New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-09
FINANCIAL MARKET
STOCKS CLOSE HE4TT.
EarIy Cams Follorred by
Marked Declines from
High Points.

C,eriye prices IN yesterdays STOCK
market showed marked declines from
The closing OF the preceding day. losses
IN the active issues running from to
,oin+s with the chief weakness n the
shares which were heavily bought Tor
-o,,l,ffc account at the prices prevailing
last autumn. The liquidation movement
was met by buying from substantial
sources. and soon after the initial trading
the effect Of purchases for this account
and OF active covering by the profes-
efo-s1 element was reflected in striking
recoveries throughout the list Of active
securities. though the Improvement was
not sustained in the afternoon support
extended In the morning came from
orarters where Il was believed that
acute decentralization might develop as
:. consequences OF bear manipulation, but
onerations OF this character were not
factors in the last hour OF business,
when the general marked moved II
lefs11reIv manner toward lower level.
Professional operators for cheaper prices
were not favorablv impressed with the
rally. and in the late trading sold stocks
with considerable confidence, on the
theory. that +he bear movement had not
vet run its course.
Selling pressure in the afternoon was
directed chiefly against United States
steel. Union Pacific and the copper IS
e,,es American Smelling and Refining
was well bought on the early decline and
acted better than Amalgamated Copper
l.
ing. which enjoyed the greatest maxi
mum advance following the opening
break. vas q relatively strong feature N
+ba final operatiCns. Even though Read
ing common stock is now on per cent
basis it Is not an attractive investment
r,7,rcflase at It's current price winch -
u r,oirts under the high level OF ISoS'
Evidence Of investment buying was re-
rorted III Chicago & Northwestern
Great Northern, Louisville & NashNl4e'
Northern Pacific and Consolidated Gas
F3rooiIv-7 Union Gas declined points Oh
small sales representing forced Noulos-
ton. This stock may be mentioned
among the solid investment bargains
now offered on the exchange Al the
close Union Pacific was down rs from
SIS hest price, though al net gam
while United States Steel was on IL
from rs hest and = under Mondays
7De1 4g7,re. Araalgamated lost almost
points net
The decline II bank holdings lasS week
has had no appreciable effect on local
money rates. and unless there should oe
. further material contraction in cash
and reserve II the course of the next
fey weeks quotations for loans doubt
lass MI remain st the current level until
We'll into the spring. The banks are IN
9 strong position. but paniciIy conditions
On +ha stock Exchange, based on rnan!p-
ulation and liquidation by frightened
owners OF securities. could bring about j
situation in banking circles that would
involve : high price for loans The trust
conoartes have withdrawn consld-
.-ahlz amount OF money from the banks
- order 70 strengthen their own posi-
-so-7. and = Is conceivable that the c'rcu-
iar7cr o. llr7warrau-ed ideas suggesting
,ra DEVELOPMENT Of adverse happenings
~ The business world as consequence
Of President Tafts recommendation Tor
nav Laws affecting corporations may
lead % unreasonable demands on banks
that make their chief profits on loans
agains, speculative commitments IL the
stoc. market The nation al large ought
10 realize that the administration IS
working along lines that eventually
must insure The safety % American in
vestment securities. and il Is therefore
extremely ulfortuna e that certain " all
Street interests are cndeaFoI---s 20 s+NS
- z-,--rrr,=rr an object lesson BY All
attempt 10 drive the country INTO
panic. L does noI appear prcbable, row
eTer, that ths country VIII BE- driven.