New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-09-19
FINANCIAL AFFAIRS
STOCK V4LUES STRONG.
Shorts Heavy Buyers-Banks Lose
Money on Week's Currency
Increment.

In yesterdays stock market the movement Of
values in the greater part of the five hours Of
business in the direction of higher prices
advances being due to buying by the shorts and
purchases by speculative interests who evidently
believed that the decline in Wednesdays and
Thursdays dealings warranted a return move
ment on the bull side of the account.
The Erie Reading. Southern Pacific, Union
Pacific and United States Steel issues were in
demand in the early trading, but the buying
power was not heavy enough to bring about
striking gains. while in the early afternoon
selling from the professional element an
important influence in discouraging further &C
tive transactions for a better quotation level
The most depressing feature of the market
from the bull point of view its tendency to
become dull on the advance
AT the close theS greater number of issues
showed net gains. but there nothing ap-
preaching bull enthusiasm among room traders
Good buying was reported in some of the low
priced issues, notably the Colorado & Southern
shares, while bond houses received further heavy
orders for investment account Conservative
firms say that investment shares-that is, the
stocks of the leading railroad and Industrial
companies. and the mortgage issues of the same
concerns-do not look dear at prevailing quota
tons, but that stocks bought on borrowed
money for purely speculative profits ought to be
protected by heavy margins. notwithstanding
the ease in the loan market.
In the last few minutes of trading yesterday
the shorts. which apparently induced by
tive buying of Union Pacific by a house which
is supposed to represent the inside interests
According to the known movement of money
in the week, the local banks have lost So. 135 900
in cash holdings. due TO Sub-Treasury transfers
of funds for local institutions to out of town
points and to direct shipments of currency tn
the West III connection with the financing of
the crops. It is quite likely that to-day's state
ment of the Clearing House banks will show
decrease in reserves unless the liquidation in
stocks in the week has been heavy enough to
bring about a material contraction in bank
loans, but inasmuch as actual money holdings
of the city banking institutions are enormous,
and far in excess of current needs of the loan
market, there need be ne uneasiness over the
immediate future OF the money market. And
from present indications there will be nothing
in the money market in the course of the
autumn months that will cause disturbance in
Wall Street. barring a speculation in stocks that
might become heavily overextended on the bull
side of the market.
Gold to the amount of more than 1.4D0, 900
was engaged in this city yesterday for ship
ment to Argentina and Canada. Foreign ex-
change conditions at present make possible ex-
ports Of the metal to Argentina, where there Is
active demand for the metal London, and
the engagement yesterday reflected disposition
the part of the last named centre to shift the
burden of supplying the South American needs
TO New York
1t is not considered likely gold will be sent
from this point to Europe in any volume, If at
all, in spite of present strength in the sterling
market, while the probability of increased ship
ments Of grain and cotton to foreign ports sug-
gests the accumulation of enough exchange in
this city TO depress sterling rates well under
the gold exporting level If gold should be
needed here in the late fall a consequence of
shipments of funds to the interior no trouble
would be experienced in negotiating movement
Of the metal to this side of the ocean.