The Washington herald., 1910-07-23

New York. July 22.-stooks sold of
again and sold of very briskly for no
other apparent reason than that holders
of industrial stocks were alarmed over
the reduction in the National Lead dlvi-
dend, and that professional operators for
the decline saw in the liquidation from
timid holders a rare opportunity for profit
from a continuation Of yesterdays attack
on prices.
Bearish operations were timely. more
aver for yesterdays decline carried the
average price Of industrial stocks to
Aew low record for the year and thus
impaired margins on stocks which had
been carried through the previous low
day for industrial stocks.
The uneovering OF stop loss orders was
accordingly feature OF the days bust
ness, but there was, of course. other
liquidation from tirnid holders to facilitate
the decline and II was natural that the
liquidation should be most IN evidence
In the industrials. a stock of that class
having precipitated the reaction.
New Low Records Made.
Before the market turned late In the
afternoon, the pressure Of liquidation and
professional selling had established new
low prices for the year In National Lead.
United States Steel common American
Locomotive. American Smelling and Re-
hning, United States Rubber, American
Steel Foundries. American Hide and
Leather, and American Cotton Oil.
In the afternoon the market showed
plain evidences OF buying from important
sources and from judicious SPECTATORS
and investors who considered the reduc-
ton OF the National Lead dividend from
70 per cent as Of no more consequence
than was considered the Increase Of the
Virginia-Carolina Chemical didivend from
TO per cent two weeks ago.
Each was an isolated case. influenced
by developments in its particular line Of
trade, and very likely the action of the
National Lead directors would have been
less effective upon the marker as a whole
out Tor the peculiar circumstance. sur
rounding the dividend meeting,
II Is true that in the past meetings for
the declaration OF a dividend. PAYABLE
Oetober /, have been scheduled. as was
this meeting. as early as in the latter
part OF July. and it is also true that the
inactivity Of NATIONAL Lead stock for
several weeks prior TO the dividend meet
ing failed 10 support the accusations of
market operations on the part of the men
In control Of the company Yet stock
holders had received from the companv
at no time this year a financial statement
indicating backward trend in its BUSH
ness, and the decrease came to. them like
an unwelcome visitor by night.
Suspicion is Aroused.
In this respect the declaration was not
unlike that OF the notorious Hartman
dividends Of 1895, and disgust over the
secretive action Of the management and
suspicion naturally excited by this Sc
crecy undoubtedly accelerated the gen
eral liquidation.
The average price Of the railroad stocks
declined slightly below the years pre-
vious low level The decline was most
conspicuous in Southern Pacific and
Union Pacific in which a professed rea-
son for selling was found IN the reported
disturbance OF traffic relations between
these roads and one OF the Japanese
steamship companies,
Most OF the other railroad stocks nota-
bly, Northern Pacific and Pennsylvania
yielded but little to the reactionarv
movement, and in the afternoon rallied
to a point not far from yesterdays
closing prices.