New-York tribune., 1909-10-09
FINANCIAL AFFAIRS
MONEY RATES STRONG.
MONEY
Stocks Pressed for SaIe-Banks Lose
Upcard of $4,000, 900 in Cash.

1,olo,,-ipp q neriod Of relative strength in the
early hours of trading the general list or slochs
declined under professional pressure agains'
prices and liquidation OF COMMISSION mousse az
counts the movement being based on the
strength in the money market and the eApecta-
ton OF heavy calling of loans next week as d
consequence of bank conditions traders also
al ffected unea siness over the monthly govern
ment crop report which showed a slight decline
I'm the percentage condition of corn since the
last preceding estimate, though the hgures On
wheat foreshadowed a spring yield of 29l,-
S4SG1O bushels. against the actual return
of 226 S4SO 600 bushels in 1903 and total
crop OF 724 76S000 bushels compared with O64'-
6O4,O00 a year ago. The condition OF corn Is
placSd at 73S. against ten-year average OF
ma szd though summer expectations that this
resr voufs see a record breaking harvest
are not to be fulfilled there will be enough OF
the cereal for home consumption and a surplus
for export fair prices There Is nothing bear
ish in the final harvest reports for 1903, but
there are good reasons in money market factors
and in the enormous amount of stock that IS
being carried upon borrowed funds TO suggest
lower quotations for securities on a wholly
speculative selling movement investment
values will not be weakened by readjustment
OF prices to a cheaper level. Sales of United
States Steel were heavy on the decline chlehy
in large share lots. This stock has been rich
mans gamble, and there is good information for
the statement that since the issue began its de-
cline from 947s. the high record price, a number
Of wealthy sons Of distinguished fathers have
been heavy losers. 1t may be recalled that
when Union Pacific was placed upon a 10 per
cent basis traders of the character were
the heaviest losers on the gradual decline in
the issue from above 1870 to par. though the
movement in the stock was not accompanied by
any depreciation in the worth of the Union Pa
cific property. There is nothing the matter with
the Steel Corporation 1t is stronger to-day
than at any time in its history. and this is say
ing a good deal, but the common stock has
been bulled to a standstill at a time when
money conditions should have urged an absence
Of speculative activity in II. Chesapeake d
Ohio and Missouri, Kansas & Texas were the
only strong features in the days operations.
Reading and Union Pacific lost "a and Steel IL.
According TO the known movement Of money
in = week the banks have lost upward Of
SlOOO0O0O IN cash holdings, but this amount
may be Offset to some extent by local over-the-
counter receipts from the expenditures made in
this city in the HudsOn-Futon celebration.
About one-haf Of the loss the currency
movement operations with the interior.
shipments to out-of-town points having been
larger IN the last six days than in any preced-
ing week in the current year, with the chief
loss TO the South and West. Conditions in the
loan market in the last few days have not indi-
Gated Improvement in surplus reserves In to-
days statement of the Clearing House institu-
tions, but il is possible that loans have been
reduced to an extent that will prevent a mate
rial contraction in the legal reserve which in
last weeks exhibit Of actual conditions was
only little more than 81 100000. Time money
is active, and with the higher rates for call
money and tie growing loss by the banks on
interior and Sub-Treasury operations borrowers
turning to loans of hxe9 dates especially
for siXty-day accommodation, which is now rul-
ing at trihe under per cent Little change
is reported in commercial paper The outgo Of
money from New York may be pected to con-
tinue for number Of weeks to come and in
the mean time the foreign exchange market
will be closely watched for any indication of a
chance Of bringing in gold from Europe where
discounts are advancing, with the certainty of
decided opposition the part of foreign bank
ers TO Withdrawals Of the yel " metal for New
York account Exports OF cotton are increas-
ing, but sterling exchange rates are a consider
bic distance from the gold importing level with
no suggestion in the general movement of our
foreign trade OF the creation OF enough CONNER
cial exchange to depress quotations a point
Warranting engagements of gold abroad. Offer
ings of finance bills may however, carry rates
10 a level at which bankers could figure on small
engagements Of the metal. Imports of Iner-
chandise continue TO increase at a rate that
indicates another excess OF receipts of foreign
goods over shipments in the current month
especially our outgo of food products has not
yet begun to show important Improvement eX-
ports Of grain. -four included for the week
enced yesterday presenting falling off from
me same time a year ago of 1.512 800 bushels