The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-01-26
WALL STREET NEWS
Trust busting Report Causes
BeariSh Enthusiasm.
MUCH PRESSURE ON MARKET
Speculative Sales for Decline and
Resumption of Genuine Liquida-
ticn Responsible - Active stocks
Close Lower Than Monday-U. 5.
Steel Declare Extra Dividend,

New York, Jan. Cat the close or the
stock market on Monday. a sentiment
hostile to values among professional
: operators was more intense and wide
spread than at any time thus far in the
year They professed themselves greatly
discouraged" over the failure of the
Saturdays rally to continue. and argued
from this that the general liquidation in
the market was still uncompleted.
The sharp reaction in the price of the
United States Steel shares was also an
intimation, as was declared. that there
would be no increase in the dividend dis
tribution on Steel common stock at to-
days quarterly meeting OF the directors;
and II was again urged that many specu-
lative traders in the market had been
greatly whipsawed as result Of the quick
changes recently IN the fluctuations in
values.
AS to the truthfulness of this last allie
CATION, at least there was very little doubt
in anybody's mind in Wall street. The
variableness of the market since the be-
ginning OF the year has been such as dis
turbed the views and unsettled the opin-
ions of stock exchange traders generally,
and some Of these individuals accounted
as among the most shrewd, have lost
heavily in consequence. II might be
argued from that, that an increasing
number of the professional class de-
serlbed would be Impressed with the wis
dom OF not attempting to catch all the
turns in prices In such market as that
which Is now current,
Stirs Wall Street.
To-day, however, bearish enthusiasm
was at it's height. and all the factors
making for this in yesterdays develop
ments were accentuated by the outlining
in the morning newspapers. seemingly
upon Washington authority. Of pro-
gramme of general ''trust-busting by
the present administration far more com
prehensive than has been previously at
tempted.
In the first two hours Of business to-
day, therefore, such pressure was brought
to bear upon the market, not only by
speculative sales for the decline, but by
a resumption to some extent of genuine
liquidation, that the prices Of the stand
ard shares fell to levels lower than those
touched even IN the great Generalization
in the market that took place last Thurs
day.
From this there was some recovery,
but toward the close the market was
. again subjected to attack. which seemed
to the majority OF critics 10 be more en-
b tirely speculative in its origin than any
of its predecessors. The active stocks
closed, as a rule. at or near the lowest
Of the day. and from two to four points
lower than they did yesterday. The par
tIcular feature Of the days business was
the heavy selling of Union Pacific stock.
which forced an extreme decline in the
price of the issue of six and one-fourth
points The stock advanced. however.
nearly two points in the last minute or
so Of dealings.
Declare Extra Dividend.
The directors Of the United States Steel
Corporation. at their quarterly meeting
this afternoon. merely declared. in addi-
ton 10 the regular quarterly dividend OF
! per cent. an extra dividend of three
fourths os per cent upon the company
common stock. The financial statement
Of the corporation for the december
quarter and for the year was magnificent.
Summed up briefly, it may be said that
the steel corporation is now earning
1912 per cent upon its common stock,
after having set aside over $2S,OO0,000 for
new construction, general improvements.
and special expenditures in the calendar
year. orders on hand at the end of De-
cember rose 10 500. 900 tons. as compared
with 4,7s6,OO0 tons at the end of the pre-
ceding quarter, ard 3,603,OOO at the end
of 1905