The Washington herald., 1910-12-02
WALL STREET NEWS
Steel Mems CandOr Creates a
Favorable Impression.
DECLINE IN ACTIVE STOCKS
Market More Active Than on Pre-
Vious Days and Speculation IL
keener-ViOient Break in Denver
and Rio GFande Preeedes Dee
laration of Regular Dividend.

New York, Dec. 1.-The statement Civ
en- out by the representatives of the
steel companies, who met here in con-
ference yesterday: reduction of the
Bank OF Englands minimum rate of dis
count from TO IA per cent. big batch
OF railroad earnings from important sys-
TENS, an easier tone to money. both here
and abroad, and the declaration OF the
regular dividend on Denver and Rio
Grande preferred, after extraordinary gy-
rations In the stock, were the principal
matters OF market interest to-day
\ very favorable impression was Gre
ated by the eandor Of the statement OF
the steel eonferees. and as they did not
endeavOr TO minimize the depression in
the trade. saying that the mills are run
ming at only so per cent OF capacity, and
admitted considerable cutting OF prices.
so even the most cynical commentator
took them at their word when they ex-
pressed without exception views regard
ing the future as favorable.
Increase In Business.
On only one point did the trend of finan-
clal opinion seem to be at variance with
the views of the conferees. Il was the
consensus, their statement said. that
there will be an increase ef business
from the railroads In the near future.
and Wall street found It difficult 10 rec
oncile this statement with such extremely
unsatisfactory statements OF earnings as
were published by the Union Pacific.
Southern Pacific. and Pennsylvania rail-
road companies yesterday and by num-
Der of other large companies to-day.
The market was more active than on
previous days of the week and the speeu-
lation much keener. II was reported that
a well-equipped bear party was testing
the resources and hardihood OF the bull
pool, and whether or not this report was
correct there was more fight in the mar
ket than on any other day for several
weeks. and even more evidence OF ag-
Gressive short selling than was noted yes
terday.
Up to the last hour bearish operations
were assisted by a violent break in Den
Yer and Rio Grande preferred stock.
which followed a loss OF two and one
half points yesterday by declining five
and one-half points further to the ac-
compartments OF reports that reduction
in the dividend was imminent
Regular Dividend Declared.
In the last hour the directors met and
declared the regular dividend at the rate
Of 5 per cent per annum and this action
was followed by the recovery OF most of
the days loss in Denver and Rio Grande
preferred and by a general covering
movement in the course OF which all
the active stocks recovered a portion of
previous losses.
Spectators covering short contracts
however, found stock in abundant supply.
and the net result OF the days transac-
lions vas loss OF a point or more in
most or the active stocks and greater
losses in many OF the speCialties.
Steel common and Union Pacific, each
OF which sold ex-div!dend. lost more than
a point net on the day In the late trading
the Erie shares were weak. following the
publication OF a report OF a rate war be-
tween the differential and standard trunk
lines.