New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-12
FINANCIAL MARKET
Spectators Sell, but Investors
Keen Their Securities.


have figured out 10 their own satisfac-
non that the larger financial interests
are selling stocks IN order to create un-
easiness in business circles and Incl
oentally 10 give the Supreme Court and
Congressional investigation committees
an object lesson. This idea is being
formulated entirely for the purpose OF
upsetting confidence IN circles outside Of
Wall Street, and II is about as sensible
as the fool theory held by would-be trust
busting politicians that the panic OF
1907 was brought or by our leading
bankers in order 10 drive certain flnan-
clal institutions out Of business. Specu-
lators who for their own profits en-
deavor 70 destroy confidence by IN
founded assumptions Of this sort ought
10 be driven from the Street. and the
governors Of the Stock Exchange ought
to make serious effort 10 bring to an
end the activities Of gamblers who are
irving u make money az the expense OF
the public under the cloak Of Stock EH
change protection. II the Stock Ex-
change authorities would interest them
selves in protecting the public along the
lines adopted by the postal authorities
IN riddins the civ Of fake concerns
they would perform p duty long neg
lected A number OF meu who have
been getting the publics money under
false pretencss have been sent n prison
ny the federal government
Small spectators are uneasy because
stocks are declining, and It IS 2 simple
matter to work upon their fears. Fortu-
uateiv Inv estors are not selling. and IN
the decline yesterday there was no evi-
dence o. coming liquidation by the vast
army of investors IN this country
Bears raided The market and caught
many stop loss orders. but the larger
intcrestr quietly absorbed offerings and
advised their clients 80 hold their Sc
curities and to add Co their holdings on
ell favorable opportunities good adj
v.icc I'm WOW of the fact that the coun-
Try. ir not going into bsnkruptcy. Tota'
dealings were far under those reported
on the preceding dsv. with the chief
transactions I'm Atchisop. Canadian ~
ctGr So Paul. the Hill shares. Reading,
Southern Pacific. United states Stee'
and Union Pacific Selling pressure was
especially active in the last named also
IN 50 Paul Reading and Northern Pa
ri6c. Pronounced weakness developed
I'm the late afternoon, most stocks golns
10 new low prices on the current move
ment. Union Pacific was hammered
hard. the movement being accompanied
n. Wall street reports of probable serl-
o,is labor trouble on the Hartman lines.
Well informed Union Pacific interests
said there would bc no strike. When
the squeezing process begins there VIII
10 some hard days for the shorts.
George ". Perkins idea as advanced
IN the Stanley steel investigating com
rnittse. that financial panics IN New YORK
could be averted If the government wouia
urevent banks in Chicago and the MlduIe
West lending money on call in this CITY
IN The summer at cheap rates and sud
5e,,v calling II back in the fall 70
finance crop requirements SOUNDS Wen
on paper. but It is not likely 10 appeal 10
Western bankers. nor could II be adopted
nv the government under present oahA-
ing laws. A scientific currency system
would do more to prevent panics here
than any federal ruling that interior
hanks must keep their funds at nome
Mr.. Perkins might as well suggest that
the funds Of the New York banks clrcu-
late only within the limits Of Manhat-
ian as 10 say that out-of-town money
o,eb, NOT 20 be sent here for employ
ment. The money market is free 10 all
and adverse conditions that arise IN lhe
rnonetary situation at times under cur
rent conditions practically would be I'M
,.ossible If our lawmakers would get to-
ectber and reform the currency instead
Of wasting their time In rfuitless n
vestigations OF corporations that are the
backbone OF the nations industrial prog
ress.
all money rates were unchanged
vos,s-dav but there was d decided cas-
ing i'm quotations Tor time loans owing
fo increased offerings. which doubtless
-eqeotad the release OF funds incident TO
tho foundation Of the last week on the
stool, Exchange. According to the
Known movement of currency since last
FRIDAY the local banks have gained up
ward of S2J00OOO in cash holdings
owing TO an unexpected heavy gain from.
the interior. which much more than on
.e+ the loss on operations with the Sub
,r-easurv. Most Of the receipts, how
over. were IN the form Of national oanN
notes which cannot be included IN our
hank reserves and which must bo sent
IN Washington for redemption Ship
,nerts from New Yorl, 20 the South were
mot a. large as looked for. while re-
-oiuts from Richmond and Louisville
were credited with the larger part OF the
ri,r-encv arriving. At most points I'D
The West exchange is working against
this centre. while sterling rates are NOV
ing I'm our favor Cotton bills soon VIII
become an important factor IN the mar
l,e, and as We already have large
credit abroad on merchandise account
gold VIII Aov this way Just as soon as
the exigencies of the money market re-
10. a