New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-04

-Immmmn


tive issues there Is an average drop o.
half dozen points. Record Ike this
has not been hitherto resistered-unde.
conditions in anywise similar. Recess
sions have been orderly Prices have
just sagged and sagged and sayged.
There has been support nowhere. A.
the end OF the week there IS not ore
suggestion worthy Of consideration that
any powerful interests have opposed
retrogression-
It Is not IN evidence. Is not suggest
ed. that pre-eminent nnanciers have haa
to do with this market upset. but net.
Their 10 1t evident that any such havs
tried to intervene to check declines. -
What actually seems to be the fact Is
that the market during recent weeks
was bought overconhdentiy by COM
pany of spectators whose prestige hith-
erto was based upon the understanding
that they had intimate relations with
powerful European bankers for whom,
they were authorized TO invest and trade
In American stocks upon an especial
scale 1t was oven the matter Of a
public boast barely fortnight ago that
upward OF $4,000. 900 OF French capitaI
had been placed To the credit o. this
eoterie- They were confident. They
were aggressive They consiserd M
obstacle consequential They were ere.
pared TO ride, even rough .hod, over
the Stock Exchange rank and hIe- They
lifted Union Pacific and Southern Pa
cife- They whirled Smelling and Cop
States Steel with huzzas. They thought
we'll Of Chesapeake and Ohio. They had
plans for Reading and hailed Lehizh
Valleys listing In New York as benef-
icence. And so comprehensive was
their scope that they even arranged
luninant exhibits for sensitive plants
like International Pump
What was unfortunate was that $40
100000 isn't all the money there IS IN
the world. The s4o,00t,oe0 withered
away as the railroad stocks and indus
trials were bought and bought and
bought to dollhouse quotations. -
Perhaps half a dozen ambitious souls
were in this New York Paris exploita-
ton. Joyous at the outstart and tubi-
liant in their first half a dozen point ad-
vance. there crept little leaven OF
watchfulness into their plans just about
when the past weeks market opened
and b. the time Monday had ended and
TUESDAY a little way proceeded there
suddenly doomed the disclosure that Of
the original half a dozen enthusiasts AT
least two alert Ccadjutors had. in world
ly parlance, side-stepped. Stocks that
the pool had bought at the top, bought
largely, were found TO have been sold by
gunshoe members OF the pool itself. The
quick result was decentralization for
everybody else in the pool membership
and throughout the week there was lis-s
uidation- This tells a tale not new IN
the annals OF Wall Street: but nothing
Of the scrt-on any such scale OF f1nar-
cial magnitude-has been known out
side of panic times Uncle Daniel Drew
used so to serve jay Gould-and jaw
Gould has been credited with serving
most everybody Ikewise-but what has
happened this week is not tradition or
theory, alas,
Reasons for market recession are net
to be found in business records. Two
or three railway presidents have an
that there is prospect for bust
ness shrinkage next year But in ever
instance prophecies like this are coin
coupled with representations
that things will be much better il the
roads to charge moro for service 10
shippers. 1t is unfortunate that the rail-
way managers of the country have
reached the position where the public
is giving them credit for something else
than candor in their opinion expressions,
IN so far rs they relate to business pros
poets. 1t may De that the railroad rep
resentativcs are misjudged. but that is
apart from what is reflective OF the pub
lie mind-for, justly or upjustiy. il has
come to be the popular view that rail-
way forecasts, all railway views. are in
tended to be arguments for higher traf-
fic rates
Railway gross earnings show that
business is not shrunhcn, that there is
activity throughout the country AT the
Cutstart of this week announcement was
made of canvass of the important In
duStrial interests OF the country by the
Association OF Manufacturers
it being set forth in a popularized
summary that at present trade is quiet
But scrutiny OF the detailed statements
shows that in large majority The manu-
factureTS of the country look forward 10
recuperative corporation activity in 1911.
wholly satisfactory. In automobiles. IN
musical instruments. in rugs. in per-
fumeries and similar Injuries the out
IL should be; but in so far as staples are
there is almost uniform agrees
ment that the prospect is good
Meanwhile during The current week
various developments of consequence
are on the side of encouragement. II
has been heraIded for weeks thar tire
steel companies were upon the verge OF
violent conflict. that all iron and steel
prices were about to be demoraIized. Yer
2 meeting is held this week at which
every varied interest is represented.
with result that there is official an
nouncement OF harmony and price main
tenance- Among the weeks news an-
nouncements are equipment orders upcn
a large scale from important railroads
steel rails conspicuous IN the bookings.
And the money market situation. 50
much the subject of woeflIl forecast. 8
clarified by the wholly unexpected an
of discounts marked down
by the Bank OF England If one thins
Is especially clear just now il is that
money conditions stay obstinateiy easy
In the security market at present enc
characteristic stands couspicuous-ths
man who buys or sells stocks. whether
rs investor or speculator. undertakes
risk in operations that he bases upon