New-York tribune., 1909-09-25
FINANCIAL MARKETS
LIGHT DAY IN STOCKS.
Most of the Active Issues Higher
Banks Lose s., 900 900 in Cash.

Stock market trading was light in volume
throughout the day on an irregular movement
of prices which showed for the leading shares
more net gains than losses at the close Ad-
vances were due almost entirely TO covering
operations by traders who did not care TO go
home short over the ryvo-day holiday. commits
SION houses haEsng few buying orders for long
account and the larger interests doing nothing
70 encourage the idea that they were in favor of
a resumption Of bull activity at the present
time United states steel common made the
best showing Of the active issues. and IN
demand from tTsdas who sold Il in Thursdays
market on the theory that liquidation in the
general list had not been completed and that
there were enough weak holdings Of Steel on
brokers books 10 insure lower prices for Il.
While there has been a certain amount OF dis
tribution N steel common by substantial opera
tors the stock sold for the most part has gone
into the hands Of speculative investors whose
accounts ere safely Enargined- Notwithstanding
the great advance that has taken place in the
price Of this security. Il does not look Ike an
attractive short sale, even though the general
bull campaign may have run its course. In
siders bid the price of the stock up yesterday
on the appearance OF efforts 70 depress Il, but
made no attempt 10 place il on a materially
higher level. their operations apparently being
more as a warning 70 bearishly inclined traders
20 leave the issue alone than desire 10 lift the
quotation a. this particular period The sales
OF Reading were large enough 10 Offset a move
rnent by some of the prominent traders 70 ad-
vance the stock. while the same character OF
selling Prevented important Improvement n
Southern Pacific and Union Pacific. which
showed a decidedly heavy tendency IN the last
fifteen minutes OF business; also Erie and New
York Central American Sugar Refining was in
fair demand, while better class OF buying than
recently reported noted in Pennsylvania.
The chief speculative activity in Wall Street in
the day was in the cotton market. in which
buying was based upon the expectation OF an
extremely poor government report next week
and on the bullish operations Of the Patten in
terests.
According 10 the known movement Of money
in the week. the local banks have lost more than
S5.0d000 in cash holdings. OF which more than
100000 is on their operations with the in
terror The course Of domestic exchange in the
last few days has foreshadOwed a loss 10 West
ern and Southern cities and il likely that
shipments Of currency from here viii increase
for several weeks 10 come. owing 10 the growing
need OF larger cash supplies at interior points,
particularly il the South and the Northwest and
Middle West Receipts Of currency in the week
at New York were chiefly from nearby towns.
In the next week bank cash holdings doubtless
wil feel the effect Of the expected large ex-
pendiIures here by Hudson-Fulton visitors, but
not 10 an extent that VIII make an important
impression on reserves. In the current week the
Sub-TreasuTy transferred S2U0.ODO 20 New Or
leans in connection with cotton requirements
and with the active gathering OF the crop this
movement may be expected TO increase in vol
ume. While the outlook fayoTs a short cotton
crop the price OF the staple promises TO rule 1T
q high level and the cost Of marketing and
carrying IL will require much money, II not
more. than in the case OF q full harvest AS
there has been a considerable liquidation Of
loans against speculative commitments In the
stock market IA the current week. no great loss
in the reserve above the legal limit Is looked
for in to-day's Clearing House statement OF
averages but as this item is not far from the
% per cent required. any further decline viii
carry with IL the surety OF higher rates for
money. Wall Street apparently is not looking
forward with alarm 10 an advance in the money
market, and IL speculation is held in check there
should be no occasion for uneasiness. especially
as greater activity in money Will represent an
increased demand for accommodation from the
channels OF trade Reports received last night
from the commercial agencies covering all parts
OF the country indicate conservative improve
ment In all lines OF industry and a disposition
on the part OF manufacturers and merchants 10
enlarge their estimates for 1910.