New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-24
FINANCIAL MARKET
SpeCuIatorS Are Nervous Over
Western Labor Situation.

Stock market trading was light in VOL
ume on an irregular movement of prices
that showed more net losses than gains
at the close There was no evidence or
active selling pressure and no suggestion
Of heavy speculative buying for higher
figures. the days speculation being made
up almost entirely of the operations OF
professional element that evidently was
unwilling to make extended commit
ments for either account. Some OBJ
servers believe that if it were not for the
uncertainty Of the labor situation good
sized rally would occur, now that Con
sress has adjourned, while there are
other market followers who believe that
the general tendency Of prices VIII be IN
the direction of lower levels until stocks
are cheap enough TO attract actual bar
! gain hunters There appears TO be UNI
rest in Western labor circles. chiefly
among railroad employees, but II hardly
appears probable that in view of the ad-
vances made i'm wages in recent years
and the compulsory retrenchment in OPP
Grating expenses by many lines that the
sensible laboring element will insist upon
/ increased pay at this time. The railroad
I business is in fair shape, but it is by no
means prosperous, and If the companies
| should be forced to increase wages their
only offset just now would be a drastic
reduction in their operating forces. The
Union Pacific. possibly in view of the
expectation OF meeting the demands OF
its employees, already is throwing off
men. Union Pacific and Southern Pa
cifc both closed lower, Southern Pacific
being especially weak on selling based
on the theory that if labor trouble should
develop on the Hartman lines it would
/ be the most pronounced in Southern Pa
/ cific territory Bear pressure In the late
dealings failed to bring out stock. while
/ price reactions induced quiet buying
/ from good sources. II is quite generally
! believed that Morgan interests have been
heavy buyers Of Union Pacific in recent
weeks: likewise United States Steel com
mon. Atchison also has been well taken,
while investment holdings Of preferrc I
/ industrials have been increased.
! Exchange at interior points on New
| York is beginning to exhibit a declining
tendency. and it is not unlikely that sub
stantial Withdrawals Of currency from
| the New York banks soon viii he made
/ for crop moving purposes. \ certain
amount Of money already has been sent
/ TO the South incident TO the needs Of cot
| ton harvesting financing, but so far the
/ Western banks have not drawn to an
extent upon their balances here owing
/ TO the absence Of a general demand for
| accommodation. An inquiry, however m
| connection with the gathering and mar
keting Of the grain crops is near at hand,
a reflection of which is found in the uu-
willingness Of the local banks TO make
large long time loans at prevailing easy
quotations. The banking community is
looking forward to higher rates fof
money in the autumn, but there is moth
! ing in the outlook that encourages TIC
idea that borrowers will be compelled to-
pay "a stiff price for funds Banks in
New York are strong I'm cash and reserva
resources. and. Furthermore, conditions
governing the foreign exchange market
insure imports Of gold I'm the fall. FrWI
now on all factors in the sterling market
should be in favor Of this country. 4
heavy export movement Of cotton soon
will develop. \ big crop OF the stap
will be gathered. and from current indi
! cations the requirements of European
spiuners will be enormous. And it Is
] quite likely that all our surplus grain
viii go abroad owing TO an expected
| scarcity OF cereals in foreign lands