New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-07-01
STOCKS BREAK AGAIN;
GOOD RALLIES FOLLOW
Hundred Issues Touch Lowest
Levels Since Recovery of
1908 Began.
STEEL SUPPORT STEMS TIDE
Nearness of Triple Holiday
Further Induces Heavy
Covering of Short
Contracts.


Contracts.
A break in prices exceeding in severity
that of Wednesday, occurred in the stock
market yesterday, but was finally
checked by the execution of heavy sup
porting orders, most of the issues max
ing substantial recoveries from their
low levels of The day
The decline began at the opening.
which was In most instances under the
final figures of the preceding day. The
selling was general throughout the list,
and, as earlier in the week. represented
in large part liquidation, not a small
proportion of which was the closing out
by commission houses OF the accounts
of customers who were unwilling, or
unable. to respond to the further calls
for margins; while there was also g
good deal of short selling. London
changed its position, selling about $4,000
shares on balance.
The commission house liquidation was
completed in the first hour, but the de-
cline continued until after the noon
hour, with trading on heavy scale and
the market passing into condition of
Generalization and seni-panic. A great
many stop-loss orders were reached on
the way down.
About a hundred stocks touched yes
terday their lowest levels since 1908,
when the market was rallying from the
panic of the preceding October At the
closing prices ran to 62s points in Union
Pacific, 65s in Southern Pacific, ca in
Atchison. in Northern Pacific, AZ in
Great Northern, 51s in Reading, SIS in
Rock Island, 5 in ST. Paul, in Anal
gamated Copper and 3Sz in United
States Steel common.
Big Rallies from Bottom.
The extent Of the recovery is indi-
Gated in the net loss of only pa in Union
Pacific, rs in Southern Pacific, 3H in
Atchison, in Northern Pacific, which
had been especially affected by a rumor.
later denied, that the dividend was to be
reduced to ) per cent; IL in Great
Northern, 19s in St. Paul, q in Anal
gamated and II in Steel common.
The latter stock was the storm centre
Of the session. The transactions in it
Appropriated nearly a quarter of the
total sales of 1.539,277 shares. and the
support given to it stemmed the tide of
liquidation after the stock had broken
through 20, at which the first appear
ance of support was noted, and had gone
to 6S1s.
The buying orders IN Steel were exc
cuted by houses commonly representing
the important banking interest identt-
fed with the corporation, and similar or
ders were speedily sent in for other lead
ing issues, the effect of which was to in
duce a general purchasing movement, in
which the bears figured conspicuously,
their anxiety to cover their short con-
tracts being increased by the nearness
Of the triple holiday.
With the turn in the market came re-
ports of a conference of powerful in
terests to devise a programme for end
ing the panicky conditions. Such re-
ports are always heard when stock mar
ket conditions become critical and are
seldom found accurate.
Good Support Indicated.
Those of yesterday were denied, and
indeed bore their denial on their face,
for they included among the conferrees
Mr.. Morgan, who was attending the
Yale Harvard races at New London, and
Mr. Hill and Mr.. Baker, who are on
their way to Labrador on their annual
fishing trip. That various financial
groups conferred among themselves,
however, and took effective measures to
support the stocks with which they are
identified is entirely probable, and was
indicated by the sudden reversal of the
downward movement when 1t was be-
ginning to assume alarming momentum.
The action Of the Interstate Com
merce Commission in lowering certain
railroad freight rates in the Far West
played a part in yesterdays break in
prices, as on Wednesday, but on both
days was only one of the factors con-
tributing to the decline, which has been
in progress for many weeks.
The news from the spring wheat coun-
try, which a few days ago caused great
apprehension, reflected in the course Of
stock market prices, was yesterday de-
cidedly reassuring, needed rains being
reported as having fallen. but little at
tention was paid to these advices. The
money market was a trifle f1rmer, on the
preparations for financing the July in
terest and dividend payments, the call
money rate advancing to 3D. per cent.
VETERAN AGAINST PARADE