New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-28
FINANCIAL MARKETS
STOCK PRICES HIGHER.
Natural Recovery from Thursdays
DepressiOn-Money Rates Easy.

4 natural reaction from the serious slump or
the preceding day developed In yesterdays STOCK
market prices advancing from 10 points IN
the active list and closing only little under the
highest While there was no evidence OF pubic
absorption the larger Wall street interests had
bllving orders in at the opening, ana the extent
Of the movement induced an active covering oil
short contracts in all parts OF the list especially
IN the Hartman shares. Reading. New York
Central and United States Steel There was no
suggestion OF uneasiness in speculative circles
over the losses incurred in the drop IN Ihurs-
DAYS market neither was there any indication
of uncertainty in banking houses over the real
cause of the decline nor any effort on the part
Of the leading financial interests 20 conceal their
satisfaction over the resdtustment OF prices 70 a
lower level. Commission houses, however. that
depend 20 a great extent upon OUTSIDE oruels
for their living saw little OF comforting nature
in the course of the day. as from the tenor OF
the INQUIRIES from their customers II was cor
rectlv assumed that the public had been scared
ont Of the market. Commission houses now
ever need not woTTy. The pubic, or IL might
be better 10 say, new public, VIII DE on manu-
as soon as prices have been lifted few points
IRE public never buys on pancky days or Tor
several DAYS thereafter II needs the encourage
pent of advancing prices for NUMBER OF Gays
before il will buy on its little margins Inc
people who bought in Thursdays break took a
mart OF their profits yesterday and they VIII ."
ready 20 close their contracts on lurther al
vance. all OF which conforms 10 sensible specula-
ton as practised by men who know now. Inc
closing showed more or less uncertainty on 'he
part Of traders as TO the wisdom OF taklhs q Po
Sitiop on the ball side for to-days market their
attitude being based on reports that physicians
with oxygen and nurses had gone TO Arden on a
snecial train though from another quarter re-
mort came that ION the best authority II couiu
be stated that nothing serious was the uouule
with Mr.. Hartman. II Mr.. Hartman is In
,o,,cb with the course of affairs in the specu-
lati1e community he may well believe that the
street has gone crazy.
According TO the known movement OF money
in the week the local banks have lost more
than 81 500 600 in cash holdings. due chiefly TO
loss on Sub-Treasury operations. the interior
movement showing about an equal volume OF
shipments and receipts of currency Ihe out
ward now Of funds indicates large shipments
TO the West and South, while the prlhcpal par.
OF the receipts came from nearby Clues anu
coast resorts, the two movements proving quIte
conclusively that from now on the local oanAs
x-iu he called upon by Western and southern
institutions for money in connection Win the
growing harvest and general mercahuIe oe-
rnands and will be able TO increase cash re-
sources only through active shipments from
Eastern points. The outlook does not. however
favor much assistance from the latter source,
OF their loss 20 the Sub-Treasury no srnah
sr,ount came from the heavy payments by the
banks for the account Of the per cent redeInp-
ton fund, representing in part operations or in
terror banks on this account through the rneoluln
of their balances held at this centre. week
ago the actual loss in cash as shown In the
Clearing House statement was far in excess OF
that indicated by the estimated movement Of
money, and il is quite possible that In to-days
bank exhibit a similar disparity will be shown
though as an influence upon the reserve above
legal requirements the reduction in cash may be
Offset by a large contraction IN loans as con-
sequence of the extensive liquidation on the
stock Exchange Wall Street commission houses
were well prepared 10 meet the strain Of Thurs
days slump in prices and calls for additional
margin were well met, but the support extended
20 prices yesterday doubtless saved several in
terests from being forced into serious difficulties
The general position OF affairs in the Street has
been materially improved by the liquidation in
the stock market. but in some well informed
quarters IL is believed that further selling will
be necessary before the speculative situation can
become normal Some Of the selling on the ad-
vance yesterday represented accounts that had
been carried through the break OF the preceding
day.