New-York tribune., 1910-10-06
FINANCIAL MARKET
Bear Traders Find Weak Bull
Position in Stocks.

After an exhibition of moderate
strength in the early dealings stock
market prices developed an irregular
tendency which eliminated in decided
weakness in the afternoon, final quota
tjons as a rule showing losses as COM
pared with the closing of the preceding
dav. Commission houses were not active
for public account. so far as buying was
concerned. hut they had a number of fair
sized selling orders on the mornings ad-
vance. while they reported disposition
on the part of customers carrying stocks
to take advantage of all rallies to
liquidate their holdings. on the theory OF
ultimately lower prices and higher loan
quotations There vas no mateTal
change in money market conditions in
the course of the day. nor were there
any developments affecting adversely
tho intrinsic worth of securities, al
though in some quarters OF the Street 1t
WAS Thought that the price war insu-
t,,ted bv the Standard Oil Company
against foreign competitors supplied
reason for a short position In the STOCK
market The argument is rather far
fetched Independent oil producers IN
this country do not expect TO suffer 10
anv extent from the action Of the Stand
ard company. as they believe the con-
aict will be confined to foreign countries
II is well worth noting that the Standard
OIL Company, with its S5Oo.eooooo OF
quick assets and net profits running
100 rer cent in excess Of dividend re
ouirements, is in position TO carry on
q price war almost indefinitely
Declines in the last hour ran from L
10 Q points in the active issues, with the
chief pressure against Reading, Union
Pacific, United States Steel and Anal
ganated Copper Bear traders were ag-
gressive throughout the list. and the
failure of the market to show any I'M
portant rallying power encouraged the
idea of further losses in to-day's opera
tions. II has been pointed out in this
column in recent days that a bull move
ment could hardly be successfully en-
gineered at this time. and opinion based
upon the character Of the transactions
Yesterday suggests that many weeks
will elapse before the market is in
position to develop a sustained advance.
Selling Of United States Steel common
In the neiehborhood Of 20 came in part
from interests who have been predict
ing so for the issue in the immediate
future
In steel trade circles IL is thought that
y hile the confident sentiment among
producers has not been accompanied by
an increase in the volume Of new orders
the next change in the industry will be
for the better. particularly as the rail-
roads soop must come into the market
for steel for delivery next year. 1t is
estimated that under normal conditions
the United States Steel Corporations
o,6ers average between 10000 and 10000
ions a day, but at the moment new busl-
ncss is in the neighborhood Of 20OcO
tons with the prospects, however. ia
voring a heavier inquiry from consum-
ers just as soon as they become satis-
fed that prices are at the minimum
basis for the year. The United States
Steel Corporation and the large lhoe-
pendents are working together In the
matter Of prices. and from the recent
statements made by Judge Gary there
annears little probability Of lower quo
tations in the last quarter of the year
for finished products, while In pig iron
,he attitude of furnace interests also
suggests that the level for 1911 Will be
above that now prevailing. Most of the
larger producers are holding out for a
,rernium over current figures on future
shipments.