New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-09-08
FINANCIAL MARKETS
UNION PACIFIC BREAKS.
General List Declines Interior
Calls for MOncy.

Stocks sold off from to 3 points at the open
ing. and were weak throughout the day, with
the heaviest loss in Union Pacific, which closed
more than points under its final figure in Fri
days market The general volume of business
was not heavy, were net losses severe out
side Of few of the leading issues. declines as
rule being in the neighbOrhOod Of / point, while
in several stocks gains were recorded after the
opening decline as a consequence of operations
against the shorts, in Erie. for instance. which
a strong feature in the larger part of the
day. The declined failed to attract outside
demand for securities though some fair sup
port was offered in the Hartman shares and in
United States Steel the latter again being taken
by the interests which for many weeks have been
active buyers Of the stock. Both Wall Street
and London were considerably upset by the re-
ports OF an unfaVorable change in the condition
Of Mr.. Hartman, and the weakness Of American
securities in the British market before the open
ing here naturally encouraged an active bear
demonstration against the Hartman shares and
New York Central. the position of these stocks,
we'll as the general list owing to the recent
recovery in prices and the elimination OF the
short interest inviting operations for lower quo
tations. The chief losses were made in the initial
dealings. and though a frmer tone developed
early in the afternoon the closing was heavy,
with quotations near the poorest of the day,
Union Pacific showing a net decline of So;
Southern Pacific. S9s; New York Central. ga;
St Paul, 2L baltimore & Ohio, Pa and Read
ing IA. United States Steel common showed
a loss of only u. General conditions the
Stock Exchange and in brokers' offices were
similar to those that prevailed two weeks ago.
indicating unhealthy speculative situation
and a state OF mind generally witnessed after a
period of reckless market operations. Money
market rates remained unchanged from last
weeks closing levels, but an active withdrawal
of funds for the account of the South and South
west was reported. while exchange at Chicago
New York declined to 40 cents discount.
compared with 80 cents Friday
Bank statement figures apparently fOreshadow
a hardening tendency in the money market in
the near future while the course of domestic ex-
change and the general currency movement sug
gest moderately high rates for loans later in the
season. The banks suffered a heavy loss in
cash holdings last week, specie and legal ten
Ars showing decline OF more than $10,600,000
in the actual figures as Of Friday night, while
reserve was reduced by more than $7.700,900
with a somewhat smaller decrease in the latter
item in the statement Of averages. which now
stands at s15.33S.275 against $59,644,95O at this
time a year ago The present reserve is not
large for the opening of the season of outward
currency movements. but Wall Street appears
20 believe that there will be no disturbance in
money rates and necessity for the liquidation
of loans, which are larger than ever before re-
corded at this time Of the year. amounting to
s134S s75.100. an increase of more than S4S, 000,
600 as compared with 1905 and an increase Of
S246,0OO,0O0 over 1901 In the last twelve
SIS S66 91S in the amount of money in general
circulation, notwithstanding the heavy excess
payments by the federal Treasury in that time
and gold production. while in that period
the country has borrowed heavily abroad. out
standing loans for American account in Europe
being estimated at $500 900, and also has sent
an enormous amount of gold to other nations.
The country's credit is sound and foreigners are
quite willing to lend us money especially as
they can secure better rates here than at home,
but this fact does not warrant the idea that
there Will be material advance in loan quota
tions this autumn, or further disturbance in the
stock market. The situation would be materially
strengthened by "A heavy liquidation of loans
against speculative commitments in the stock
and commodity markets. And II is more than
likely that a movement of this sort will be
forced by the demands upon the banks and
other financial institutions for funds in connec-
ton with the requirements of legitimate trade.
Conservative interests do not advise the pur
chase of securities at current prices, except on
cash basis. believing that prices are too high
and that lower quotations will be brought about
as consequence Of better rates for money