New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-15
FINANCIAL MARKETS
HEAVY DAY ON CHANGE.
Union Pacific Leads the List-Bank
Reserves LO1cer.

Stock market prices closed the week at the
best level of the year. with the average only a
Few points under the highest range recorded in
the bull speculation OF 1906 Many securities
sold higher than ever before reported including
Union Pacific, which enjoyed a maximum gain
OF 4'2' and net gain of rs at 217S.. Confident
reiteration Of stories regarding the coming de-
NeIopments anecsssJ the Union Pacific property
and the apparent activity in the general list of
prominent banking interests induced renewed
buying for public account and encouraged the
expectation in speculative circles that the open
ing tomorrow would witness something in the
nature OF a boiling market. Speculation has
into the danger zone, but this fact does not ap-
peal 10 operators who are buying stocks at in
fated levels. The promise of further enormous
appreciation is extended by the interests who
are making a market in which they can reap
extraordinary profits. Already these interests
are distributing their holdings and the fact that
they bought stocks in the panic days and there
after at quotations which in the last year have
made record breaking upward movements with
capital that could not be used in the channels
of trade suggests a heavy liquidation of these
accounts on all advances in the future owing
TO the profits presented and the more profitable
employment that may now be found for money
in ordinary business and new enterprises. Spec
Ulation is reaching the crazy stage and II is
good time for the small man TO stand from
under. Union Pacific is being bulled on the
expectation Of big developments that doubtless
happen the issue no longer is an attractive spec
ulative purchase margin and far less at
tractive investment than It was a few
weeks ago.
Stocks were streng IN all departments. with
only few exceptions which reflected the effect
Of realizing sales. notably American Smelling.
Atchison and United States Rubber. St. Paul
gained Ia; Northwestern IA; mterborough-
Metropolitan rs; New York Central. 2%; Penn
sylvania, !; Peoples Gas, rs; Rock Island pre-
ferred. ia: Southern Pacific. TX; United States
Steel common l q, and the preferred "a Total
transactions amounted in the two hours OF bust
ness to nearly 100000 shares. with the trading
fairly Well distributed, though the dealings I'M
Union Pacific were far in excess Of those in any
other issue, Steel common being second in point
! Of activity Wherever a short interest was
known TO exist pressure was eXerted against ii.
/ Closing prices were at or the best OF the
4 day, buying for commission house account con-
unulng up 10 the end despite warnings put out
/ by certain OF the conservative firms against
! further operation for long account at this par
/ tcular period Bank statement figures both I'm
/ the average exhibit and the showing OF actual
conditions as Of Friday night, presented a large
! decrease In cash and reserve holdings the latter
/ in the average statement declining TO s23, $780,
225, which compares with s57,61s,625 at this time
a year ago and s9,294.075 In 1907 The loan
/ item OF the banks did not reflect the increased
/ speculation in stocks. but in the trust company
showing there was a gain of s4515,2OO, the
financing OF the operations in securities doubt
less having been accomplished I'm great part on
/ accommodation already hand. Loans Of the
Clearing House banks and the trust companies
! are Tar larger than those reported this time
/ In 1903 and 1907 while cash holdings of the
Clearing House institutions are we'll under the
/ record OF year ago. but upward OF 500 600 600
l heavier than In 1907. All conditions governing
the money market suggest higher rates for
loans.