New-York tribune., 1909-09-30
FINANCIAL MARKETS
NEU STEEL RECORDS.
Stocks React after Early Strength
Money Rates Unchanged.

,--.o.io,s in Yesterdays stock market
amounted to more than 14ooOoO shares' ou1 1lte
character of the trading suggested that no suS,'
number Of shares actually were boushI anu so'N'
IN limited States Steel common the ticker re-
oo-dad Gales that represented more than 81
nooOs0 the operations in this stock ana SIX
other issues supplying about three-quarters oi
the entire dealings. and this record alone shoulu
prove TO any ordinary market ooserNei ''
tidcial nature Of the dealings, which created
enough suspicion as the session progressed 10
bring about a considerable volume of selling Dy
interests who hoped TO check the recRlesshess
developing in certain speculative quarters
United States Steel common and preferred made
new high records while Union Paclnc. Atchlsoh'
Chesapeake & Ohio, Pennsylvania and Norfolk
& Western also were strong features. losing
little OF their improvement in the late reaction
except in the case of Atchison, which closed ls
under its best Steel common which crossed w
in the early trading, ended at SF3s. and the pre-
ferred at 1909. There is good reason for the
purchase Of the latter stock as an investment at
its current price and, according TO the bull in
terests in the common. that issue may be
bought for par. though it may be well for In
tending buyers to provide good margins at the
current level And the same thing may be said
Of about every stock on the list. There is too
much bull manipulation at the moment to make
the market safe one for the public operator,
especially as there is no certainty Of the main
tenance of easy money rates for any further
length of time Atchison sold off after an early
rise heavy realizing sales. but it not
thought improbable that in the event OF con-
tinuance of bull manipulation this stock would
move to a higher level consequence of the
splendid showing made by the company in the
last fiscal year. the figures Of which are printed
elsewhere in The Tribune The road gained both
in gross and net income, and current earn
ings at a heavier rate IL is not unlikely that
the common stock soon will be restored 10 a 4
per cent basis. Regarding dividends il is in
lp IN Of 70
the preferred stock Of the Westinghouse
Electric and Manufacturing Company, an
nouncement Of which was made yesterday
Opposition TO the efforts of a bear party TO
depress prices In the last hour was noted in all
the active shares. and while most issues showed
a reactionary tendency there was no Indication
Of disposition on the part Of bull manipulators
to retire from the market. The latter are pre-
dieting all sorts Of fancy figures for stocks but
outside Of few securities they are unable 10
advance any good reason why prices shouId
move 10 a higher range. In the larger number
OF issues current quotations fully measure in
vestment values. Money rates were unchanged
yesterday, but further shipments of funds were
made 10 the interior, while 500 600 I'm gold wa q
sent to Canada. making total of 81 300 600 OF
the metal for Montreal account in the nresent
week heavy outflow of currency 10 the Sou,I,
ahu Sonlh"est was reported, but the movement
hau no enect upon call money. which was nut
out IN volume under 3 per cent out-of ,ou,,
banks being fair sized lenders ON their halanoa.
at this centre. The fact that money is Leaving
Ne" York for the interior does not alarm wall
street spectators, who apparently believe that
the buh market will run on irrespective Of
,o ,l'o"1s co"uIuohs- IL is not unlikely that the
Inflow of cash incident to the Hudsor E-uitn
celebraton viii Offset to some extent the loss
on the. regular Interior operations this week and
Tor bun operators who are ready 10 seize every
oeVeiopment tending TO help their cause this
VIII furnish an encouraging expectation Pei,
Island shares are being accumulated hv inte,.
ests VINO have their eyes focused on the future
rather than on passing market moves and tbeN
doubtless VIII study with increased confdence
"a .i me proPerty the earnings from the operation
OF me road IN August which present a gain for
The Rock Island alone OF $G43.OD5 I'm gros. a nj
gain IN net Of s2I9,Sl2. All the roads in tbe
system made favorable showing Rr,ns,,,tnI,
stock stock was S,,, bought Yesterday on report that
large Holland shipping interests loon Uo,,Li
operate a line OF steamers from A,nSta,,'.,, :.
brunswick. Ga ''" ~