New-York tribune., 1909-09-02
FINANCIAL MARKETS
MOST STOCKS LOWER.
Trading IN the Hands of Profess
sionaI Element-MOHeV Rates
UNCHANGED.

Stock market operations were light in volume
throughout the day on movement Or prices
that generally tended In the direction OF lower
levels the only substantial strength IN the eh'lS
session being reported in the tnal oeaInss'
Commission houses had few orders on either
side Of tne account Tor outside interests Whlle
tie more important Well Street traders were hol
active factors in the trarss ctlons, "hlSh were
made up IN large part of the sales ana Purcl'isS
rf g small professional element that apparenuN
had no we'll defined idea Of the probable course
Of speculation in the immediate future. me
general lack Of interest IN the market ana the
narrov-ness Of fluctuations, which were olreCl
d,,eop1nents Of the recent period ol eNclleu anu
30 MANY people. disastrous trading, were Wholly
IN line with the course Of speculation IN the past
following the collapse Of highly inflated bun
boonls There was nothing IN the gay NJ"
cana HE Of inducing activity IN Stocks anu 'iIe
nea1-v tendency that prevailed IN the pest part
of the five hours of business was due ehutelS l"
81, absence Of new buying power tAat en-
courared pressure from the room traders Whlls
.be martial recovery i'm the last few minutes ol
business represented little beyond a diSpcsluoh
7 Tho mart Of the shorts 10 close their contracts
u ~. ..,-,,- or,eratiors Union Pacific sold down
moro than - points but ended at net loss OF
ONLY a. its movement being ioilo"ed On q ll'i
ROVER scale by most Of the prominent su+leS'
avrar+ Northern Pacific and the Great Northern
one certificates. which exhibited Cohsldelapl'
strength throughout the day. Missouri Kansas
& Texas also was strong feature ti'sllS 1'
a net gain OF i. points. As rule hhal til-ii5e7
were confined 10 small fractions. The ues1 COM
mission house buying was IN Jhi'eu states '-''t
common i'm which the so-callod insiders apeiI'"
f+e willing 10 tai. all the stock for sale IN the
-eieyrlorhood Of 7Gi.. Earnings 81 l-e CH'l"'
states steel Corporation are Increasing al d
rsuid rate and the possibility oi an increase III
the dividend on the concerns common ehaits -
strong enough TO attract buying AT current
prices. both for speculative and Investment ac-
count II was estimated yesterday ON the hasls
Of tn. earnings Tor July and August mat III 'hy
treseut Quarter net results viii exceed those ol
the preceding quarter by upward OF Sl"'~''V'".
Railroad earnings throughout tho country are
showing encouraging Improvement over CORE
spcudinE periods year ago. anH are hot ll'
uuee, Tie records reported in 1907. when RAN
way traffic was exceedingly hcaV,- As the Penn
s>-l,-ania Railroad covers a territory 10 WM1h
80, md industry are unusually diversified its
TRANSPORTATION results always supply an exec
lent barometer of general business cohol'loIlS-
and Il is therefore worth noting that IN tn
month OF July ia. returns Of which were receive
Yesterday. there was = total gam over a year
az. i gross receipts on the lines directly oler-
sted east and west ot Pittsbure ot A-"oo@V''
,he gross income for that period o"iHs l@istl
tlan ir ANY similar month with the exception OF
Julv 1885,. Net earnings increased S'3".,'W' Al
the trunk lines report growing transportation re-
ceiuts while i'm all parts - tie country uail1 Is
moving ia "a manner That apparently I"I'S.-4"
ows tie development oi q iei4va "L I''olu
mont OF grain promises 10 bc a most important
factor Targ. crops are being gathered at talr
prices and the railroads viii carry large consiGn-
ruents of food products 10 market for the farm
ers and bring back general merchandise ior til9
Agricultural communit,. The purchasing power
OF the farmers has increased to material eN-
tent IN recent ,cars. owing 10 the regularity ot
good IlarH-ests that have been marketed AT good
prices and to tll:s purchasing power much OF
our material gain in wealth is due. il is impos-
sfbi, 10 be bearish ou the business outlook.
Wall street IL counting upon another wave OF
uuu activity in TIE stock market a. a consc-
QUence u industrial conditions. but the leading
interests i'm financial quarters believe that
money market considerations should serve TO
check speculative enthusiasm IN the course Of
the next two months. In some banking houses
il is thought prices may be readjusted To a
lower level before a genuine upward movement
VIII be cOuntcnanced by the real leaders lu the
Street. Call and time funds firm at the
higher range recently recorded, but the tendency
Of domestic exchange ana the operations be-
tween the banks and the Sub-TrcasuTy appear
10 insure stronger loan market at no remote
time.