New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-09-19
FINANCIAL MARKETS
STOCKS IRREGULAR.
Reaction FolIOsced Early Strength
Bank Loans LO7cer and Reserve
Up 81 ,122, $50.

Stock market prices were strong in the best
part of the two hours Of trading. with net gains
in the larger number of active issues at the
Close though in the late operations profit taking
sales were heavy enough to bring about reac-
tions from the high points made in the early
transactions. ST Paul again in good de-
lmand. while in the list Of shares that recently
have been prominent features buying represented
further accumulation by the interests who are
exercising their best talents TO carry the general
market TO a level materially above that now
prevailing, Notwithstanding the fact that
period of dearer money is in sight. Bank state
ment figures yesterday showed some surprising
changes and suggested to some minds that the
old practice Of manipulating the Clearing House
statement in the interest Of the stock market
had been employed, but, OF course. such sug
gestion was not Endorsed in banking circles,
where an enormous decline in loans in the face
of a week OF stock market activity
planned by the statement that banks had
duced Weak~speculative loans and that a large
amount OF the borrowing had been transferred
TO the trust companies. which showed a gain in
this item OF more than 100000. and 20 Lon
don. In the average statement loans declined
20,T3l,s0O, while in the exhibit OF actual con-
ditions as OF Friday night the contraction
in the average statement $3.50 500, against an
increase OF sl.S04 500 in the actual figures. and
there also slight increase in trust COM
pany cash. In spite Of the heavy reduction in
helped 90 the extent OF only aLI22.35O I'm the
average showing 10 1881 525, which compares
with S5O,2ls525 at this time year ago and
$S4O5,lOO In 1907 In the active list the volume
Of selling in the last hour effective in leav-
ing Alnalgamated Copper, AtchisOn, Erie, Penn
syIvania, Reading Union Pacific and United
States Steel a. small net losses while elsewhere
among the leading stocks net advances were re-
corded with especial Improvement in Brooklyn
Rapid Transit, Canadian Pacific and Northern
elf Amer Malt md nj Gd
States Rubber also were strong features.
Foreign trade conditions showing excess OF
imports Of merchandise in the last three months
the value of more than $4,000 900 against
an excess OF exports In the time last year
OF more than $5s000,OO0. do not encourage the
expectation OF gold imports this fall on trade
count, but IL Is likely that IL money rates ad-
vance TO a level representing a great scarcity Of
available funds at this centre the metal will
be brought in on loan account. Exports Of cot
ton are heavier than recently reported. but the
foreign demand for our food products is light
though when the new crops Of wheat and corn
begin 10 make themselves felt factors in the
situation the outward movement OF breadstuh's
should show a material increase and provide
enough exchange to bring about lower quota
tons in the sterling market which is now alb
normally high for this period Of the year. The
expansion in domestic business has increased
our buying power abroad and the ease OF money
IN Europe and the activity in the local stock
market have led 10 heavy European loans here,
while the relative inactivity Of foreign Industries
has decreased the purchasing demand abroad
and lessened the export inquiry in the United
States, all Of which is reflected in the August
statement Of foreign commerce published yes
teIday We are entering a period of active
money without credit balance in Europe bat
conditions are strong enough here to encourage
active foreign loans for American account which
we may hope 10 lquidate through increased ex-
ports OF merchandise later in the season and
sales Of securities TO foreign buyers. General
factors in the money market however are not
in favor Of bull speculation. but the leading spec
uiative interests apparently are intent upon
pushing stocks 10 higher level i'm spite of mon
ttsry conditions.