New-York tribune., 1910-01-19
FINANCIAL MARKET
MOST STOCKS DOWN.
Call Money Firm and Sterling
Erchange Lorer.

Further liquidation was reported in
the early operations in yesterdays stock
market, and while fair support was ex-
tended in all the leading issues the
general character of speculation did not
encourage the expectation Of the de-
velopment in the Immediate future of an
active bull campaign. Covering of short
contracts on the low prices made in the
initial dealings brought about higher
level for the majority Of stocks at the
end of the first hour, but gains were
not large. and before the close the ten
dency again was In the direction Of
lower quotations, with losses Of point
or more in the leading issues from the
high points Of the day. New York Cen
tral ended is under its best, Anal
gamated Copper 11s. United States Steel
common IA, Reading IL and Union
Pacific rs The general list ran off
rapidly in the last half hour. the down
ward movement apparently being based
on the failure of genuine buying to ap-
pear on the midday advance, which was
due entirely to the retreat Of the bear
element. Some buying was reported for
the account of substantial interests soon
after the opening. but operations Of this
sort represented supporting orders
rather than efforts to inaugurate an
active upward movement. United
States Steel common. for instance.
which was conspicuously weak at the
opening. was taken by houses that are
identified with banking concerns, but
no attempt was made to hold its price
when bear pressure developed in the
final trading.
Heavy selling in St Paul. Northern
Pacific and Great Northern was an eff
fective factor in inducing attacks by
traders on the general market in the
afternoon. The Street believes that
dividends on the stocks of some of the
roads in the Northwest will be reduced,
owing to the heavy increase in the capi-
talizatton of the roads in the last few
years and the failure Of the companies
earnings to increase in proportion to the
enlarged dividend requirements. And
the fact that liquidation of the shares
in recent weeks has come from substan-
tial quarters naturally encourag ges
speculative raids against the issues.
Capital expenditures by the railroads in
the Northwest may induce the directors
of the companies TO adopt an extremely
conservative policy in the matter of
dividends, but it should be borne in
mind that the enormous sums OF money
that have been spent on the various
properties eventually will strengthen
the investment value Of their securities
st. Paul closed "a under its best price
and at a net loss OF ss. Northern Pa
ctfic showed a net loss of 2% and Great
Northern net loss Of 2H. Rock Island
was also a weak feature, closing 2@s
down. United States Steel common was
dealt in to the extent of more than
$4,000 shares. out of total in all issues
of more than 100000 shares, and ended
Il under the high and at a net decline
of Il. Call money did not go above
per cent. while sterling exchange was
weak under the pressure Of heavy offer
ings OF cotton bills There also was
better supply OF grain bills.
According 10 the views of the best in
formed men in the Street, there is little
chance Of an increase in the dividend
on the common stock OF the United
States Steel Corporation at the meeting
of the directors next week. The earn
ings of the corporation. however, are
growing at rate that warrants the
expectation Of s per cent basis for
the stock before the end of the current
year, with the possibility of an advance
TO this level in the second quarter, out
in view of the fact that there have been
two successive increases it is not likely
that the stockholders will receive an
additional payment for the quarter end
ed December 81. Net earnings for the
last quarter Of 1909 will be between
s41,e0o,ooo and s43,OO0.oOO, and if they