New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-25
FINANCIAL MARKET
Stocks Come Out in Volume in
Afternoon Decline.


regular manner in yesterdays trading,
with the general tendency. however. in
the direction of lower levels While
there appeared to be no change in specu-
Iative quarters. in the belief that quota
tioqls eventually would 60 to a material
II higher level there was disposition
on the part Of traders to work for re-
action. and the fact that the larger in
terests showed none Of the aggressive
ness they exhibited on the bull side last
week encouraged the floor element to put
out short lines that they hoped 10 cover
at substantial profits before active buy
ing again developed. Selling pressure
WAS heavy in Reading. Union Pacific
and United States Steel. but efforts made
TO reach stop orders were not particu-
larIv successful in these issues. or in
any part Of the list. the chief effect Of
declines being reflected in a disposition
on the part Of commission houses 20
stay out IF the market Bull tips were
generously distributed without attract
ing an outside demand. the gratuitous
Information including warning to he
prepared for a 1G-point rise in Northern
Pacific and for par for United States
Steel
The United States Steel directors viii
hold their quarterly meeting to-day and
make public the result Of the corpora
tons operations for the three months
ended September 30. which doubtless VIII
present a relatively good showing. in
view of the fact that the blast furnaces
of the concern have operated in that
time on a basis Of between % and 20
per cent Of capacity. Il is thought that
net earnings viii be in excess of $4,000
000 on the basis of which there would
be- A balance available for the common
stock OF 3.36 per cent. assuring for the
full year between 13 and Ia per cent for
this issue. even allowing for a large re-
duction in net earnings in the last quar-
ter. Stocks came out in fair volume in
the late trading. and many of the most
active operators worked for lower prices
wholly on the basis Of technical market
conditions Union Pacific. Reading and
United States Steel were leading weak
features call money ruled at ga per
cent Time funds were unchanged.
The nosition of the local banks Is not
as strong a. reported AT this time
year ago. while the advancing tendency
~ money rates at Western points does
not suggest an active movement 81 funds
IN this centre in the immediate future
More currency is going from New York
than noted At this time in 1909 the Jed
.v,1 Treasury continues 10 show an cN-
cess of receipts over payments. as Tar as
its operations here are concerned: loans
are much heavier than deposits and in
tarnational financial transactions do
not suggest the probability Of imports
,f cold from Europe Indeed. sterling
exchange II moving in the direction 81
the gold exporting level although al the
moment bankers are not looking forward
IN an outward movement Of the metal
In smile of these factors, the bull elt-
r,enf in Wall street holds To the theory
that the larger interests have made an
financial arrangements for pushing the
stock market TO higher prices and that
any disturbance that may develop in the
money market VIII Toe OF brief duration
and cause nothing more than selling by
weak operators who recently have been
buying on borrowed funds securities
that already have enjoyed material ad-
vances from the low points of the year
The so-callcd Morgan interests are sup
posed 10 be behind the current market
and. of course. a passing money squeeze
would rot upset their calculations. re-
-7s,,.- ts,s future II may D.. well n
bear in mind. however. that somebody Is
selling stocks on current advances ana
WHY not the Morgan people. who bought
al the lowest points ~ the markets
summer depression