New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-04
FINANCIAL MARKETS
NEW STOCK RECORDS.
Highest 1ueragc LeUel Since 1906
Reported Money Factors.

The average price Of the railroad and indus
trial securities made another new high record
for the year in yesterdays operations on the
Stock Exchange. and with the exception of the
high level reported in the bull market Of 1906
the general range OF quotations was at the best
ever known I'm TIE history OF Wall Street. In
the early dealings a reactionary tendency from
the closing Of the preceding day developed IN
most parts OF tho list, but the volume Of new
buying on the decline was heavy enough TO
check the downward movement. and in the
larger part OF the rest Of the five hour session
quotations for NEST issues advanced without
important interruption, though heavy profit TAX
ing in the late operations caused some irregu-
larity at the close. with small net losses In New
York Central, Reading. Southern Pacific, Great
Northern, ST. Paul and Atchison The selling in
the issues named appeared 20 be better than the
buying. and doubtless reflected a disposition on
the part OF substantial interests 10 convert pa
per profits into cash. Buying OF the industrials
active throughout the day, the railway
equipment shares, United States Rubber, Pitts
burg Coal, Bethlehem Steel and United States
Steel being features that attracted attention
owing 20 the evidence OF buying for the account
OF operators who recently have been persistent
sellers OF the railroad stocks. Union Pacific
gained more than one point. Jersey Central on
small transactions, advanced seven points to the
accompaniment OF a rumor that the dividend
would be increased and that the shareholders
would have the privilege of subscribing TO new
stock at par but Reading failed to respond TO
the movement, though the Reading COMPANY
would be a direct beneficiary OF any increase in
the Centrals rate OF any new financing
Bullish talk on the Interborough- METROPOLITAN
Issues came from good sources, and the tremen-
dous speculation in the ~ per cent collateral
bonds was followed by a movement against the
shorts in the stocks. Shorts were nervous in
most parts OF the list, though I'm we'll Informed
quarters selling for turn was reported for the
account OF large traders who believe that while
prices may go higher on the current move a
sharp reaction IS due.
The transfer of 81. 100000 to San Francisco re-
poI.ed MONDAY may be taken as an indication
Oi the beginning Of an active outward moven,ent
OF funds from New York Ia other ci,ias 60 a.
ought 10 suggest TO stock market bulls the Wis
doh or proceeding with great caution i'm further
operations for the rise in securities at this mar
H0uiaI period Last year the New York banks
e.iieu from the interior upward OF $751;. 900 600
net whlle so Tar i'm the current year the NET gain
has been about sI15.OOO,OOO and IT, as qensrsu,,
oeheVeo' business improvement throughout the
country Is 10 reach record breaking proportions
IN the course of the next twelve months the rear
future VIII be marked by heavy Withdrawals Of
currency from this centre for Western and south
ern account for mercantile purposes. TO saw moth
ing or Withdrawals in connection with the f7nsrc
ing or the expected bountifuI grain barvests
Inc prospects are unfavorable for large weld
or cotton; indeed. the governments renort sbo,,-
ing cohoitiohs as OF August l foreshadows a
81 NApchtp anu as cotton generally
Is the best maker Of exchange the outlook for
imports or gold In volume in the autumn IS had
enough 10 encourage the belief that the local
money market will receive little assistance from,
ABROAD IN the months TO come. in spi.e OF Tho
PROBABILITY OF large shipments OF cereals 7ho
banks IN eighteen months have gained from, tba
interior upward Of s275 600 600 but in that tine
soia exports have exceeded 800 600 oOo ard
though surplus reserves of the Clearing House
INSTITUTIONS are large enough TO guarantee the
financing OF interior demands and 10 sunnI,, s,oo,
rAel accommodation for the present without
ne accompaniment of materially higher rats
TOT ioahs' II Is quite evident that a much erroor
money market win develop before the end of ,ta
summer And IL is not unlikelv thar ar -
WI nave the opportunity in the fan of 49,,
hiehung with the emergency CURRENCY, ,,oss,,.o
iiaihet interests appear TO be counting
.poI an unlimited amount OF new paner p,onav
sustain the oull movement in the autumn hr,
Speo1iaei0h along this line win end in disastor
was an increase in the amount OF nationat
nea notes outstanding In July of nearly 60 non =
~. secured by bonds. while exports az ',old q,
that month were s17,ss7.000. The Feda,ai r ~ -
uiy begins the new month with a ,,,,rI,,,, -,
ahce OF sSb.I5s,s0s. and II has In nat,o,,aI -,
sfS'S99'szz but al the daily rate az irc,.aI %
the government deficit. which for JuI,, o, =,
on all accounts 10 .1I.s40.424 the SAca, 'ou
the Treasury will oe compelled soon 20 -, -
additional funds. either by the issuance 20 t.
term certificates Of Indebtedness or h, a ssIa =
Panama bonds. Treasury needs business -,
and stock market requirements are factors ,bat