New-York tribune., 1910-06-07
FINANCIAL MARKETS
Heavy Liquidation in Prominent
Securities.

New low price records for the year
were made by the larger number of ac-
tive stocks in the last hour Of business in
yesterdays operations. declines from the
high figures of the morning running from
10 more than points. In the early
dealings covering of shorts brought
about moderate improvement in the
general level of quotations, as compared
with Saturdays final figures, but the
movement was not accompanied by buy
ing by important market interests, nor
was there any response from the public
as represented by commission houses.
orders for outside account being con-
fined as q rule to sales by people who
evidently believed that under prevailing
conditions cash was preferable to stocks
carried on borrowed money. The selling
in the final trading was heavy enough TO
create uneasiness in minor speculative
circles. and the fact that investment
stock came out naturally encouraged
heavy pressure from the professional
bear element which has made enormous
profits in the markets Of recent days.
St. Paul was the leader of the afternoon
break, declining from 126 10 121 in few
minutes without attracting support from
inside sources Lack OF support from in
terests identified with the various rail-
road companies has been one Of the most
discouraging market features ever since
the government announced its intention
TO proceed against the Western railroads
that combined TO advance freight rates.
Doubtless the fact that UP TO the close
Of business on the Stock Exchange no
decisive news came from Washington
regarding the efforts of the railroad
presidents to compel the administration
TO accept their view Of the railway rate
situation was the chief factor in turning
the market from a position Of moderate
strength TO one Of intense weakness, as
there was nothing in the days develop
ynents affecting the actual worth of In
vcstnent securities that warranted liqui-
dation. Favorable advices were received
from the Western farms, but professional
pessinists continued to talk industrial
panic. Efforts to undermine confidence
in business circles are being relentlessly
pushed by speculative man buzzards, un-
Willingly encouraged by the inprudent
remarks Of quick tempered railroad men
who because Of the railway freight ad-
vance injunction proceedings have rushed
10 the foolish conclusion that the trans
portation companies are not TO be per-
mitted TO do business at a profit. It is
absurd 20 believe that the railroads.
which probably have been the greatest
factor in the industrial development OF
the United States. which employ millions
Of men and upon which so many of our
people depend for their income from
their vested fund. are to become losing
propositions because the government de-
sirex to find out whether or not they
have combined to do something which is
contrary TO law. Final prices in Tester-
DAYS stock market were well above the
lowest. owing TO a resumption Of buying
By the shorts in the last few minutes of
trading.
One OF the important declines in yes
terday's stock market was supplied by
American Sugar Refining issues. which
suffered a maximum loss OF more than
points. Selling OF the stool. came en-
tireiy from professional interests who
believed that reports from Washington
Of government proceedings against the
company. on the argument that the con-
cern is operating in restraint Of trade,
would bring out investment holdings
Commission houses. however. reported
no sales for the account OF important in
terests. II such a suit should be brought
the company. or trust, as II is popularity
known, doubtless in q way would well
come the action, as the result OF the
litigation would determine for ali time
the standing OF the corporation under
the Sherman law. The best friends Of the
American Sugar Refining Company viii
ADMIT that in the past il has transgressed
the federal laws; but its worst enemies
cannot prove that under normal trade
conditions and with all due regard for