Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-07-28
AND
COMMERCE


New yosR The nction ~
lie stock ma ess ~ lefwent Z vioiehi
reversal uita %adyaneinS by
l.an - ana b5and. where. yestsrda
they were breaking without siga "
resistance Speculative sentiment la-
derwent < corresponding transioTina
t8,.n. bnt with the usual confusion te'
tween cause aud effect. The extern
Nh. uonidation accomplished yesier-
dat afforded great relief IN itself and
=. this was added. according 90 cur
rsnt famor. SOME important private
sattlement bg which embar-
,assed a@ecounts we're taken
over and The necessity thus
avoided II continuing the sacrifice OF
securities ia 4 market ia which the
demand had become well night para
lived
The brighter FEELING due 20 these
fepofia was r~nchunced by a clearer
tserteptian ~ the local nature of the
acute trouble which WIS forcing liqui
datlpn.
Ia place If the supposed widespread
sources uf THE selling based on gen
sfpl Encouragement With the situa-
lion ~ trade and money markets
there emerged the conviction that a
confined area represented the limits
af the trouble. a renewed slump IN
Rock Island preferred 20 81 early inl
the dag vas accepted as one INDEX OF
the sosirce If the difficulty Many rn-
mors became current 81 the shifting
~ large newly acquired holdings 81
various railfoad stoe Ks. reaching out
from the eastern anthracite and trunk
ilne flald and into western and south
western connections 10 the pursuance
81 an ambitious project " extension
and mefgins
IL addition 10 this source ~ weak,
ness il WAS surmised that oyer-eSten.
sion III the high capitalization o.
Yariatz neN copper properties small
individually Wsss tn process q c%ofrec-
fion
S. severe i decline as has been wit
messed ii the last ten days ~ ac-
%cplnpanied inevitably hy o large eS-
psnslon u the short Interest tn 81 mar
ket. rsuaily nothing checks this
snort selling but ~ actual turn IN the
price movement itself with that
effected tho demand becomes urgent
such vas the ease today, The demand
from uncovered shorts making UP q
subHlsn tihi part Of the large demand
ana the u%pbiddiug OF prices, Testi-
mpny WAS offered by some Of the com
mission houses q q material growth
Of investment aemsnd az well. attract
cd bY the low level 10 which prices
had fallen and tbs inviting rate of re-
turn offered IN consequence hy diNi'
dend payments London Joined active
Is IA the DAY buying on "A sufficient
scale 10 affect the foreign exchange
market. Subsistence OF the forced
liquidation relieved the market Of mp
~prehensiouE ia connection with the
stock market settlement IN progress
An example If the reversal of spe-
tulative form WAS found in h pref
erenee shown for the Item Of earn
inrs IN the United states Steel guar
terls report over that ~ the untitled
tonnage on hand Ia The selection OF a
topic for discussion. The Increase IN
the earnings over a%ntioipatious wns
pointed out az matters FOR encourage
ment, while little attention was paid
to The excess over the estimate OF the
decreases in untitled orders on hand
Expressions OF confidence ~emanatinR
from the steel directors meeting ano
The opinion Of the quarterly report la
the Iron Age served 20 stimulate q
hopeful feeling There WAS a repcti
ton, alau, ~ the report Of agreement
20 reduce production hy the principal
copper producers and an advance Ia
tho prize ul thai metal
The wild advance In The cotton mar
kct failed Go destroy The Increased
eoutidence manifest m the stock mar
ktt. The hazardous state OF q part
~ the corn erop also lost ne Influence
fbr the time being
Aiis Chalmers pfd ........ 20