New-York tribune., 1911-11-09
FINANCIAL MARKET
Money Rates Easy Here and De-
CIining Tendency Reported
Abroad.

In view Of the marked Improvement
enjoyed by stock market prices in re-
cent weeks the decline reported in the
neither surprising nor unexpected. As
d rule quotations at the opening We're
above those recorded at the close in
Mondays dealings, but in the best part
Of the five hours of business the ten
denCv was in the direction Of lower
levels pressure from bear traders and
realizing sales more than Offsetting
manipulation by the bulls. Bull opera
tors were not backed by substantial in
tcrests The latter evidently believe the
market is now i'm d position to take care
Of itself. and that further support on
their part is not needed. Panicky condi-
tions developed for brief time follow
ing the announcement of the govern
ment's suit against the United States
Steel Corporation but Generalization
was checked by the big men Of the
financial community, who were then and
arc now working for stability in the
market. There are moro bull arguments
than bear arguments in tho current sit
u3tion, but there are. however. many
uncertainties that should encourage ex-
tremc conservatism i'm the matter nf
buying stocks on borrowed money at
I-evailing levels.
From an investment point Of view Sc
curities are not dear. Prices may go
lower. but the chances are they will not
go 10 the melting point predicted by a
writer 10 The Tribune. who evidently be
lieyes the country is OF the verge of a
panic, and that this column Of this
paper is absolutely wrong in its ideas
regarding the future Of money and bust.
ness. There is no REASON why the
United states should not go forward
An earthquake wiping out every section
cf the country &C course, would put
things back for time. but from indica-
tions Of recent years seismic disturb
snCes will continue to be local rather
than general The fact that bear trad
ers helped by passing adverse conditions
always will be able 20 bring bout tenn
porarv lower prices for stocks is no ar
gument for the sale Of investment held
securities Of merit. and the fact that po-
litical uncertainties may encourage spec
ulation on the short side Of the market
supplies no reason for pessimism over
the future Of our industries. From an
investment point Of view the general
market is we'll supplied with attractive
opportunities for the safe employment Of
funds,
The genera market closed active and
weak. substantial declines beng reported
in United States Steel Union Pacific.
Reading, American Smelling and South
ern Pacific among the prominent issues
Traders were bearish in the late deal
ings because prices failed TO respond 10
favorable news, as. for instance, the
statement Of the Copper Producers AS
sociation. the so-called Lackawanna
melon and the governments cotton gin
ming report. The last named showed
9.96S,000 bales ginned to November !. .
2,226OO0 bales better than reported at
this time last year and liz 600 bales
better than the best preceding record
made in 1908. The figures Of cotton gin
ming indicate an enormous harvest.
Prices for cotton already have discounted
the expectation Of q record breaking
yield. Copper market statistics suggest
higher prices for the metal In the last
month production Of copper decreased,
as compared with the production i'm Sep
tcmber; domestic deliveries showed a
gratifying gain, while exports were
larger than looked for No material
change was reported in Yesterdays
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