New-York tribune., 1910-01-06
FINANCIAL MARKET
CALL MONEY STRONG.
Stocks Dozen on Bear Pressure
and Public Selling.

Current stock market operations re-
fleet an absence of, aggressive buying
power, but Willingness on the part of the
larger interests to take securities on con-
cessions Buying of this character was
reflected In the purcha ses made on the
decline in yesterdays market, which in
the first hour of business ran from to
points, with the chief weakness in Rock
Island, the downward movement follow
ing a strong opening in the majority OF
active isAles. Heaviness in Rock Island
was based entirely on speculative con-
siderations. including the theory that
much of the stock bought in the recent
sensational advance had been liquidated
and that the people behind the manipu-
lation had retired from the market with
substantial losses; also the theory, which
might better have been called fact
that the issue was selling well above its
actual worth and was a good short sale
at prevailing quota ations For the same
reason some people believe the entire
market should be sold but in operating
on this idea it may be we'll to bear in
mind that stocks, outside of a good sized
public commission house account are
in extremely strong hands, and that so
far there has been no indication of ex-
tensive distribution by the chief interests
in the Street. At the close of the second
hour Rock Island showed a loss of
points from its opening. while American
Smelling, Consolidated Gas. Reading,
Southern Pacific, Union Pacific and
I0r1. FRO, r.
rs points.
Declines in the afternoon ran from
TO points in the leading stocks, Rock
Island, on enormous dealings. selling un-
der 49, compared with 81, the high price
recorded in the manipulation of Monday,
December 81, 1909. Sales of this issue
in the last two hours of business were
accompanied by report that leading in
terests in the Rock Island property had
agreed TO disag gree on important matters
affecting the management of the road,
the origin of the rumor, however being
TOO doubtful to impress well informed
observers. The attack on prices in the
general list was helped by traders in
formation that big men were selling
The Tribune stocks were bought on the
decline by banking houses for the ac-
count of the chief capitalists in the
Street, their purchases including a large
amount of stock thrown on the market
by public traders who were frightened
by the weakness in Rock Island and
other issues.
The selling movement was not a novel
development of a market filed with stop
loss orders and overburdened with weak
bull accounts Final prices were only d
trife above the lowest Of the day. with
the heaviest loss i'm Rock Island, which
ended IA under Tuesdays last quota
tions; Amalgamated Copper. American
Smelters, Atchison, Consolidated Gas,
Reading, Union Pacific, Wabash pre-
ferred and United States Steel. No ac-
tion has been taken by the directors of
the Rock Island regarding a dividend
payment on the preferred stock but it
is understood that if traffic continues to
improve holders of the issue will receive
a payment in the course of the current
wear The fact that the directors at
their meeting on Tuesday did not declare
a dividend was used as an argument by
bear traders for lower prices in yester-
days operations, though il was pretty
well known that a dividend at this par
ticular time was out of the question.
Rock Island has been overbulled. The
issue probably is now seeking its normal
level.
Call money opened at Z per cent and
touched s per cent, ruling at per cent.
with indications pointing to lower though