New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-18
FINANCIAL MARKET
Substantial Interests Prevent
Further Heavy Losses
in Stocks.

Irregular price movements marked the
course of yesterdays stock market. with
fluctuations at times quite wide on both
sides Of the account but with the ten
dency I'm the last few minutes in the
direction of lower levels. Selling press
ure In the early dealings was met by a
good class Of support, and throughout
the day the character of buying sug-
gested that the more important inter-
ests were not inclined to permit an ex-
tension Of the almost panicky conditions
that prevailed in the market Of the pre-
ceding day, although many traders in
sisted that the downward movement had
by no means run it's course. Their ac-
tivity in calling in their shorts, however.
seemed to indicate that their confidence
in the theory Of cheaper values was by
no means as strong as expressed by
their word of mouth The effectiveness
Of bear rumors and bear manipulation
appears 10 be waning. Union Pacific
after a loss of more than l point in the
morning. advanced points from its low
figure, closing at a net gain Of %, while
all the prominent issues enjoyed sub
stantial rallies from the early decline,
Canadian Pacific and United States Steel
being among the strong features, the
latter evidently finding support from
Morgan interests. In the late dealings,
however. much of the Improvement was
al 80 nd q
resumption of selling by the professional
clement, the larger interests apparently
being quite willing to preserve good
sized short interest in the market. A
pose when the big" men are ready for
higher prices. In view of the statement
issued by the Union Pacific company
after the close of business denying all
the recent disturbing rumors affecting
the company's securities this short in
terest may he made to work to-day.
A study of the present position Of = >
stock market and the income return rep
resented at current quotations suggests
that prices cannot be far from the level
at which outsiders with money Will he
come actual buyers. The decline since
the high figures Of July has been heavy.
and i'm the opinion Of the best judges has
adequately discounted whatever may he
wrong with the general situation, and
has strengthened technical conditions to
an extent that must soon lead To trouble
for people who arc still enthusiastic
Lears Unfavorablc factors are more
fancied than real. and business and po-
litical mole hills look like mountains TO
pessimistically inclined men on July u
the leading railroad stocks showed an
average price Of 1886 and from that
point there has been q decline to ia II.
while in the same time the chief indus
trial issues have dropped from S641 to
S01S. with the largest individual losses
i'm the high grade railroad shares. such
as Union Pacific 81. Paul, Canadian Pa
cifc. Reading and Southern Pacific.
Union Pacific's net loss amounting to
moro than % points. There doubtless
has been some investment liquidation in
who have needed cash to protect specu-
latiVe commitments. but the major part
of the selling I'm this stock has been
speculative in character, much Of IL
forced, because of tho professional
manipulation of the security. Stocks
sold have gone into the hands Of strong
financial interests. who will be able to
tighten their holdings at higher prices
when public confidence is restored
Business, while based on strong founda-
tons, is still in period Of REIMBURSEMENT.
but in the end the industrial situation
will work out TO the benefit of the people
in general.
Speculative Wall Street does not look
Tor large forward movement in stocks
until political uncertainties have been
eliminated Liquidation in stocks has
brought about an easier tendency I'm
money, and the local banks are adding
10 reserve resources at time when
heavy holdings are desirable for forth
coming crop movement requirements.
Loans have been reduced 10 material
extent and any disturbance in the
money market In the autumn appears to
be out OF the question. especially as our
foreign trade is I'm such favorable posi-