New-York tribune., 1910-04-21
FINANCIAL MARKETS
General Weakness in Stocks Led
by Steel Common.

A combination ~ potentially disturb
ing news developments YESTERDAY fur
nished an opportunity of which the bear
party were alert 10 take advantage to
sell the market with vigor and conf
dence. their efforts being supplemented
by more or less liquidation. with the re-
suit Of weakness and decline in the gen
ersl list during practically the entire
session. the close showing many serious
net losses in active issues. The consid-
erstions most dwelt upon were political
stress being laid upon the result Of the
special election for member Of Congress
in the Rochester district, which was in
+errreted as another indication that the
next House of Representatives would
have a Democratic majority. although.
in fact, the main issue in the campaign
was the personality Of the candidate
who has gone down 10 defeat. The an
nouncement Of the decision Of Senators
Aldrich end Hale not to stand for re
election 20 the United States Senate nat
urally also had an unsettling influence
upon the stock market as presaging a
change IN the long existing order OF
things at the national capital, with the
new leadership not yet clearly TO be dis
cerned. Another factor Of disturbance
vas the news from London Of signs OF
the collapse Of the wild speculation there
in rubber and oil stocks, which, when it
occurs. is likely TO be sudden and dis
astrous. and from its magnitude cannot
but have a reflection in the local market
for securities.
Opening prices yesterday were, as a
rule. under the preceding days final fig
ures. and except for a short lived rally
early in the first hour the course Of the
market was downward during the ses-
sion. Trading was in larger volume
than on Tuesday, and more than a third
Of the total transactions were in United
States Steel common. which was under
constant and heavy pressure, losing "a
points and closing at the lowest Of the
day. the short selling being accompanied
by rumors that the expected dividend In
crease next week was not after all TO be
granted. use being made also Of fore
casts Of smaller earnings for the quarter
than have been looked for by the Street
and the trade reports OF lessened con-
sumption Of iron and steel. Amalga
mated Copper and American Smelling
and Refining common also were notice
ably weak. being sold on the poor ad
vices from the London copper market.
The standard railway shares yielded
with the rest OF the market. net declines
running TO points each in Union and
Southern Pacific. despite President Low
ett's encouraging statement Of the re-
suit Of his observations on the inspection
trip just ended. and 20 points each in
New York Central and ST. Paul 2Rs in
Reading and llz each in Great North
ern. Northern Pacific and Pennsylvania.
In Philadelphia. Lehigh Valley sold
down several points on profit taking fol-
lowing the announcement Of a large
stock issue. with valuable rights.
Additional engagements of gold coin
10 the amount Of S1.2O0ooO were made
for shipment 10 South America for ac-
count Of London. and yesterdays steam
er-s carried a total Of more than 5000.
600 i'm gold coin destined for Brazil and
for London Foreign exchange rates
We're firm. but without change, and the
money market showed no change for
either call or time accommodation.