New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-25
FINANCIAL MARKET
Stocks Down and Wall Street
Sentiment Is BeariSh.


lions affecting the probable course of
quotations in the near future il is quite
generally believed that the downward
movement will continue until the mar
ket reaches a position attractive to bar
gain hunters. Speculative sentiment Is
bearish. owing to various uncertainties
in the general situation and TO the re-
fusal of the public TO interest itself in
market operations. and although there is
nothing I'm the outlook that warrants the
sale Of investment holdings there is little
actual investment buying at the moment.
the absence Of an investment dema nd
naturally encouraging selling pressure
from the professional element and more
or less liquidation by large operators.
who evidently have made up their minds
that stocks sold at current figures can be
repurchased at cheaper prices. The pub
/ lie is not a large holder Of stocks on
margin. and with each decline outside
speculative accounts are reduced. Bank
1 ing interests and large individual CAPT.
/ talists are in a position TO prevent de-
moralization in the market, and. as a
matter Of fact. their own safety depends
to large extent in preserving something
/ in the nature of stability in prices,
though they apparently cannot interfere
: with a gradual and natural lowering Of
market values. In view. however OF the
decline hat already has taken place,
sharp passing rallies may be looked for
From the Wall Street point Of view
there are many unfavorable factors in
the situation. but outside the speculative
communi,- no great value is placed upon
such factors In relation to the future
course II business in this country. Wall
Street has placed a false Interpretation
! upon the outcome Of the recent election
! in the 32d Congress District in this state.
by which a sweeping Democratic victory
was recorded assuming that because the
! candidate Of the successful party made
his campaign in large part on the high
cost Of living as direct consequence of
the present tariff law there will be 'urn
over AT the fall Congress election and the
destruction of our existing protective
tariff system. Popular though un"ar-
ranted agitation against the tariff Jaw
/ enacted at the last session Of Congress
NAV bring about a Democratic majority
IN the lower house. but il is not conceiv-
able that any sane minded person will
assume that in the event of the passage
by the lower house Of free trade bill
such legislation would he approved by
the Senate or Endorsed by the President.
/ Regarding the Aldrich- Payne tariff law.
IL is interesting 10 note that since its
provisions went into effect government
revenues have increased more than S4a,-
5000. as compared with the same time
in the preceding year. and that since
July ! the deficit on ordinary account
amounts to only s1s.533.60s. against s7i,-
s22.I22 in the corresponding period in the
year before.
Outside Of Wall Street no alarm is ex-
hibited over the policy of the govern
ment in the matter Of legislation affect
ing corporations. though in various trade
circles the proceedings by the govern
ment i'm the matter of options and future
trading in the commodity markets are
disliked II appears. however. that a
wrong impression has been created in the
public mind regarding the government :
action last week in summOning cotton
brokers before the federal grand jury in
the matter Of an investigation IF an al
legged attempt to corner May cotton. The
ATTORNEY General evidently docs lot
purpose to fight the useful practice of
dealing in futures. He apparently wishes
Go find out whether or not the manipula
ton in the commodity markets consti-
tutcs a conspiracy in restraint Of trade
under the provisions OF the Sherman law,
and his motives should not be twisted
into an argument for uneasiness in Wal
Street Great harm has been done by
the manipulation in prices Of commodi-
ties. which have risen above. the level
warranted by economic conditions. a re-
Election Of which is found in the absence
81 a foreign demand for our products
and in the announcement last week that
owing to the high quotation for raw cot
ton a highly respected wholesale cotton
goods house will be compelled 90 undergo
reorganization. Fortunately, natural
conditions. which always assert them
selves in the end. are beginning to be a
factor I'm the course Of prices. which are
tending toward lower levels
Il is the belief of the best informed
men in the business world that further
LIQUIDATION will be recorded In all mar
kets. and that for a time there will be
some irreCularity in our industries. but
the same men see nothing in the outlook
that should cause anything more than a
passing decline from normal activity in
the various lines Of business in this coun-
try The railroads are making good earn
irgs. and for the first three months OF
The current year show 2 heavy incres SC
over the same time last year. While the
same thing may be said Of bank clear
ings. Pig iron prices are well off from
the high points 81 1909 because produc-
ton mas been al a rate in excess Of the
demand but in the market for finished
steel new business shows no important
decline from the records in the closing
months 81 the last year and in the first
quarter Of 1910 There Is no indication
81 f-nrcnding national ruin. rs one might
suppose To be the case IL any faith were
placed in the tNaddle one hears in many
Wall Street circles Present prospects
favor large crops and production from
the farms in excess OF the $4,000. 900 coo
value of 1909. Money rates are relatively
easy. but cheap money is not probable
while in the autumn quotations probably
,,.iil r,,ie ~ a stiff level Heavy gold