New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-09-11
FINANCIAL AFFAIRS
STOCK VALUES LOWER.
Call Money Aduances to PIG
Per Cent-SterEng Rates
Again Strong.

-r-onroo+ionS II, Yesterdays stock market ran
hevond one million shares on movement u
values that showed great irreguiarll9' WIN
marked weakness in the last hour anu me-
losses in most of the active issues. The gen
eral course of trading suggested that cel '"l.
interests had attempted to distribute some VI
their holdings and found poor ueillaiu ~
their wares. while it also suggested 1har ma
+ra7.rs sold on the theory that the so-calIen Dig
men had been selling in the last few Gays uue,
the cover of manipulation IN the hartman anu
other securities 4, v,;,,,
prices we're decidedly strong at the opening
and showed new high figures for the year III d
,,,,1,,bar of shares including Reading and lhe
Southern Railway stocks. but soon aluer Ille
announcement of the decision against 'ie 60
eminent in favor of the hard coal rallroauS III
tbe suit to test the constitutionallty OF the COM
modities clause of the Hepburn railroad act tilo
eararal market began to recede under the ohei-
ings of spectators who followed the lii"eM VIZ
wall Street theory of selling upon the puDicd-
zion of news considered favorable 10 sIochs-
Beading which touched 1875 shortly aIlel
Tho decision came out on the ticker. declined 10
1oqz5 closing slightly higher. Southern FaclIic
and Union Pacific lost more than punt -
paul lost pa Consolidated Gas, "a Afllellesii
esroaItine ~ +; Amalgamated Copper, IA Norlh-
ern Pacific ia. and American Locomotive -
,rI,o dacine in the last named was due 10 tle
nassng of the dividend on the stock me
Southern Railway shares. Baltimore q Oliio'
Western Union and New York Cehual wee
he issues thar enue0 Will hCt gum
The weakness in Consolidated Gas was ac-
ocr,nanied by selling of Brooklyn Union cas-
b,,t the latter stock was well taken on tlle ue
cline OF more than points, the stoch' III VIZ"
of the company's earning power, being consul
Grad cheap at the price. Floor traders reported
- 49,. found = large amount of stock in the
market at the close and that speculation pre-
ean+ed a more uncertain tone than recehlls
noticed. 4-
call money advanced to 213 per cent yester
CIV las January,
and while little business was done at tha' hs uie
y was thought in banking circles that the mar
tet would now see something better than 'le
per cent level that has ruled Tor so many "e0N'
The banks have an enormous amount VI iiioHsy
available for the loan market and they VIII
welcome a better price for funds. II is mot e6-
nected however. that there Will be anyulths "p
r,roaching stiff money rate for weeks 10 coiilc'
a. znite If the possibility of gold exports, which
as a result of yesterdays developments IT the
foreign exchange market, appear likely TO re-
hit y, moderate shipments from this centre
Sterling advanced Is points for demand
bringing the rate TO 4.S6h, but hrner ten
depcv also was reported in the Paris quotaIl"i'
which Will make necessary further rise III inc
local rate before exports of the metal can De
wade AT a profit The supply of cotton blils Is
light there has been heavy seIlhs ilioE -.
Of American securities for foreign account IA
+be last few weeks. and, as pointed OUT III 'Iii'
coI,,n,n Yesterday there has been an active ue-
,o,5 for exchange in connection with the pay
,,ent of New York City warrants held ABROAD
These factors together with heavy covering OF
short contracts in the exchange marKeI. hdtu
ali. tended to carry sterling quotations to the
gold exporting level.
- u.oe eaid in well informed Wall Street quar-
tors Yesterday that the foreign selling Of Amerf-
can securities in recent weeks had been heavier
tbor generally known and that good part OF
tho strength in the sterling market had peeh
dine to the demand for remittance created by tho
foreign stock liquidating movement Foreigners
,vere heavy BUYERS of our stocks when prices
were far under the current ieVel ana pFoli' IAN
;ne Sares at present attractive quotations would
he entirely in line with the general atutude Oh
Furopean operators in American securities.
According to foreign bank statements ana Tor
e;en money rates the situation abroad does not
call for gold shipments from here. Out appar-
eptiv this country temporarily in debt TO
Eurone and II our obligations cannot be set
fled through the medium Of exchange o1lls then
ne will be compelled TO send gold, or whlch
thare is an enormous supply in the banks Tho
hanks at this point would place no obstacle IN
H. way OF an outward movement of the metal.
a ,hey would welcome any development on
t;+i,,,,te lines that would serve "a strengthen
-. rates There is little profit in lending
op,.I. AT prevailing quotations There Is pet
ter chance to make money IN the STOCK market
-, Il, the money market, and banks that buy
bonds at present prices iSO-4' = -
than they do from loans. , o,arao,, ,
T'Ia decline that took place yesterday II
s+oc.s caused no surprise in the Street as
s-eroent of this sort had been expected ier
IraI ~ IS owing the steady upward course
~ values and though in some quai teis ttte pr i.
.:,tr, go made that further Improvement
would not De recorded IN me ~, ~ -,
tbe Greater number of houses thought the gen
-, ,,st would sell at higher Level before
..stsrtsl setback would be Tsported