New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-09-12
FINANCIAL MARKETS
BANK RESERVES DOWN.
Bear Pressure Sends Stocks LOWer
in Late Dealings Higher
Money Expected.

Following a period of advancing prices in the
first hour Of stock market trading the entire list
reacted under the influence Of renewed selling by
the professional element and proht taxing by
people who decided TO convert their accounts
into cash on the theory that something might
occur over to-day TO upset quotations to-mor-
row. The short interest has been pretty Well
eliminated by the rise IN quotations since the
death of Mr. Hartman, and TO many observers
the general market now looks like better sale
than a purchase, especially in view Of the proba-
bility Of higher rates for money which appar-
emily are foreshadowed by the position or the
banks as shown in yesterdays Clearing House
statement. Union Pacific again was the centre
Of speculative activity. rising 3b points above
IT'S closing in Fridays operations. but losing all
but u before the end Of the business day, while
throughout the list declines from the best prices
as a rule were large enough to leave the final
level under the opening, with large net losses In
many issues. notably Amalgamated Copper,
American Ice Securities, American Smelters, ST.
Paul, Missouri Pacific, Northern Pacific, Read
ing and Union Pacific preferred. Bear traders
are counting upon further decline as conse-
Quencs Of the spectacular advance on Friday,
and from the action Of the market in the final
dealings yesterday there appears TO be good rea-
son for the belief that nothing in the nature Of
a bull speculation is likely 70 develop in the near
future. The situation is likely to be complicated
by the readtustment and settlement of affairs
affecting the Hartman properties, in the course
Of which there may be opportunities for the
professional element on the Stock Exchange to
bring about an active selling movement, while
there also may be periods Of sharp advances as
a consequence Of overconhdence on the part Of
the bears and shrewd manipulation by the larger
Wall Street interests who may be counted upon
20 show their hand in the event of acute weak
ness.
Clearing House figures doubtless will become
something OF a factor in stock market specula-
ton in the current week. inasmuch as reserve
above legal requirements has been reduced to
S6.469,175. which compares with S51. 992,S25 at
this time year ago. The loss last week in the
average statement was SsS6910O and in the
exhibit Of actual conditions of Friday night
S7.0S1, 725. while in cash holdings there was a
decline in the averages OF So, IA. 200. against
one Of 11.330.S00 in the actual showing. The
trust companies also suffered loss in cash, but
a small increase in reserve. The loan item. both
in the bank and the trust company statements,
showed contraction. Cash OF the Clearing House
banks now stands at 1851, S01. 500. compared
with S407. 300 at this time last year. Loans
larger by a little more than $26O00000 and
in excess Of the record at this period in 1907 TO
the amount Of more than S239,O00,000. There is
nothing encouraging in the bank statement for
the persons who have been insisting for weeks
that money will not advance TO a higher level
this fall.