New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-09-24
FINANCIAL MARKETS
MOST STOCKS DOWN.
Distributire Selling Under Way
Money Rates Unchanged.


manner throughout the day a reduced volume
Of business as compared with recent heavy
daily totals. operations being made up in great
part of distributive selling by substantial specu-
lative interests and transactions on both sides
Of the account by the trading element, with
the final movement in the direction Of lower
quotations. The character Of the business and
the general course of prices created the impress
sion In quarters where market movements are
closely watched that the period Of aggressive
bull speculation was at an end for the present
and that the leading Wall Street interests would
be buyers again at lower levels. a large amount
OF stock has been distributed on the advance
since the death OF Mr. Hartman and it is not
unlikely that any further rise additional
holdings VIII come upon the market, though in
bull circles il is maintained that the Morgan
following has not hquidated its accounts and
will not change its position until quotations
have gone TO better figures The sO-called Nor
gan shares act particularly well on declines in
the general market. and the relative strength of
United States Steel common in the face of
weakness in other parts of the list naturally
has attracted attention 10 the issue and has re-
suited in its purchase in large blocks for actual
investment account Doubtless there is a heavy
weak speculative following in the stock; in
deed. brokers state that their books show a big
marginal interest in the issue that persistently
refuses 10 take its profits In view of the fact
that the chairman of the board Of directors Of
| the United States Steel Corporation and the
! president of the concern express the most opti-
1 mistic opinions the future of the steel In
| dustry It is not surprising that the securities
| OF the company popular. 1t is estimated
/ that the United States Steel Corporation Is now
working on a basis of 90 per cent Of it's ca
pacitv. Union Pacific and Reading were weak
| features in the larger part of the day. and on
every effort to rally these issues heavy selling
orders We're met especially in Union Pacific in
which there has been persistent selling for sew
| craI DAYS Last quotations a rule at
| small net losses, exceptions to the downward
| movement being supplied by American Sugar
Refining. the local traction shares. Consolidated
! Gas. Mackay shares, Pennsylvania and Republic
| Iron and Steel
Money rates were unchanged yesterday and
freer offering of time funds was reported, the
action OF the banks in the matter of long ma
TURTLES suggesting the expectation of favorable
showing I'm the Clearing House statement to-
morrow though there nothing in actual
conditions affecting the movement of currency
waTranting the idea of an increase in cash hold
ings 1t is possible. however, that the liquida
ton Of loans in the week and the transfer of
speculative commitments to London may be re-
flected I'm an Increase in the reserve above legal
requirements which i'm last weeks exhibit stood
at 81 591 1926, against $502lS.525 in the
spending time in 1908. The reserve tomorrow
will compare with s5O.OS955O in 1908 and So
CASSIE i'm 1907 There break last week in
the movement Of currency from this centre.
owing 10 special causes which have not been
factors in the last few days. and the fact that
the local banks gained I'm that period on their
out of town operations should not be taken
an indication that a similar result will be shown
in to-day's preliminary showing of cash changes.
Domestic exchange again is against this centre
AT all prominent interior points. while since last
Friday night the banks have lost to the Sub
Treasury more than 100000 Money market
conditions abroad fOreshadOw a hardening of
rates n consequence Of an increased demand
for accommodation, including active inquiry
the British capital for gold for Continental
and Egyptian account, and while the Bank Of
England at the moment is In a strong position
for this period Of the year It's reserve showed "A
noteworthy decrease in the week ended ycster-
day and a reduction In it's proportion of reserve
TO liability. compared with year ago of 1852
per cent. The percentage. however, is above Il
nne-y"ar average The Imperial Bank Of Ger
many's rate stands at per cent and that of the
Bank or France al per cent against the Bank
OF Eugland's rate Of ~ per cent. the difference
between Continental rates and that at London
naturally encouraging gold exports from the
latter centre If the dcuand from the Cont
nent continues All advance by the Bank of Eng
land VIII be inevitable Owing to the close re-
lations between the financial markets here and
abroad the foreign monetary situation is well
worth noting AT this particular time when all
local indications point 10 higher quotations for
accommodation