New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-27
STOCK MARKET REVIEW
High Money and Profit Taking
Cause Irregular Closing.

The money situation had an influence
over the stock market yesterday, Keep
ing the range of price movements
within limit on the upward trend ana
combining operations largely to pools
which contributed support TO ther
favorite issues. After the closing
I per cent rate for money, when
caused the market 70 react on Weuhes-
dav. there was some question regard
ing the opening rate yesterday morn
ing. During the early hours OF the DAY
the rate of ca per cent was mann
tanned. following an opening at per
cent. Later the lowering of the rate 10
Z per cent encouraged market activity,
but movements in stocks were very
irregular. and the results Of the day
were discouraging TO the hopefuls, who
had longed for a continuance yester-
day OF the broad. active bull market OF
the previous days, particularly on
Wednesday. when the sharp advance In
the call money rate checked its spirited
upward tendency. The market had
favorable start yesterday and prices III
many stocks displayed advances over
Wednesdays close. But as the prices
travelled upward profit taking began 10
be In evidence. and some reactions fol-
lowed, with the result that tone OF
weakness crept into the trading, ana
might have caused much further de-
clines had not the reports Of railroad
earnings stopped bearish tendencies
and revived activity on the bull side
The Southern Railway earnings,
as reported, were the largest In the
history of that road. Southern Pacific
also came In with record breaking re-
port for August in net receipts. Union
Pacific, with the exception OF 1909, had
the largest earnings of its existence so
was a near record breaker, and assisted
in swelling the total exhibit by the
August returns. In addition 10 the ex-
ceptionally splendid showings or these
railroad statements there were indica-
tions. as exhibited in the lowering Of
the price Of foreign exchange that
more gold will soon be coming TO this
country. The announcement OF $500
600 engagement OF gold. making total
Of 81. go, 900 on this present movement
materially supported the early trading
on the favorable side IN the first part
of the day, and for day full of favor
able incidents and factors on the sur
face yesterday seemed to be peculiarly
we'll equipped. The trend Of money
rates. however, is toward a hardening
rather than any relaxation, which was
shown by the higher tension Of both
call and time money and the lack OF
liberal offerings, particularly in time
money. II is evident that the increas-
Ing volume Of business is commanding
more money. &c was expected, and,
naturally, the law OF supply and de-
mand is exercising its inevitable effect
of tightening money as the demand is
increased. At present there Is no sign
of money squeeze, as the gold to ar
rive next week should have reas-
| surfing effect on the money SITUATION
and after the October settlements have
cleared away business OF commerce and
the Stock Exchange will probably be
supplied with funds within reason
able range Of rate requirements with
out hampering transactions. The SELL
ing movement which was started In the
afternoon carried the market down.
and losses we're generally distributed
throughout the list. The closing dis
PLAYED an irregular tone.