New-York tribune., 1909-09-09
FINANCIAL MARKETS
STOCK PRICES HE4VY.
Support on the DccIne-MOncy
Rates Fim6r.


weakness in yesterdays stock market trading
reflected little of the Ineasness and nervous
ness of the preceding day. Improvement in SEN
tinent doubtless being based to a great extent
on the belief i'll financial circles that powerful
interests stood ready TO protect the market
against any serious bear attack or general liqui-
dation. Opening prices rule were above the
closing in Tuesdays operations. hut initial ad-
vances were succeeded by renewed declines that
carried the prominent shares a point or more
under first quotations, tho larger part Of the
loss. however being recovered before the end ot
the day irregular upward movement, IN
the course of which Union Pacific sold at 1861,
as compared with its low Of 1861 Though net
losses were common, they generally We're con-
fined to small fractions. the chief exceptions be-
ing supplied by Illinois Central, Missouri Pacific
and New York Central. In which last figures
were more than point below the final level IN
Tuesdays market. An attack on United States
Steel, based on the theory that the Morgan in
terests had taken their profits on their holdings
bought in the neighborhOod Of 40, carried the
price of the issue down to a greater extent than
al any time in recent weeks, but the buying was
good enough on the decline To bring about
sharp rally. with the closing at a net loss Of
only Is The Morgan people are important fac
tors IN supporting prices declines. but II IS
quite probable that they have realized some big
profits in United States Steel common, which is
now far more attractive than IL was when K
was being bulled around 90 the argument Of
securing Paris listing. Government figures on
crop conditions were disappointing, in view OF
estimates made earlier in the season, but the
yield Of wheat and predicted furnished no
reason for beaTishness on the final outcome of
the harvests particularly as the federal report
suggested larger returns than in any preceding
wear with the exception Of 1901 and 1906 Re
cent rains have improved the position of the
crops. including cotton the latter promising far
better results than foreshadowed by the govern
ment's estimate as of August %
Union Pacific stock represents intrinsic value
worth every cent of its market price. and
in the event of further drop in the quotation the
issue will look attractive for investors who place
security ahead Of big dividend returns. At 200
this stock yields 5 per cent. and it returns
little more than 5 per cent at its current level
with the safety OF the 20 per cent rate being
strengthened with the progress OF the company
something quite important to buyers who are
seeking permanent income. Some people appar-
entl, assume that in the event of the death Of
Mr. Hartman there will be disntegration of
the Hartman system and an abandonment of
the Hartman policies which have proved 50
effective in increasing the financial resources
Of the Union Pacific Railroad but such
sumption is based on an exceedingly feeble rea
soning and should not be seriously considered
for { moment by actual holders Of the Hartman
stocks II is to be hoped that Mr.. Hartman will
be restored TO health but if his illness should
end fatally he will be succeeded by an able man,
veil qualified TO carry on the development Of
the Hartman properties while the banking in
teTests that always have backed MI. ttarrllnah
will continue 20 care for their inI estments in
Union Pacific, Southern Pacinc. Illinois Central
Baltimore & Ohio, Erie. Delaware & Hudson and
New York Central 10 one is looking for 4
great rise in securities prices just now. On the
other hand, few people believe that, barring the
development of factors decreasing the actual
worth OF stocks and bonds, there will be a long
period Of declining quotations The result OF
the extended reckless bull speculation IN stocks,
however. may be reflected in further declines.
while the expected higher level for money doubt
less will cause some readjustment TO lower
range but unless the country's business goes t.
pieces, OF which there is no indication, perma
nently cheaper prices appear out Of the ques
tion.
Money rates were firmer yesterday, and do
nestic exchange continued to reflect an increas
ing demand at the interior for New York funds.
1t is not unlikely that the bank statement on
Saturday will show reduction in reserves while
il is quite probable that with any further de-
cline in resources there viii be a noticeable !
hardening in loan quotations The mercantile |
inquiry for accommodation is improving MeT-
chants heavier borrowers than they were a
few weeks ago, while the demand in connection |
with crop movements is increasing, a reflection !
Of which is presented ia higher money rates II !
Chicago. Sterling exchange is easier.