New-York tribune., 1909-11-06
FINANCIAL MARKET
UNION PACIFIC Up.
Banks Lose Cash on Week s
CHrrcnCg Increment.

The Hartman shares. Reading. St
Paul. Amalgamated copper and United
states Steel were the leading features IN
= relatively small volume of general
trading in yesterdays stock market. IN
tbe course Of which prices as "A rule
showed an improving tendency. with the
heaviest gains in Union Pacific opera
tions against the shorts rather than new
buying for long account were the chief
factors IA the advance. though in few
issues, notably the Gould group, there
aupcarod 20 be quiet accumulation by
commission houses. The movement In
Missouri Pacific was accompanied 10y
rumors of new financing by the Gould
roads and traders assumed that a future
announcement along this line would be
fuIv discounted in the stock market,
as in the case of Pennsylvania and New
York Central, which have been persist
entity heavy since the publication OF
plans for The issuance OF additional cap
ital stock by the TWO companies. At its
high price Union Pacific showed gain
OF more than seven points from the low
level ~ the recent decline, traders show
ing mo- reluctance 10 take the issue on
The advance. while the short interest
took steps 10 protect itself on the first
appearance Of bull activity, which car
red the dealings IN the stock 10 the
heaviest total in week or more.
Though the final tendency of prices
WAS In the direction 81 lower levels on a
resumption of traders selling. closing
quotations 81 the larger number uf lead
ing share- showed net gains with the
chief improvement in 1T Paul. Reading,
southern Pacific and Union Pacific
while among less active issues substan-
tial gains were made 10y Colorado south
ern. American Cotton oh and PittsbHrE
Coal Niue stocks supplied threo-q,Iar-
ters of thc total business IN all secur-
titles Union Pacific and Steel common
furnishing about ou"-third. The latter
stock VAS decidedly rcactionary in the
last hour. selling being roincidcut with
most Optimistic statement 10y the
president Of tho Bethlehem steel Cor
IoTstiou regarding the future Of the in
dustry Ever, one knows that the iron
and steel business Is enio,1ng a period
~ great prosperity. with Indications 81
further Improvement. but Wall street
apparently Is becoming weary over the
constant rciteration bv steel msgnstes
regarding better times ahead steel
shares have discounted future trade
gains.
According 90 the known movenep, NJ,
money iu 'he current week the local
banks have lost Sa.5l2"no in cash hold
ings. due 2" excess shipments of chr
rency 10 tho interior ana 3 substantial
loss on Sub-Treasury OPERATIONS. shin
mcnts of money 10 the interior uttl.
lighter than q week ago COMPARED with
heavy falling of in receipts. ana vrero
made chiefly 10 Tho West. the Jer,s,,t
from the South being relatively in..,i,.o
for the first time in the last n,or,i,
owing 10 the rapid progress made I'm tho
marketing 81 the cotton crop. Tho,.,b
rate for money yesterday did not ind
cat an unfavorable bank statement Ia
day. IL VAS believed in well Informed
quarters that the exhibit would reflect
the recent heavy transfer Of lpans from,
London To New York not shown in la.,
weeks exhibit of averages. ana To- oni,
small extent in thc actual figures.
which. with the loss a. cash, would s4r,.
L. bring about material reduction iu
The reserve above legal requirements
London discounts were firm. also rates
ir Berlin. the strength OF the market al
the latter point suggesting the possi-
bflity 81 an advance in The Imperial Rank
of germany rate on Monday move
uient that might be followed by similar