New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-10-23
FINANCIAL MARKET
HE1TY STOCK LOSSES.
Money Factor Checks Bull
Speculation.

Stocks were pressed for sale through
out the day and at the close the level Of
prices was we'll under the anal figures in
Thursdays market. with the chief
losses among the leading shares in
Union Pacific Amalgamated Copper
Reading. United States Steel. American
Smelling and Northern Pacific. The
trading element was as bearish as 1t
was bullish few days ago. and could
a favorable character from a stock mar
ket point Of view that had not already
found adequate reflection In Stock Ex-
change values, though less than a week
ago the same element appeared TO be
quite convinced that stocks were far
from the top and had not discounted by
many points the splendid progress of the
cOuntry's industries. The view taken
yesterday contained more evidence of
common sense on the part of traders
than shown by them in many weeks.
Commission houses had fair selling or
ders for outside account, and professional
operators took advantage OF this liqui-
dalton TO hammer prices. especially In
the issues which recently were advanced
TO higher prices under the influence of
aggressive manipulation. as, for in
Stance. United States Steel common.
which closed nearly points under its
best quotation Of the year.
Transactions in Steel common supplied
upward Of one-third OF the total in all
issues. the heaviest buying on the de-
cline coming from the shorts. while else
where in the list the lower prices at
tracted a covering movement that failed,
however, 20 strengthen quotations, last
figures being near the lowest of the day.
The Rock Island shares were bought by
substantial intere and the preferred
ended at small net gain, the movement
in the issue rejecting the confident ex-
pectatiOn in we'll informed quarters of
the placing of the preferred on a per
cent basis in 1910. The Rock Island is-
sues are among the few securities that
have not discounted their future. In the
bond market prices held better than in
stocks, Wabash refunding As furnishing
an exception. Money market cOnsidera-
tions were more in evidence as stock
market factors than at any time since
the end Of the period of easy loan quo
tations. and the developments of the day
did not encourage the idea that none
tarY conditions would favor higher prices
for securities in the course of the next
few weeks.
According 20 the known movement IF
money in the week, made up of the oper-
atoms between New York and the in
terror and the local banks and the gov
eminent, the Clearing House institutions
have gained about 100000 from all
sources. High rates for loans here cur
tailed the outward flow Of currency,
While they also attrs cted money IN this
centre 10 he put out on call i'm Wall
Street II should be borne in mind that
this operation at this time Of the year
when the business activities of the coun-
try and the harvest requirements grad
ually are calling for the assistance Of
capital. contains no element of perma
nency and should not be taken by specu-
lators as a guarantee of a supply of
money large enough 20 conduct large bull
transactions in securities. An increased
call from the interior for funds is likely
&c develop at any moment. and. further
more. il is not improbable that an active
demand for gold for shipment TO Europe
may develop in the coming week, owing
10 the advance in sterling rates yester-
day, which placed the exchange market
practically on the gold export level.
though demand sterling closed at a sharp
reaction. In the day 100000 gold coin
was taken for shipment TO Canada and
s250.0O0 for South America, the latter
representing the liquidation of London
at the expense Of this coun-
try. owing TO the unused credits of Lon
don here
Receipts Of currency in the current
We have been chiefly from nearby
points. while shipments have been 10 the
West and South, where the demand for
money incident 20 the marketing Of the
crops and for general mercantile pur-