New-York tribune., 1910-02-04
FINANCIAL MARKET
METAL SHARES BREAK
Liguidation and Bear Pressure
Unset Securities Prices.

Under the influence oe liquidation or
speculative accounts and aggressive bear
pressure stock market prices declined
throughout the best part OF the day,
maximum losses running from = to j
points, with a much larger decline IN
American Smelling and Refining, which
at one time sold more than seven points
under the closing Of the preceding day.
The selling of this issue was accom-
panied by heavy liquidation Of the Gug-
genheim properties dealt in on the curb.
and Utah Copper on the exchange, the
latter, for instance, declining to level
five points under the price at which the
additional shares under the terms OF the
Nevada-Utah Consolidated merger are
to be offered to the public. All stocks IN
which bull pools have been active were
weak, and such industrial specialties as
American Beet Sugar, Colorado Fuel
and Iron. Central Leather. American
Locomotive and National Enameling
broke sharply, and were as freely sold
fer short account as they had been
bought in recent weeks for d long pull
on the bull side Of the market. Amerl-
can Smelling and Refining was sold by
actual holders and by the professional
element operating for bear account, and
while there were no news Developments
affecting adversely the actual worth Of
the Guggenheim properties, the Street
was bearish on the issues, on the theory
that the banks had thrown out a large
amount Of Smelling stock carried as
collateral against loans made for stock
market purposes. The earnings CT the
American Smelling and Refining Com
pany have not been satisfactory in re-
cent months
Banks that a few months ago were
willing to lend money on poor stocks
evidently are becoming more cautious,
and are calling loans at the expense of
SPECTATORS who in the closing month
OF the last year based their operations
on the theory of a big bull boom in the
early part Of 1910. The bull boom has
not developed. and stock market prices
are declining because of the speculative
extravaganza of 1909, accentuated by
hysteria on the part Of the speculative
banks and uneasiness in business circles,
induced by false conclusions regarding
the attitude of the Washington admistra-
ton toward corporations. The fool re
marks made by certain corporation law
yers in their efforts TO defend their guilty
clients Unfortunately tend TO disturb
confidence in business circles, and Incl
dentaIly attract sales of investment
holdings. American investment values
will be strengthened by the elimination
OF dishonest business practices and dis
honest speculative methods in our mar
kets, and people who sell solid American
railway and industrial securities because
Of the silly statements Of corporation
lawyer, made in the course Of his speech
before the Philadelphia Bankers AS
sociation, that through legislation we are
endeavoring to disintegrate the bust
ness organizations Of the country, will
part with investments Well worth hold
ing. The market closed active and weak.
despite an Irregular rally in the early
afternoon United States Steel sold at
new low record for the year, while in the
larger number Of shares the low points
OF the day were not far from the cheap
quotations of 1909 Banking interests
were active buyers on the decline. and
last prices showed moderate recoveries.
Commission house business in Wall
Street, SO far as buying is concerned.
has dwindled to small proportions, and
at the moment there appears little prob
ability Of active operation for public ac-
count on the Stock Exchange, Out
siders were frightened by the Rock Is