The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-01-25


lions in the price Of United States Steel
common stock The action of this stock
on the last day of last week was very
peculiar.
After an excited rise. which carried it
over seven points higher than the price
at which il had sold on Thursday. the
stock fell two and one-half points on
limited number of sales in the last four
minutes OF the stock exchange session.
Such violent drop in SO short a space
,Aof time in the quotation of the United
States Steel common shares has not been
N.tnessed for years, and 1t left ideas as
10 the market position OF the stock de-
eidedly confused.
On the face OF things, the most plausible
explanation for the phenomenon was that
excited short covering had been re-
spOnsibe for a rise In the price OF the
issue, and that this being completed, the
stock had dropped with an impetus as
great as that which had carried 1t up
ward.
Indication of Manipulation.
On the other hand, there were many
hrewd observers who contended that the
oeoline was manipulative in its character
land was designed TO check the progress
of a too hasty advance. So far as to-
days results went they strongly favored
the probability that the frst-named eX-
PLANTATION was the correct one.
The Steel shares were heavily sold
throughout the day. and closed over two
points lower than they did on Saturday
4 -
Tectly due 10 the uncertainty prevailing
in the minds of spectators as &c the
policy that will be adopted In the matter
of dividends by the directors Of the Steel
Corporation at their meeting Tomorrow
Sentiment in these speculative quarters
was overwhelmingly inclined on Satur-
day 10 the conviction that Steel common
stock was about 10 be placed on a regular
5 per cent dividend payment basis. and a
TumOr obtained wide currency that at
private meeting Of directors held uptown
Friday this course had been finally de-
termined upon.
To-day confidence was by no means so
strong on this point, and, indeed great
doubt was expressed as to the character
zof the action that the directors would
AXE.
2 Dividend Confidently Expected.
II there was any weight OF opinion one
way or the other it was that the directors
would declare a quarterly dividend on
the common stock at the old rate Of 4
per cent and also an extra distribution
OF tmee-fourth Of l per cent, making up
to the stockholders a full per cent dis
trlbution for the fiscal year 1903 The
statement made by the conservative com
mission houses TO their customers was
just as it was on Saturday. that the ad-
visibility OF either buying or selling Steel
stock for speculative purposes was. as
concerned immediate fluctuations in the
krice of the issue. largely a matter Of
guess work
With to-day's decline In the Steel stocks
the whole security market sympathized
and recessions of between one and two
points were commonly shown in the
standard shares at the close, final prices.
moreover, being about at the days lowest
For the first time in several days no sup
port was extended to the market by Lon
don, and London houses were inclined
to sell stocks. A downward movement Of
prices seemed TO extend to-day to every
security and commodity market Also the
foreign markets were weaker, and on this
: side there was liquidation not only in the
mock market. but on ali the produce and
cotton exchanges.