New-York tribune., 1910-01-26
FINANCIAL MARKET
HEAVY STOCK SALES.
Metal Shares and Hartman
Issues Lead DOzCnWdrd
Increment.

The extent OF the break tnat TOOK
place in yesterdays stock market may be
judged from the fact that standard
security like Union Pacific sold points
under its high level in Mondays trading
IN the first hour of business Prices
opened weak throughout the list and
points were reported among the active
issues, the selling representing iquida-
tion and bear pressure based primarily
on the aggressive operations for the
decline that have been features of the
market since the first of the year, and
secondarily on foolish fears encouraged
by the bear element that the Washing
ton administration is embarked on a cru
sade against the corporations that will
leave the business of the country in
shreds and tatters. The weakness was
intensified by rumors that more Wall
Street houses We're in trouble. and the
extent of the decline naturally gave
rise to the theory that certain highly
speculative interests would not be able
to weather the cyclone raging on the
Stock Exchange. The selling movement
dlu IlOL tAlCIu " dItudl lilFCSlLlCiiI
liquidation, except in cases where op-
orators were compelled to part with in
vestment holdings to protect their spec
uIative commitments and in a few cases
where holders We're frightened into the
belief that something was radically
wrong with conditions affecting the act
ual value Of American stocks and bonds
Street aduanna6 in
1909 in the face of conditions that
should have exerted a restraining in
fiuence on extravagant speculation. and
ii is now pressing stocks for sale when
general influences suggest investment
buying. The decline has run to an eX-
treme not warranted by outside consid-
erations, and the people who insisted on
levels prevailing in 1909 are taking the
medicine that always is administered in
extra doses after d long period of ex-
cesses on the bull side of the market.
To many observers it seems that the
same sort Of medicine may be given to
people who now believe that the mar
ket has no bottom and that the short
side is the only safe side. United States
Steel common was hammered down to
the lowest point since last summer to
the accompaniment of grave fears by
willy old bears that the government
would proceed against the United States
Steel Corporation as a combination in
restraint of trade. Interests identified
with the concern show no anxiety over
reports that the government purposes TO
make an Investigate ton of its affairs, for
the good reason, they assert. that there
is nothing 10 hang such an investigation
upon.
Since the organization Of the United
States Steel Corporation the production
OF steel in the United States has been
doubled, but to-day the ratio of the cor
poration's percentage to the total is less
than 1T was ten years ago, and the state
ment therefore that it is restraining trade
is based entirely on ignorance of the
facts. Prices for steel products have been
reduced more often in the last ten years
than they have been advanced, and price
schedules Of the United States Steel
Corporation at no time have disorgan-
lied the business of the independents
The administration is after the bad
trusts, not the good trusts authority
for this statement being found in Presi-
dent Tafts recent message on the In
terstate Commerce Commission and
antitrust laws The directors of the
Steel Corporation at their meeting yes