New-York tribune., 1910-12-02
FINANCIAL MARKET
Bear Spectators Enjoy Another
Field Day on Stock Exchange.

On an active selling movement stock
market prices moved TO q lower level IN
Yesterdays operations, maximum losses
in many issues being in excess of :
points with net declines almost as
heavy. a large amount Of speculative
liquidation was reported without at
tracing investment sales, while eXces-
sfve pressure from the bear element
failed 10 encourage an idea In invest
ment circles of new disturbing cond1-
tions in the world Of money and busi-
ness. Money rates We're easy in the
local market. sterling exchange made
further progress toward the gold import
ing level and the Bank Of England re-
duced its minimum rate Of discount
from : 70 AZ per cent News from IN
d1Isrrial centres reflected no adverse
change in the general trade situation
but the course Of market prices nat
1,ralIv suggested to many minds that
,,r7fsvorabIe developments were being
discounted by Wall Street. Another
drop in Denver & Rio Grande issues in
the forenoon dealings appeared TO 1ndi-
cate the reduction or passing OF the dlNi-
dend on the preferred stock, but before
the close OF the day announcement was
made OF the declaration Of the regular
sar7i-annuaI rate of 212 per cent. the
effect Of which on the stock was an ad-
vance of % points without the accOmpanl-
uoent Of Improvement in other parts or
the list Indeed. now low prices for the
dsv were recorded in the last hour
among the larger number of securities
Talk OF a trunk line passenger rate war
and further reports Of losses IN net rail-
road earnings encouraged active selling
bv the professional element. which IN
turn attracted liquidation in all the lead
ing shares. notably in Reading, Union
Pacific s.. Paul and United States Steel
common
Traders who have been selling United
States Steel common short In recent
davs have not been able to induce IN
vestors in the issue to part with their
holdings, and from current indications
y does moi appear probable that the
.o,,iat time in the iron and steel industry
vii, no reflected in an extensive decline
=, -he market values of steel securities
The United States Steel Corporation is
r.ce5v-ine new business at the rate or
u bo,1t 40 per cent Of capacity, with every
indication Of gradual Improvement III
+be new year. according TO the men best
able 70 Judge Of iron and steel trade ten
,sa,cias and from the remarks made by
Judge Gary. who is the best Informed
man On the steel industry in the coun-
~ there is absolutely no reason for the
evnectarjon Of a long period of depres-
s,or in this important line OF business
wall Street spectators al the moment
are more concerned over the futufe oI
The rrade than the manufacturers them
selves but then Wall Street has bear
market on its hands While there Is no
good argument for the sale OF invest
ment securities by actual owners there
are various factors in the. current sltua-
rion that warrant the bearishness OF the
,,,7i,,sr,, speculative element on the
stock Exchange. as. for instance, the ull-
oe,taiu4v over the outcome of suits
AGAINST corporations now pending in the
s1,nyar,7e Court. the uncertainty over the
-lc,,l+ of the rate controversy hearings
,,,d th, heavy falling of in railroad net
,.,irgs Furthermore, the absence or
rasr,onse from the public TO repeated
,,,.rfassional efforts to bring about higher
l,-ices tends to encourage operations for
the decline.