New-York tribune., 1908-11-08
FINANCIAL AFFAIRS
STOCK MARKET RAMPANT.
Neso High Record Figures for the
Year in Leading Issues Bank
Reserves Decline.

hours % trading on sn active volume OF ousi-
ness with the heaviest operations III the copper
shares Reading, United States Steel Ne" 10fh
Central and the Hartman securities MAXIMUM
gains of from / TO points were reported IN the
list of active issues while net gains were not
far under these figures. Heavy trading IN new
York Central was ons OF the interesting oeNei-
opmeuts Of the days movements the trahsac-
tions In this stock being accompanied oy the
rurnor that substantial interests had started
hull cauapaign In the Vanderbilt shares, and that
the came interests socn would take an important
position In Pennsylvania Reading, Baltimore q
Ohio and Erie. New York Central was helpeo
bv the report from the West that the company
had released orders for many millions or oo!iars
worth OF new equipment and supplies, ana
though this statement was denied by the vice.
president of the road the Street was unwilling
to believe that the company would not De IN the
market in the future for large amount
of new rolling stock and general equipment
The stock opened at 112% and sold to III. There
was some distribution in St. Paul but offerings
OF the stock were well absorbed, and new puyefS
pointed to the September earnings or the prop
erty as adequate reason for purchases OF the
cornpany's securities. Gross earnings In Sep
teuaber Increased s572 $751; 1913 per cent. while
net receipts increased s264,oTS or 12.S per cent
the exhibit being the best made by the road in
many months, and especially favorable as the
increased volume Of traffic in September was
carried at a smaller cost than the lesser volume
of business in the corresponding month year
ago In July gross earnings OF the St PAU
company decreased S468605. in August there
was a gain Of s11S,G72, and In September gain
of s572,ssI or q three months gain OF IA per
cent In net earnings there was decrease IN
July OF s22s.42O; in August net loss Of s1o1,746
and In September net increase Of S2640I5. ST
Paul has promising future
There we're heavy realizing sales in the gen.
eraI market before the close, but the movement
was not large enough TO cause important reces-
ir fcfin Commission houses
active buyers and the leading financial interests
in the Street added to their holdings II is IN
teresting TO note, IN view of the great public
interest that has developed In the stock market
stnce the election OF Mr.. Taft that in Fridays
record breaking operations in stocks snd bonds
nrices advanced throughout the day against
heavy losses in recent days OF big transactions
The largest days business previous 10 Friday In
the current year was on September 22' when
quotations broke violently following the Maine
election on sales of 1926 900 shares. The largest
business In the panic days last year was on
October g. when 1,3ss.392 shares were dealt in
The record sales OF 1907 were 2,671,516 shares
on March H. In the elimination OF what was
called the silent, uaillionaires, panic All
recent active markets have been on declining
yalues except the market Of the last wek. and
the fact that record transactions for the year
are now being made on adya ncing prices shows
that the public is buying securities The state
rnent Of bank averages published yesterday pre-
in cash and q reduction in the reserve above
legal requirements Of s3t309,150 to s30,27s,975
which compares with q deficit of s51,924625 at
this time 9 year ago. and q deficit Of sl,614125
in 1906. The statement OF actual conditions, as
Of Friday night, showed little change from the
Clearing House compilation on the average sys-
tera. while the report Of the trust companies
ara non-menaber banks showed a relatively
snaaIl reduction in loans and light gain in
ash Cash holdings OF the banks and trust
companies Of this city now stand at s4S2.6ss,900
while loans amount To s2.295.20o.8 800
Buying of the steel and copper shares has
been in heavy volume since the announcement
Of the big popular vote for the Republican party
and according TO current indications materially
higher prices will be established by Annaiga-
mated Copper. Anaconda. the good copper shares
on the curh United States Steel common and
preferred. Colorado Fuel and Iron and Republic
Steel and Iron In the last few days a heavy
buying movement has developed in the metal
market Orders which had been held up pend
ing the election were placed the day after the
victory OF the business mems party, while the
market also received the assurance OF big con-
tracts In the near future due entirely to the
crushing defeat Of Ar. Bryan. The business