason for
encouragement over the future Of business in
this country as the course Of railway earnings
is one Of the safest guides respecting the in
dustrial situation. The volume Of payments
through clearing houses is another indication of
trade conditions, and IT, therefore. is we'll to
note that such operations gradually are increas
ing not only as a consequence OF increased
speculative activity In the securities markets
but OF expansion in mercantile transactions
The increase in the cOuntry's trade has not YET
exerted any influence upon money rates. but as
bank holdings throughout the land enor-
nous, the failure Of loan quotations to move to
q higher level is not at all surprising, and un
less there should be a heavy outward move
ment OF gold. of which there is no indication at
the moment despite the strength in the sterling
exchange market. a relatively cheap market for
funds may be looked for until well into the
new year. Paris shows no disposition TO offer
eny inducement that would encourage shipments
OF gold from New York owing. doubt TO the
fact that IL is experiencing difficulty in secur-
ing the metal In London, where every Monday
a large amount of South African gold is avail
able in the open market. The production of
gold in South Africa is most important factor
in the worlds money markets at present. and,
with the constantly expanding production in this
country and Alaska, may be counted upon to
play an Influential part in ANITA lining prices
for stocks and commodities at advanced levels.