New-York tribune., 1909-10-30
MARKET
HEAVY STOCK GAINS.
Banks Lose 81, 10000 on
Weeks Currency Increment.

Transactions for higher prices in the
local securities market were resumed on
a large scale in yesterdays trading. and
throughout the five hours of business
marked strength was shown in all de-
partments of the active list, including
bonds in which speculative buying was
moro pronounced than at any time in
recent weeks. The relative ease OF
money and the liberal offerings Of funds
at prevailing rates encouraged increased
public participation in the dealings.
while the idea in the Street that from
now on money would be available in
round amounts for speculative purposes
induced renewed activity among the
larger pools in the leading issues. notably
in United States Steel. Union Pacific,
Reading. Atchison and Amalgamated
Copper, the last named recording one Of
the most conspicuous advances of the
day. The minor copper shares responded
TO the movement in Amalgamated Cop
per. The copper trade conditions appear
TO indicate that speculative copper metal
holdings are being cleaned up, and that
producers and consumers. The demand
for the metal, according to all copper
authorizes, should show material i'm
provement in the rest Of the year. and
the inside buying of the copper stocks
tends 30 confirm this impression, espe-
oially the buying of Amalgamated,
which comes from the highest sources.
Stocks. cotton and wheat were strong
on the improvement in money market
conditions, but the aggressive character
Of the speculation suggested that the
better position of money might be seri-
ously imperillcd by an extension of bull
operations that depend upon borrowed
funds. This feature of the situation.
however, did not appeal to operators who
have stock and commodities for sale at
higher prices. There is ample reason in
trade conditions for optimism on the
part Of owners Of American investment
securities, especially in current returns
Of railroad earnings. which show gains
proving the transportation business is
back to the level of the most prosperous
times in the past. The reports of the
Union Pacific and the Southern Pacific
for September. the figures of which were
received yesterday, supply convincing
evidence of the marked change that has
taken place in business conditions as
compared with year ago. Union Pa
oific's gross revenue increasing S6Sj. T79
over 1905. with a gain in net of $685.
7223, and Southern Pacific's gross 81. $50
500. with gain in net of S11I.421. The
gross earnings Of both companies were
heavier than in any corresponding month
IN the history of the roads OF the total
dealings in stocks of more than a million
shares, the larger part was supplied by
nine stocks, with the heaviest trading in
United States Steel and Amalgamated
Copper
Local banks have lost a small amount
of cash on the weeks movement of
money. due in large part to gold exports
and operations with the government. re-
ceipts from the interior exceeding ship
ments. exclusive OF the gold coin sent to
Canada. Including the latter item the
banks lost $796,000 and with their loss
TO the Sub-Treasury suffered a total net
decline in cash on known transactions
Of little more than s5.000,OOO, Which
may be offset in to-day's Clearing House
statement by receipts Of cash over the
counter unrecorded in the preliminary
estimate of bank conditions. Elimi-
mating the shipments of gold TO Canada.
the banks gained on the interior move
ment 81 100000. a result not unexpected
in view of the recent course of domestic
exchange, which has indicated a strong
demand for remittance to New York.
Shipments of currency from this centre
in the week has been chiefly to the
South, la connection with the marketing
Of the cotton crop, which also has been
factor in the recent easier tendency in
the sterling exchange market, The nosi-