New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-01
FINANCIAL MARKETS
MOST STOCKS LOWER.
Bull Operations in the Last Hour
Checked by 4dvance an Call
M0ney-Emcrgency Cur
rencu I'm probable

Stock market prices moved III an ilicS 1i0A
manner throughout the day. with more net
losses than gains among the active issues. The
larger speculative interests who were IN inc
Street apparently were willing 10 buy on de-
clines and in the case of the Hartman shares
bull operators took advantage of the favorable
earnings OF the Union Pacific and the Southern
Pacific TO bid up the quotations for the stocks OF
both companies. without, however attracting an
important commission house following Trad
ing in most departments of the market showed
a noteworthy falling off from the totals OF the
preceding day the lighter transactions being
due TO the Hudson-Fulton military parade,
which proved more attractive 10 the rank ana
file Of Wall Street than business on the eX-
change. Seven stocks supplied the larger part
OF the total Of q little more than eight hundred
thousand shares with the chief activity In
United States Steel and Union Pacific. the latter
moving an advancing scale of prices, While
Steel, as q consequence of heavy profit taking
sales, generally tended in the direction OF q
lower level, though its final loss less than
one point Reading also showed loss on the
days operations likewise Amalgamated Cop
per. St Paul New York Central and Pennsyl-
vania, the decline in these issues merely repre-
senting efforts on the part Of the board room
element to bring about cheaper prices in the alb
sence Of bull interests. who doubtless viii not be
upset by the fractional losses recorded. The
best part Of the bull element was at the parade.
Chesapeake & Ohio was advanced the
newal OF rumOrs that the Chicago. Cincinnati &
Louisville had been acquired in the interest Of
Mr.. Hawley and his associates, but there was
public trading in The issue and no indication
that the stock soon would reach par. price
which is confidently predicted by the bulls on
the Chesapeake d Ohio property. Atchison was
well bought the expectation OF an increase in
the dividend. though realizing sales were heavy
enough 20 prevent any net Improvement in its
price An advance in cali money 10 per cent
In the last hour checked a demonstration OF
strength in the general market but IL failed TO
change the opinion Of spectators for higher
prices that period of dearer loan quotations is
possible
Bull interests in the stock market apparently
basing their campaign for higher prices on
the idea that in spite OF the relatively low posi-
tion of local bank reserves, the increasing mer-
camille and crop demand for money and for
eign trade situation that does not extend the
hope OF gold imports this autumn, an ample sup
ply Of funds can be secured by calling upon the
act amending the national bank laws by which
so-called emergency currency may be issued.
ANY bun movement conducted upon the theory
that its success Is dependent upon the issuance
Of emergency currency. and that such currency
VIII be put out al the behest OF spectators viii
end in q serious collapse. The character Of
speculation in tile markets Of Tuesday and
"Wednesday proved 10 many minds that million
aire manipulators of prices We're working to
bring about a higher level irrespective of the
dangers involved. and IL was suggested by the
bulls for the benefit of the public that stiff
money . hoEe created by bear traders To
encourage the liquidation Of securities. We
have the Aldrich emergency CURRENCY to fall back
on. so 20 ahead and buy stocks. even # thcy are
nearing fictitious level the leaders Of the bun
market sing but far can be learned there
is tao intention on the part of the banks To form
Il national currency association. which under
the law. must be done before emergency cur
rency may be issued. The law states that the
officers Of the association may make appIica-
tiun, in behalf OF banks desiring 10 take out
emergency circulation, 10 the Controller of the
tFfaa