New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-17
FINANCIAL MARKET
Bear Raid on Stocks Fails to
Start Much Outside Selling.

The stock market yesterday was al
most entirely in the hands of the bears,
and they succeeded in hammering prices
down to new low records for the year In
many issues. Apparently the selling
movement, which, with the exception Of
Mondays sharp rally, has continued
practically undated for the last ten
days. has not yet reached the point
where the big interests consider 1t nee
essary to come 10 the support OF tho
market. Absence of support was notice.
able in yesterdays market and what
rallies occurred were due entirely to
short covering.
The bear attack, as has been the case
since Mr.. Tricks retirement from the
directorate was announced, was centred
on Union Pacific. and fresh crop OF ru-
mors regarding that property was put
in circulation, all calculated TO aid In
depressing the stock, but all of which
were denied in Official and banking quar-
ters identified with the road. The abb
s,Irdity Of the reports. which included
everything, from friction in the manage
ment to reduction in tho dividend. was
added 70 by the fact that they were ac-
COMMANDED by rumors that much Of the
selling of the stocks In the last few days
has been for the account Of Mrs. Harrl-
man and other large holders. People
who have stocks to sell do not put cut
reports calculated to depress the price or
their security. and while some oil the
selling Of Union Pacific has no doubt
been done by small holders, who nave
become frightened by the various wild
rumors concerning the property, the
bulk of IT has been professional The
decline I'm Union Pacific reached ola
poInts in the first hour. and carried that
stock down to 1914, a new low lever tor
the vear. The rest of the active list was
also weak partly In sympathy WIN
Union Pacific and also for reasons that
had nothing TO do with the decline IN
that issue. Canadian Pacific. for in
stance. declined over 6 points. Influenced
by rurnors of financial troubles in Berlin
and difficulties in tho London settlement
The break in United States Steel com
mon which amounted to = points, was
aided nv reports of pending cut in steel
prices. which, however, found no con-
f,rmation in official quarters; and the
weakness in the copper stocks, "hicn
lost about points was partly accounted
- n the QYnOIf OF
the metal TO Great Britain by the strike
that is going on there. Reading, SOUTH
ern Pacific. Northern Pacific. ST. Paul
Erie Lehigh VALLEY. Rock Island pre-
ferred and American Smelling We're
other noticeably weak stocks, snow
ing net losses for the day ranging
from I 10 more than points. The
biggest loss OF the day was sustained
by the Texas Company. which went
down TO Sc. loss Of IL points at
one time during the day. and closed al
50. AS remarked yesterday in this
column. there has been "A considerable
amount of scattered liquidation in this
stock since the death Of John w. Gates
and the downward movement was aided
Yesterday by reports that the dividend
was 10 be reduced.
Other factors that aided the bears IN
their raid on the market were the
passing OF the dividend on United States
Cast Iron Pipe preferred, announced
after the close Of the market on Tues
dav. and an advance I'm grain prices In
the early trading. The shorts also made
canital out Of the remarks Of former
president Of the Steel Corporation, to
the effect that he saw no indication OF
en- Increase of business activity until
after the Presidential election next year.
and the fact that Mr.. Morgan, on his re-
,urn from abroad. failed to utter a word
~ encoura cement for the market was
also used by the bears as an argument
to cell stocks.
The selling movement continued with
hardly any interruption and In consider
able volume until the last hour. when
official denials of the reports concerning
the Union Pacific sent many or the
shorts scurrying for cover The raiiy'
which was maintained until the close
caused \ recovery in the active Issues,
running from good sized fractions to
more than | point from the low figure
ohod arIier In the day. Union n