New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-25
FINANCIAL MARKETS
LE.1DING SH4RES LOWER.
Many Specialties 4dUance-POsitiOn
of Money and Erchange.

Price movements on the Stock Exchange were
irregular throughout the day a volume Of
business that showed a material contraction
from the daily totals recently recorded. While
the larger number OF issues presented net gains
at the close. the majority of the leading shares
ended at small losses. Union Pacific. for instance
which sold as low 20S1s and high 2l07s
suffering a final decline of q from the last
figure Of the preceding day. Traders called il
a Hartman market and appeared unwilling 10
make extended commitments on either side OF
the account pending the arrival Of that influential
railroad man. though the wireless message stat
ing that he eating his luncheon with a pill
low behind his head apparently was responsible
for brief period of pressure against the
called Hartman shares Wall Street has be-
come exceedingly silly the question of Mr.
HaTrimans health. and II is 10 be hoped that at
no remote time actual governing forces will be
permitted 10 return To their place in market
discussions IN speculative quarters where a
stranger might assume that the future of
the nations industries depends entirely upon
the health of this eminent inancier. who doubt
less Is as much bored with the current trend of
thought in Wall Street houses as are those
people who would like TO see operations based
on conditions affecting the intrinsic value Of
securities rather than upon the idle surmises
regarding the physical welfare OF any one man.
The general speculation I'm the day was without
interesting feature, some Of the specialties sup
plying the chief strength. notably American
Agricultural Chemical American Beet Sugar
Hooking Valley, Bethlehem Steel and COnsoli-
dated Gas, in which there appeared 10 he
manipulation for higher prices. In the bond de-
partment business also showed a falling off
while among bond houses lack Of investment
demand WAS reported Idle capital is beginning
10 be used in old and new business enterprises to
a greater extent than at any time in many
months and large amount of money placed in
Wall Street in the last year because there was
no other for il soon, from all indications
viii be required in the channels of trade
Time money rates are firm at the higher levels
recently established. while call funds continue
to rule fraction above per cent with no in
dications CT an immediate important advance
though conditions governing the market appear
10 be moving in a direction that should bring
about better price for this form of accommoda-
ton at no distant day. Local interests who are
anxious TO Stocks advance profess To see
no possibility OF really high quotations for money
I'm the autumn. hut the advices received from
interior bankers, who have little concern with
stock market speculation and who are in a bet
ter position than Wall Street 70 estimate upon
the probable needs in connection with the flnan-
cling Of the harNests and general trade require
ments, bear out the theory that the West and
South viii withdraw large sums OF money from
New York in the course OF the next few months
Interior banks have an enormous amount of
money on deposit in the East subject TO recall
and unless New York should be able TO import
gold in volume the out-of-town demands doubt
less viii reduce local reserves 10 a point that
Will make necessary loan liquidation on an ex-
tensive scale ard incidentally bring about
range Of loan quotations that will discourage
for a time at least, aggressive bull speculation
in securities A sober minded view Of the money
market outlook suggests extreme caution in
speculative commitments N the long side of
stocks at present advanced prices. though il is
quite probable that the bail market has not Yet
run its course last weeks break apparently
having been nothing more thaa incident Of
the upward movement. Such Incidents how
ever, are likely To develop al more frequent in
tcrNals in the future. anL il reckless speculation
should again De INDUCED in the chances of in
jury TO margin accounts viii be extremely prom
Using, especially with The approach of the time
when the banks with their enormously extended
loans, Viii De- called upon fuI funds for lceiti-
mate business operations
Sterling o&Change was strong yesterday For
the last light days the tendencv in the exchange
market has been toward higher levels owing to
an active demand and an absence of heavy Of
ferinEs Bankers bills being put out in fair
volume, and in some quarters OF the Street il is
thought that a form OF manipulation that is
quite profitable Is being prac-ised. The decline
IN cash wheat and the large amounts of the
ket may be effective IN attracting an active ex-
port demand. though SO far there has been no
IMPORTANT response 10 the movement. Receipts
OF new wheat ~ Western points are larger than
recently expected, while the quality is said To be
excellent Europe. however, apparently does not
Aaut our 80 at At present, buyers holding off
no doubt IN the expectation 81 lower prices. The
foreign exchange market is sadly In need Of the
Isa.ft 81 an active outward movement of bread
stuhs particularly as general merchandise ex-
ports continue light