New-York tribune., 1910-04-19
FINANCIAL MARKET
General Decline in Stocks Led
by Metal Issues.

Little public interest was reported in
Yesterdays trading on the Stock EX-
change. and the absence Of an expected
outside demand induced selling from the
professional element and realizing by
operators who believed that the sus-
tained upward movement predicted in
some quarters last week would not de-
velop at the present time. Prices sold
of easily. and at the close many Of the
prominent shares were from 10 = points
under the final figures in Saturdays
market Sentiment in commission houses,
however. appeared 10 he fairly bullish.
and the optimistic Yet conservative re-
marks made by the chairman Of the
United States steel Corporation at the
annual meeting Of the stockholders were
referred 20 as ample reason for the pur-
chase Of securities, but his statement IF
conditions in the steel trade and the
easing of in grain and cotton prices
were not effective in offsetting trans
actions for hear account. While there is
much in what Judge Gary says that
should encourage actual investment buy
ing. especially Of United States Steel pre-
ferred. there is nothing in his analysis
Of current conditions or in any other
factors in the present situation that
warrants heavy commitments in the
stock market on borrowed money. In
vestment purchases can be made with
confidence. though the buyer viii not
/ find 2 long list Of securities the yield
upon which at prevailing quotations is
I particularly attractive.
In the late afternoon the low prices
4 If the day were reached. with the chief
weakness in Amalgamated Copper.
American Smelling. Union Pacific. Read
ing and United States Steel. Washing
ton interests which are supposed to he
/ short Of the market sent advices TO Wall
! Street that the administration had in no
way abandoned its intention to proceed
against certain corporations under the
antitrust law. in spite Of the Supreme
/ Court decision 10 have the tobacco and
! oil cases rearCued. and that the Ameri-
can Sugar Refining Company would be
the first candidate for government pros
/ ecution In addition to various bear
rumors the actual beginning Of novel
suit by the government against the So
called bull pool in cotton. on the ground
Of Illegal fixing Of prices and conspiracy
in restraint OF trade encouraged bear
operations, while the publication Of the
list OF the stockholders Of the United
states steel Corporation, showing more
than .oe0.O 600 shares Of the common stock
I'm the hands Of commission houses, also
attracted selling on the theory that with
so much stock in the Street operators
for the decline would experience little
difficulty in borrowing the issue.
Further declines in commodity prices
were recorded in the various markets
yesterday, with especial weakness IN
cotton and wheat Conditions governing
speculative movements In cereals are not
moving in favor Of bull operators, and
while bull influence in May cotton may
be great enough 20 bring about a tenn
/ porarv squeeze Of the shorts before de-
livery time for the option. crop pros
poets discourage The expectation Of A
sustained campaign in the near future.
Cotton. Of course, is an uncertain
quantity AZ this period Of the year. hut
prevailing factors affecting the staple
/ warrant the belief that the harvest or
1910 viii be well IN excess Of that Of
1919 And similar conditions surround
wheat The latter has declined 10 a
level that ought 10 result in heavier
shipments 10 Europe. 2 suggestion that
such a situation viii develop being found
IN the outward movement of the grain
last week showing an increase IN tho
number 81 bushels over the week he
fore and also over the corresponding time
in 1gOa stimulated by the high prices
that have marked the course of tho
commodity markets In the last year ~
is rrobable that our farmers will do their
utmost TO extend cultivation and in
ctease the productivity Of the soil IN tho
current wear call money WAS in good
supplv yesterday. but tho demand WAS
inactive and rates were relatively easy,
while foreign exchange quotations were
somewhat heavier than reported ~ tho
close 81 the last week. owing To fair
o0erinrE. including bills against gold
exports Gold 10 the amount of S.
30 600 Vss taken for shipment 20 Lon
con tomorrow. ard il IS not unlikely