Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-05
Presidents Message Starts Sharp
Decline in Stocks.
IEDUSfRIALS WERE SOLD FREELY
Clause on Trusts Caused Alarm
Among Their Holders.
GENERAL MARKET REPORTS

Special Dispatch {" The Evening star.
NEW YORK. December 5-The Presl-
dents message was made the excuse for
further selling of all classes Of securities
in today's stock market. The clause rela-
tive to trusts was the subject Of much con-
Germ during the morning and all the indus
trial properties were under pressure in con-
sequence. Advance reasoning as 10 what
course would be recommended proved to
have been unusually close To the text Of
the document. All Of the prou,rtiss IN,
Guided IN the industrial classification were
considered as being under the ban OF no
iitlcai dlsapproval and were sold down by
the room.
American Sugar was weak under a r.
ncwal OF rumors relative to its current ,liyf-
dend prospects. Sales OF liberal volume
We're explained on the theory that the -
per cent rate would be reduced Every
dividend falling due while Congress is IN
session has been the subject OF similar
sk%ptlcism for years. Since April. 1Sa3. the
rate mas been uniformly maintained These
rumors were quite equal to the task OF de-
attest.
The chief significance OF this movement
was to disturb confidence in the newer and
untried properties
The steel stocks were weak and I'm plontl-
ful supply throughout the day. a consider
able short account being created. There
mess.
Congressional debate is more to be feared
man congressional action just now. and the
larger inter Asts show every Indication OF
withholding buying orders Until the political
side of indus rial consolidation has been
thoroughly ventilated.
Brooklyn Rapll Transit was weak under
fumors Of action to compel moro thorough
reports to shareholders ard possible COM
pulsory change in its power system.
As noted yesterday. the railroads were
quite as sympathetic as the supposed OBJ
jectj OF attack, and in like manner the
movement lack I'd consistency.
The money market should be saddled with
the responsibility of the present decline
since the larger interests are clearly op-
posed to any activity which would neceSsI-
tate an extension OF loans The weakness
in the industrials is no surprise. but at
some point in their weakness better seCuri-
ties will have to be sold to protect ac-
counts. There is scarcely a railroad prop
ertY on the list but is showing satisfactory
earnings, but this fact only encourages
holders whose interests are paid for.
The margin operator who makes the daily
range Of prices is not inspired to new buy
ing of anything in the presence of a de-
Ginning and unsupported market.
The entire situation Is feeling the effects
of delayed return of money from the in
terror and the certainty that trades bal
snces are not yet available for relief
The bear party is better organized than
at any time during the year. and is at
lacking the weak spots. The one-sided
movement of the last few months is not
likely to be duplicated. The industrials
are approaching the day Of being meas
ured according to value, and until the pro-
cess is completed a general reimbursement
cline Will have its reaction. as did the same
mistake in the opposite movement