New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-23
FINANCIAL MARKET
Banking Houses Report Invest
ment Buying of High Grade
Securities.

Stock market prices at the close or
Yesterdays trading showed unimportant
changes from the final figures OF the pre-
ceding day, net gains predominating'
Speculation was made up almost entirely
Of the operations of the professional ele-
ment, commission houses having few or
ders for public account, while the sub
stantial banking interests were not fac
tors in the dealings, except at times
when reactionary tendencies developed.
Floor traders attacked the general list
at various periods In the day, concen-
trating their attention upon Union Pa
cifc. United States Steel. Reading, Bal
timore & Ohio, Canadian Pacific and Le-
high Valley without bringing out I'M
portant offerings, owners of the stocks
named apparently being quite willing
not only to maintain a firm grip on the
certificates in their safe deposit boxes,
but TO add to their holdings on all de-
clnes. Stocks are passing into strong
hands, and while professional specula-
tors may be able to carry prices to lower
levels in the course Of the next few
weeks, the best buying on all declines
will be for permanent investment &C
count. a representative Of one Of the
largest investment houses in the Street
stated to the writer of this column
yesterday that an enormous amount Of
money had gone into high grade issues
in recent days, including such stocks as
Union Pacific, Reading, st. Paul, the
Hill shares, Lehigh Valley and preferred
industrials. Lehgh Valley stock, which
sold above 1S1 earlier in the year, is now
selling under 1866 and yet the company
is in stronger position to-day than at
any preceding time in it's history.
Wall Street manipulators are still in
harness, while the authorities of the
Stock Exchange continue 10 sleep
When the governors Of the Stock Elk
change wake up the speculative public
will come into the market. A few in
vestors have become alarmed because Of
the attacks of simon pure gamblers upon
the market, as, for instance, in the case
of the recent bear campaign against the
securities Of the Union Pacific company.
And the governors of the Stock EN-
change do nothing TO eliminate Stock
Exchange element that is exercising its
perverted talents TO undermine conil-
oence in investment and business circles.
1t is not surprising that certain eX-
tremists assert that the country could
he Stool E'XrhQnQp
We need the Stock Exchange, but every
one would be better off If the Stock EX-
change would take few days off and 10
some housekeeping.
TO 20 back to Lehigh Valley. Wall
Street manufactured the report yester-
day that the stock would soon be placed
upon lower dividend basis There is no
more foundation for this report than for
the recent rumor that there would be d
reduction in the Union Pacific dividend.
The Lehigh Valley company is earning
its 10 per cent dividend, and with the in
come it receives from the Lehigh Valley
Coal Company it has, on its current basis
Of earnings, upward of 10 per cent an
nualIy available for dividends. The
Union Pacific company is adjusting it's
operating expenses TO a scientific basis
by cutting out useless operating costs.
There is no bear argument in such an
operation, especially as in the last fiscal
year the property showed a surplus
equivalent TO almost II per cent on its
stock. The country is not going 70
pieces. and people who are able to buy
prime American securities on all declines
for investment purposes are to he con-
graduated Wall Street-that is, the
speculative part of the financial com
munity-advanced the theory yesterday
that STANDARD Oil interests had been
selling stocks in order TO raise ready
casa incident to the reorganization Of
the concern under the terms of the re-
cent decree Of the Supreme Court. The
Standard Oil people do not sell stocks in
a declining market. As "A matter of fact,
& good deal of money allied to the Stand
ard oil Company has been moving into
stocks in recent days.
The money market was intensely dull
yesterday There was no demand for
time loans or commercial paper al
though offerings of the latter were quite