New-York tribune., 1909-09-28
FINANCIAL MARKETS
NEW RECORD FOR STEEL.
Stocks Close HedUy 4fter Early
Strength-MOney Rates
Unchanged.

Under
United States Steel the general list OF stocks
moved TO a higher level in yesterdays opera
tions on a/relatvely light volume of trading. IN
which the outside element played an unimpor-
tant part. Foreign houses. however were falr
buyers though their transactions were confined
almost entirely to United States Steel the buy
ing of which approximated 10000 shares on or
ders that doubtless represented 10 a large eX-
tent purchases for American account by cable
from here for effect upon the market This issue
made a new high record at SIh, closing trihe
lower at a net gain of 2. In the last hour the
upward movement was checked somewhat by
the weakness in Erie. which sold off more than
points on selling that appeared TO be based
in part on the theory that the Erie company
without Mr.. Hartman might have considerable
difficulty in financing future needs. In the death
Of Mr.. Hartman the Erie has lost a powerful
friend but philanthropic bears need not assume
that the road viii go pieces and that II is
their duty to advise stockholders Of their lack
of faith in the property. The Erie has expert
enced bad days. but the worst of its troubles
are things of the past The restraint put upon
the bullish operations in the late trading was
entirely satisfactory TO the conservative Street
interests, and not distasteful 10 the leading
spectators who not in sympathy with ef
forts to bring about an active advancing market
at present. With the exception OF Reading,
Union Pacific and Steel net gains were confined
10 small fractions, and even in the stocks
named last quotations We're point more
cific helped Southern Pacific and attracted some
attention TO other high grade issues, notably ST.
Paul, IL failed TO attract public interest in the
speculation, the advance being based in large
part upon covering Of shorts and manipulation
for higher prices. Some of the liquidation in
Erie apparently for the account of inter-
ests who bought the stock at lower prices on
the Hartman argument, and who believed the
time propitious for the conversion of paper
profits into cash. Stocks in general closed
heavy.
The fact that the showing made by the bank
statement Saturday far better than gen.
( orally expected in Stock Exchange circles has
encouraged stronger spirit Of optimism among
the advocates OF higher prices for securities
but there signs in the character of COM
mission house business Of a revival of public in
terest in the market and no Indication OF an
actlVe investment demand at current advanced
quotations Advantage is being taken OF all bull
movements TO distribute stocks. and people who
buy at prevailing levels on borrowed money run
the chance Of paying high price for accommo-
dalton at time when leading interests may be
anxious 10 bring about lower figures on the
Stock Exchange in order 10 buy back securities
that are now being sold at about the highest
range of the year. There is nothing In the
money market that warrants active bull specu-
lation at this particular period and If the facili
Ties or the banks are called upon to finance
operations Of this sort in the course of the nexr
few weeks disturbance in money which every
Velop. especially this country is not in a
position TO draw gold from Europe while its
loans abroad are large that check 10 an
extension Of the bankers borrowing movement
at foreign centres may be found imperat tive
IL is worth noting that the Continental demand
Tor gold at London is reaching large proportions
ana that following the purchase yesterday I'm
the open British market of the South African
weekly consignment of the metal bv Russia
amounting TO fl,O00,000. bar gold was advanced
Ad. II is not likely that London money noorl,et
rates VIII harden appreciably in the next two
weeks. as loans made yesterday at the fort
nlehtly settlement were at rates practically nm
changed from two weeks ago with the contaDgo
on American issues at 3 per cent but cabla ad .
vices predict a much stronger market later in
The autumn, not only at London but at ALI CON
uhental points, as a consequence of exnectad
industrial revival and crop and speculative do
mands Interior exchange conditions point 70
active shipments from New York this ,yeek ana
Tor several weeks 10 come, but to some evtapt
this movement in the current week may he OF
set by the large amount OF money thai win he
spent in this city by HudsOn-Fulton visitors
There was an active forward demand for ev
change IN the sterling market yesterday AZ from,
. to I'D points above prevailing rates the ino,,i,,v
az the higher price suggesting the improba b,I,t,
OF easy quotations in the rest OF the year.