Los Angeles herald., 1909-10-01
STOCK MARKET
SLACKENS PACE
DEALINGS UNDERGO DECIDED
SHRINKAGE
CAUTION CAUSES sPEcULAToRs
TO TAKE REST
October / Money Settlements lnVolV-
ing $165,0oO,ooo Necessitate Aban-
donment of Activities Pending
Reimbursement of Brokers
fBy Associated Press. !

NEW YORK, Sept. 30.-Dealings in
stocks underwent a decided shrinkage
today from the large volume of yester-
day. The desire to see the military
parade in connection with the Hudson
Fulton celebration had the effect of
emptying out many of the downtown
offices and Ieft the stock market in a
stagnant condition in the afternoon
The market was dull and sluggish.
The slackened activity of the trading
was due partly to caution on account
of the October 1 money settlements
The amount called for by the October
interest and dividend disbursements is
estimated at $162, 900, 900, and there was
some apprehension that funds accu-
mulated to meet this requirement might
have been placed in call loans until
needed, and that the recall of these
loans then might dislodge stocks held
as collateral
The money market gave some slight
evidence of strain from such a cause
today, the call loan rate rising to per
cent, the highest touched in New YORK
since early in 1908. Declining interior
exchange indicate the revival of de-
mand on New York for cash and the
sub-treasury continued to withdraw
from the banks, the amount for the
banking week rising today to $5,699,0o0
The discount rate was retained at
215 per cent, but the private discount
rate advanced in London. The money
outlook there gives rise to some unset
tlement of sentiment.
The London selling helped to turn
prices downward here, after an effort
to lift them during the first hour.
Pressure Conspicuous
The pressure on u. S. Steel was con-
spicuous in spite of the fact that the
month lust closed showed an excess in
- e,41 tn st1H n
cedent, and Is still in force. Recent
buyers of U. s. Steel have urged not
only the great expansion in the indus
try but their hopes for an increase in
the dividend disbursement not only to
4, but to per cent
Besides influential selling Of U. S.
Steel, there was some pressure on
Raeding which proved a weight on the
general market. The August earnings
of the Union and Southern Pacttics
were equally significant of the growth
of traffic in that part of the country,
the net earnings for Union Pacific
showing a gain of $711 ,551, equal to 20
per cent, and Southern Pacific, $1,067,-
O96, equal to 81 per cent over August
of last year
Joined with the Atchison statement
already published, the exhibit makes
a striking demonstration of the great
prosperity to which the business of the
great Pacific carriers has risen. Union
Pacific and Southern Pacific benefited
from this showing, but the movement
was not common to the group
Another sustaining point was Chesa-
peake & Ohio, which added largely to
its newly established record price level
on the report that the Chicago, Cincin-
natl & Louisville had been acquired as
an outlet for this system. The report
was accepted as likely, although not
officially confirmed.
The conflicting influences in the
market brought prices back after many
fluctuations to not far from the pre-
vious closing.
Bonds were firm. Total sales, par
value, $5, $4,000. United States bonds
were unchanged on call.