New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-10-14
FINANCIAL AFFAIRS
STOCKS IRREGULAR.
Gould Issues and Union Pacific Con-
uertibles 4ctire-Money Market
Frmer - Copper Prices
Improving.

The sharp recovery in the stock market
Monday in response TO the encouraging turn
in the Balkans situation followed yesterday
by dulness and irregularity. With underlying
strength. In London there was less disposition
than on the preceding day 70 regard the
troubles in the Near East settled beyond the
possibility OF further complications. and this
uneasy feeling combined with the slackening Of
activity always incident to the progress OF a
fortnightly settlement to cause restricted and
saggng market. in which cOnsols declined with
the general list. The local market. however, did
not respond as usual to lower range OF prices
from London. but opened at slight gains for
some of the active issues and speedily devel-
oped general strength. Foreign houses operated
chiefly on the selling side, but their operations
were not so large as TO have much effect on
prices. After the market leaders had been ad-
vanced an upward movement began in various
specialtIes especially the low priced ones and
around noon a general decline occurred
profit taking, and the market. after alterations
Of strength and weakness in the afternoon
hours. closed irregular. with net gains and net
losses about equal in number. The Gould issues
among the strongest of the day. advances
of from 15s to ga. points being made by Mis-
souri, Pacific. Texas & Pacific. Denver & Rio
Grande common and preferred and wabash
preferred. In the bond department there was
heavy trading in Wabash refundng A., which
made a maximum advance Of two points, all
of the other issues Of the Wabash system also
gaining, although there we're no news develop
ments affecting the Gould properties. The
heaviest dealings in the bond department were
in the Union Pacific convertible As which ad
vanCed TO q high level Of 1915. These
bonds are convertible into common stock at
175, and their rise in price accompanied by
rumors of some impending announcement ia
vorable TO the stock
Call loans were placed yesterday high as
~ per cent, against the long prevailing maxi
mum OF 4, and the tendency Of time funds
toward greater frmness continued. although
there was no expansion of the demand. De
mand sterling declined Ave points on the day
Its movement apparently rejecting ordinary
conditions Encouraging reports were received
from various industrial sources. notably the
copper industry, heavy sales of the metal at
the very satisfactory price of 1872 cents for
electrolytic being announced, while steel manu-
facturers declared that the new business COM
ing to them far this month was decidedly
larger than they had expected. cheering note
also sounded from the Western railway
field In the announcement that since September
80 in the two weeks preceding which date the
number of idle freight in the country had
decreased nearly 10000, there had occurred
some car shortages at points in the West. these
shortages although small being significant of
the steady. and in some territory rapid, de
velopment of business and consequent revival
Of demand for transportation facilities.