New-York tribune., 1909-06-27
FINANCIAL AFFAIRS
STOCK MARKET DULL
Further Break in L. P. Preferred
Heavy Gain in Bank Cash and
ReSerre Holdings.

On q light volume OF trading stock market
values moved toward lower level, net declines
: rule being confined to fractions. Union
Pacific preferred at loss of ! Z furnishing the
chief exception. Room operators sold this issue,
while there were lqudations in 1t to some eX-
tent by commission house spectators who re-
Gently bought the stock at a higher price in the
belief that developments of importance in Union
Pacific affairs were about TO be announced,
though the basis for the idea was not found in
anything Of a concrete nature. Last Thursday
Union Pacific preferred sold at 110, against
low point Yesterday of 1902, with the closing at
I025s the decline from the high going a long
way toward disCrediting the recent ruTnors re-
gardfng sOr- thing in the shape Of q melon for
the preferred holders. Selling Of this security
naturally induced pressure against the common.
which h0v ever. ended at net decline of only
Is Fur-Har liquidation and bear operations
We're rey 5rted in Western Maryland, the move
ment beinl accompanied by a report that an as
sessment Of SO q share, or 20 per cent, the par
Of the stock Is $50. would be levied. Early in
Nav this issue went a fraction above %. and the
decline from that level TO y, the low record in
yesterdays operations, suggests that the reor-
ganization Of the property will involve a pay
nent by the stockholders fully as heavy as any
,et predicted in the various reports regarding
the future Of the company Though active sell
ing marked the transactions in United states
Steel common, its price held remarkably Well
declining less than l point and closing Un-
changed from the final quotation of the preced-
ing day. despite cable dispatches intimating that
the prospects for listing the stock in Il Paris
market were exceedingly slim. Strer 9TH in
Interborough- Metropolitan preferred attracted
liquidation by interests who recently were bull
ish on the stock for speculative turn. while
throughout the list there was further evidence
OF desire on the part of many operators TO
convert paper profits into cash. nots Liy in Read
ing New York Central and Wabash preferred,
the speculation being conducted IL q manner
tod substantial declines Read
inE showing the heaviest maximum loss on
volume Of business larger than in any other
security dealt in. The general market closed in
active Bonds were dull.
Bank statement figures showed encouraging
gains in cash and reserve holdings, both in the
exhibit Of averages and that OF actual conditions
as Of Friday night, the gain in cash in the latter
amounting to more than $8,6000O0, and TO Sc
965,S00 IN the average compilation. reduction
in loans OF S32,422 500 in the average statement
reflected in part operations of the preceding
week. which shown in last Saturdays
actual figures to the extent of more than S35,-
100000, as against a contraction in this item in
the showing Of Friday night Of S12. .G63SO0. Trust
companies increased their loans to the amount
OF S6.G43.300 and lost a small sum in cash. As
result OF all changes the Clearing House banks
report d reserve above legal requirements of
32.946.550. increase in the week of $l3,617,-
$50. as compared with reserve at this time
last year Of $66,09S 500. and S2,5O9.275 in 1907.
The percentage Of reserve IS 27.3 a rise of per
cent in the last six business days. In view Of
the large reserve holdings and the extensive re
duction in loans in the last two weeks there is
littlc probability Of a change in money rates in
the near future in the direction OF a higher level,
except perhaps slight advance at the end of
the month in connection with the July interest
and dividend requirements which viii run in
the neighborhood Of 5000 000. The interior
IS sending currency to this centre in large
amounts, and il is probable the movement Will
continue until the end Of July, when the West
VIII begin 10 withdraw balances from New York
in preparation for the financing of the harvests.