New-York tribune., 1908-10-28
FINANCIAL AFFAIRS
STOCK T4LUES STRONG.
Trading in Securities More Act're'
but Highly Professionol-Money
Market Factors.

c+oor market trading conducted on
lager scale than was reported in Monday S op-
erations but the dealings again were Iiiaue op -
great mart of the transactions OF tlle ~
sionaJ element. Commission houses Ildu le"
orders for publfc account on either slue VI r'0
-,o-l,a+ while the more important fnanclaI III
+erests were not actively identified win the
yorice movements. except to the extent VI i'aIii
tanning their position on the long size Vi stet
lotion They were not sellers of stocks, and the
scarcity OF stock in the market made II an easy
,,,o++e- 70 advance quotations In the pest pdTI
of the day the movement of values was III tilo
direction of a higher level. with the chlel a.
1ivitv and strength among the leadlhs ISSUES ~
the Hartman shares, the metal STOCKS anu
beading Among the less prominent issues the
-o4I--.v continent shares showed a certain
degree of strength, especially New YORK An
brake The most important development OF the
dav came after the close OF business "lIei tii7
United States Steel Corporation made pubic us
-;,oc for the ouarter ended September 80
showing net income Of S27106,24, which COM
mares with 20.265.756 in the preceding quarter
and surplus after dividends Of $5152'o23' against
s1o5 5e5 at the close of the June quarter Net
earnings of the company in July showed gam
over June. August figures were better than those
of Tu1, and September results were still heavier
though of course. under the earnings or the
same time last year. In the September quarter
in 1907 net earnings amounted 10 nearly S44'-
100000.
wear Yesterday while the general average was
at about the years best figure. Union Pacific
sold at 171%, closing at 17112, while the con-
vertible bonds also were strong and IN good de-
mand in the neighbOrhood of 10S AT this price
the stock would have to sell at about 18O 10
make conversion worth while. Union Pacific,
United States Steel common, Atchison, Ameri-
can Car and Foundry, Sloss-Shefheld common
and preferred. Tennessee Copper, Allis- Chalmers
preferredg Reading first preferred and Wiscon-
v1yere
vanced to new high quotations, but outside Of
Union Pacific, Steel common and AtChisOn there
was little activity in the issues named The
Sloss Sheffield shares advanced 4 g and Pa for
the common and preferred, respectively It is
understood that there has been a quiet accu-
mutation Of the iron and steel stocks in the last
few months as consequence of the known i'm
prOvement in the trade and the relatively low
prices at which these securities have been sell
ing, the buying including Colorado Fuel and Iron,
which has the prestige Of Rockefeller backing.
The European markets were firm, and American
securities were strong features on the London
Exchange. According to cable dispatches there
will be an active foreign buying movement for
investment account in American railroad mort
gage issues in the event Of the election Of Mr.
Taft. Outside the stock market the most inter
esting movement IN wheat which sold at
the highest price since last spring at 81 10 Il.
Deliveries of wheat from farmers hapds to
ket are decreasing rapidly, the falling off far
this week amounting to 100000 bushels, as COM
pared with the same time in 1907.
The possibility of exports of gold from this
country in November is being discussed in for
eign banking circles, where 1t is believed the re-
quirenents of London and Paris in connection
with financing the needs Of Russia and Egypt
and perhaps the outlays involved in the settle
ment of the Balkan situation, will be heavy
enough to attract gold from the United States
This country is in position that would permit
active outward movement of the yellow
metal without causing disturbance in money
of this character would tend, with other factors
in the money market, TO bring about higher
rates for loans. At the moment there are
eral considerations respecting the money market
to bear In mind as, for instance, the possibility
of gold exports, Of government Withdrawals
from depositary banks and of a large expansion
in the borrowing demand from the mercantile
community and from Wall Street. The actual
development Of these factors would be followed
by a marked hardening in loan quotations as a
result OF lower bank reserves, but in view OF
the extensive holdings of the local banks and
the strength Of interior institutions the develop
ments Of the factors named would not in anv
way upset the financial situation. They would
serve however, TO give the banks better ,ro6t
on their transactions and tend to check wild
speculation on the Stock Exchange. Some spec
ulators looking forward 10 an era of
pIethoric money conditions that would make the
stool, market hum for many months TO come
but the best judges Of current conditions and
their trend believe that after the election the
heavy supplies of idle money in the banks will
decline as a consequence Of a revival large
scale in the country's industries. and that In a
few months speculat tors will be compelled to pay
a good price for accommodation. 1t Is absurd TO
figure on a further prolonged period of enor-
nous idle supplies of capita! IN this country.