New-York tribune., 1910-12-28
FINANCIAL MARKETS
Money Rates Easy-SterIing
Exchange Declines 20 Points.

The stock market was heavy yester-
day. with a general decline in prices, due
largely TO pretty definite reports that
the government intended shortly 10 take
drastic measures to break up the So
called electrical trust The announce
ment of the suspension of the Northern
Bank made just before the opening,
also had q depressing effect on senti-
rnent although the forced closing of the
bank was not regarded as of much I'M
portance in banking circles in Wan
Street Consolidated Gas alone of the
leading active issues showed 4 net gain
at the close of the days trading the al
vance amounting to three-fourths OF
point All the other stocks on the list,
with the execution of some of the minor
issues, lost from = to points. Busi-
ness throughout most of the session was
extremely dull, and what little activity
there was was due to selling hS the
bears. Thes total transactions for the
DAY totaIled only 247 $40 shares.
The downward movement of prices be
gan within a few minutes after the open
for occasional rallies. throughout the
session General Electric was especially
affected by the threatened government
suits and led the decline, losing nearly
4 points in the first half hour of trading
United States Steel common, Reading
and Union Pacific also declined Sharply,
and Atchson & Southern Railway, not
yyithstanding favorable earning state
rnents for November, also Joined in the
downward movement All ct THESE
stocks recovered some of their losses be-
fore the close of the market, but the re-
coveries were only fractional, ana the
trading sentiment continued bear1sh to a
marked degree The copper stocks were
,srticrlsrIv weak in the last hour on
tank of more unfavora BILE conditions in
the metal trade, Amalgamated closing at
the low point Of the day, 6114, a net loss
of 13k points from Fridays final fgures-
Consolidated Gas. after losing one-hait
. ,,oint i'm the general slump in the first
half hour advanced nearly point above
its highest level on Friday, touchins
12f3: The strength in this issue was
arv meeting the directors of the COM
pauy would take steps to reinnufse the
stockholders for what they had iost
+brough the reduction of the dlVldenh
from = to per cent some years ago. LII
the last hour the stock reacted a httle
an nroft taking. closing at $50, net
gain of tbree-fourths of a point Win
+bs excention of Consolidated Gas ana
. fevv of the specialties, such as west
ern Maryland, which continued TO sho"
strength and gained rs points on the
6av's transactions, the acton OF the
ma r'tet held out little in the way OF en-
co,,ra cement for the bulls and II ap~
neared TO be the belief of the majority
,ha, the anticipated year-end rise is not
ootno to materialize. In view OF the
nessin,isric interview regarding the busi-
ness outlook attributed TO Ros"ei
! Miller. chairman of the board OF oifec-
| tors of the ST. Paul, which was printed
in the Sunday papers and was one Oh 'ie
factors in the general decline, there was
some surprise at the firmness or the 81
pauI stocks. The common lost only
ono fourth of a point from FRIDAY
closing figure. while the preferred on one
FRA ansactjon made q net gain OF three
e;ghths of a point The inference drawn
from the action of the stock was that
the interests Of No. 26 Broadway, Who
control the road, were not as bearish as
has been generally supposed. Another
railroad stock that resisted bear attacks
well yesterday was Pennsylvania.
held fairly firm throughout the day. CLOS
ing at 1851. net loss of only one-fourth
of a point. The bond market was the
opposite of the stock market, being
fairly active and broad. Call money
rates were practically unchanged from
Friday, while time money funds Were
easier than at the close of last week
and the banks had difficulty in making
extensive loans at even per cent
Sterling exchange was weak at q de-
cline of about % points.