New-York tribune., 1909-12-11
FINANCIAL MARKET
MOST STOCKS HIGHER
Banks Lose Cash on Weeks
Estimated Money MOUement.

Stocks We're strong in the early deal
ings. but reacted TO a material extent in
the subsequent operations. losing all the
gain in the case Of many issues. though
showing small net advances in the larger
number OF instances. The decline was
due 10 realizing more than 10 bear press
ure, and was unaccompanied by adverse
news developments outside Of an eX-
tremely poor government report on cot
ton, which, however. failed TO attract
much attention on the Stock Exchange.
despite the striking effect il had upon
options on the Cotton Exchange, where
prices advanced 10 the highest levels re-
corded since the Sully campaign. in 1904.
The government estimates this years
yield Of cotton at l0.0Ss 900 bales. ana
IN some quarters a crop Of such small
proportions is considered something of
disaster, Notwithstanding the fact that
the light harvest has been an offsetting
factor in the high price al which the
staple is being marketed. II may be
well 10 bear in mind that the cotton left
over from last years large worlds har-
vest amounted TO 100000 bales. OF
which 100000 bales were American
cotton. and that government preliminary
figures, as a rule. are under the actual
yield. as. for instance. in 1904. when the
Agricultural Departments figures were
100000 bales too low.
Pennsylvania and Norfolk & Western
again We're in good demand in the fore
noon operations. the latter making a
new high record price on buying based
on the idea Of a return OF the company
10 Pennsylvania control. with a , per
cent dividend guarantees. The Norfolk
d Western. thanks 10 the large amount
Of money expended on the property in
recent years and 10 the increased traffic
that has developed along its lines. ap-
pears 10 be in no need Of a guarantee
for its 5 per cent rate. and while a large
purchase Of it's stock by the Pennsyl-
vania would add 10 It's intrinsic value.
holders OF the issue need not be disap-
pointed II nothing comes from the Penn
sylvania control rumors. large
mileage OF the Norfolk g. Western has
been double tracked and its facilities
for handling traffic have been materially
Increased in the last two years Buying
Of Union Pacific and Southern Pacific
In the early trading by substantial
houses encouraged bull sentiment on the
general list. but the response from pub
lie operators was not heavy enough 10
offset the large profit taking sales that
marked the course OF business in the
afternoon Reading lost ground on un-
founded. silly rumors. one OF which was
that the Attorney General would render
a decision against the coal roads on the
commodity clause OF the Hepburn act
thus reversing the Supreme Court. Wall
Street speculafors would better brush up
their law
According 10 the known movement Of
money in the current week the local
hanks have lost almost S30,0.O0O in cash
holdings. due 10 a debit balance on Sub
Treasury operations and 10 gold exports
10 South America. the two movements
Onsetting moderate gain from the in
terror and from new gold received. The
chief receipts OF currency were from the
Middle West. while shipments in great
part were 10 nearby points the heaviest
outward t1ow OF funds being 10 San
Francisco through Sub-Treasury trans
fers in connection with the gathering
and marketing OF the citrus fruit crops
AS there has been a material increase
IN bull activity on the Stock Exchange
this week a substantial expansion in
loans may be shown in tO-day's Clearing
House statement. with a falling on in
reserve. and though unknown move
rnents OF money may change the final
results from those indicated by yester-
days estimates. IL does not appear likely
from the position 0f the money market
that any Improvement viii be shown.
The outlook fAvoys urn rates for 40