New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-19
FINANCIAL MARKETS
HEAVY STOCK SALES.
Union Pacific Breaks. and Whole
List FoHo7rs- Money Rates Firmer.

Stock market prices showed irregular strength
in the early dealings. but sold off in the after
noon under the influence OF heavy pressure from
the professional element and forced sales by the
small margin element. maximum declines run
ming from l TO points in the active issues
Union Pacific led the downward movement, the
weakness in the stock following the announce
ment that Mr.. Hartman had lost ten pounds
and would take further rest from business
cares upon his return to this country next week.
The question OF Mr. Harriman's weight may not
have a bearing upon the intrinsic worth OF Sc
curities, but a speculative argument II ap-
pears TO be most effective Speculative senti-
ment was unsettled throughout the day. and
many operators who recently bought securities
at the highest prices Of the year apparently be-
gan TO realize that the stock sold 10 them came
from interests who had enormous profits and
who would be quite willing to re-enter the mar
ket on the long side at lower levels that could
be brought about only at the expense OF last
weeks confident buyers. At its low price yes
terday Union Pacific showed a loss from the
years high record of points: Southern Pacific
q loss Of 5i4 Reading AZ St. Paul, (; Missouri
Pacific, ga: New York Central. 27s; United
States Steel. 2ls. and Northern Pacific. pa In
the late afternoon the general market presented
every evidence of crumbling propensity. though
on the decline good buying reported,
pecialy I'm Union Pacific and Reading No at
tempt was made, however 10 rally prices. and
the absence Of anything I'm the nature Of ag
gressive support encouraged A considerable
amount Of liquidation by commission houses
over extended bull accounts. the movement be
ing helped by short sales throughout the list.
The days operations disclosed the fact that the
control recently exercised by bull leaders had
been materially weakened and that the bear
party had received many recruits TO its ranks
as a consequence OF the reckless speculation
Gently under way.
The full report of the country's foreign trade
for the month OF July. the figures OF which were
received yesterday. shows excess Of imports
or merchandise 10 the value OF $685., S62, and an
excess Of exports for the seven months ended
July 81 OF s67,l3s,016 against 1912 110.441 in the
corresponding time i'm the year before. While
there has been balance in this country's favor
in the current year II has been too small to off
set other factors that enter the international
financial account indeed, the United States has
been heavily In debt To Europe and has exported
gold to the net amount of 57.090.642 since the
first Of the year, with the prospects not es
pecially favorable 10 the theory that gold
be imported here in the fall We are borrow
ing In the London market at the moment. but
IL Is believed that these operations will be bal
enced by European purchases of our securities
and heavy shipments Of grain and cotton from
this country In the autumn. Imports OF mer-
chandise in July were larger than in any CORE
spending month in the history of the country,
with the exception OF July, 1907. due TO the rush
TO get goods in prior 10 the enactment Of the
tariff measure and TO the increased demand for
raw materials used in manufactures Exports.
though lighter than imports made a favorable
comparison with preceding years. and as thu
purchasing power abroad appears 10 be the
mend at time when stocks on hand are ex-
tremely low there is good reason for the belief
that in the rest Of the year there will be a
marked expansion I'm export trade, with
profitable prices paid for our breadstuffs and
cotton.
The recent growth in imports is reflected in
a gain since July Of more than $4,000 600 in
customs receipts. but in spite of this improve
ment the federal Treasury continues to show a
growing revenue deficit. which, however. is not
piling up at the rate recorded at this period I'm
1903. For July and so far this month the deficit
on ordinary account amounts to S1S6s7, 1916, and
on all accounts to s23se5.137, which compares
with s54.2l4ss7 in that time last year The
iederal working balance. exclusive OF deposits
IN national banks Is down TO s33S6157s, and il
is conceivable that at distant time the Sec
retary or the Treasury will put out short term
certlncates In order TO raise additional revenue
ana against these certificates the banks will be
able TO issue new circulation Stock market
spectators counting on n substaptiaI In
crease In national bank note currency I'm the
autumn. Further imitation OF our bond secured
currency would be most unfortunate devaIon
ment Time money continues to exhibit a grad
ually strengthening tendency and the expecta
ton of desrer rates already has resulted in a
better demand for distant maturities 10 care for
needs that will arise in the course of the com,
ing months. The movement OF gold tn Jansp
wifi call for 100000 between now and ssr
TENDER l5 and it is likely that heavy Withdraw
ais will be made for Canadian account an ,ndi
cation OF which is found in the weakness OF ex
change at Montreal on New York