The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-12-17
WALL STREET NEWS
Selling Move at the Opening
Varies MOnOtOny.
STEEL COMMON IS INVOLVED
Observers Believe Activity Due to
Operations of Spectators to Break
Market and Was Based on Stories
OF Plant shut-dOwns-0bject Is
UnsueeessfuI-BORd Sales Feature.

New York. Dec. 1.-THE only thing
dinerenuating stock exchange business
to-day from the duh. narrow. but firm.
stock market Of the last ten days. was
a selling movement in the first hour OF
the session. Most observers seemed to
think that this selling was in the nature
Of speculative attempt to break the
market
Ii so, the effort was decidedly unsuc-
cessfnL 1t was concentrated mostly on
the United States Steel common shares
and was based upon dispatches from
Chicago. stating that the rail mills in
the Gary plant, owned by the United
States Steel Corporation, had been shut
down, and that part of the Joliet works
OF the Illinois Steel Company. one OF the
steel corporations important subsidiaries,
had also been closed.
Wall street. however, took this news
with great equanimity. A certain
amount of shutting down OF steel plants
always takes place at this season OF the
year. and in so far as this closing up has
been emphasized by dull trade, the lat
ter condition has long been no secret
The pressure brought 10 bear against
steel stock met strong, and, as il seemed,
altogether spontaneous resistance.
Buying Orders Increase.
Buying orders for the stock were IN
covered equal in volume TO the amount
of stock that was thrown upon the mar
ket. and the quantity OF the AaGsing
seemed to increase as prices declined.
The extreme fall in steel only amounted
TO about a point anyway, and then a
recovery took place. which left the price
of the stock but very little below yester-
days closing figure
The fact seems 10 be. as regards the
market position OF United States Steel
common stock Just now. that there is
nothing in the money market, present
or prospective, to cause selling of the
stock that at its present price the stock
yields handsome return upon the money
invested in II, and that nothing has yet
been developed calculated to shake the
probability that the current 5 per cent
dividend distribution upon it can be main
tanned. The later recovery in the general
market to-day was such as again to leave
the greater number OF stocks at ad-
vances.
rise of AZ points in the National
Biscuit common shares undoubtedly rep
resented a well-founded expectation of
an increased dividend. The Interborough
shares rose further upon the spreading
conviction that the marlborough com
pany will obtain control OF all the new
subWays
Bond Sales a Feature.
Dealings in bonds to-day were again
the real feature OF the general security
market. Total sales We're $4,000, as
compared with $SO4S,OOO yesterday. and
3, $4,000 on Friday OF last week.
The buying OF this class OF securities
appeared to come from all quarters. life
Insurance and trust companies and other
financial institutions, as well as from out
of town banks and Europe
Ranking firms and heads OF large bond
houses continue daily 10 express their
confidence that a stronger investment
market win continue to be shown from
now on; for one reason. because of an
expected plethora of money at the be-
ginning Of the year