The Birmingham age-herald., 1911-01-02
FINANCIAL REVIEW
 OF WALL STREET 1910 Will Long Be Remem-
 bered By Many WAS YEAR OF TROUBLE Unsettled Prices and Unexpected De- veIopments Ran Rampant Through out Year-July Was Very
 Had Month
WAS YEAR OF TROUBLE

New York, January 1.-The past year is likely to finger long in the memories of those who have their being in what Is popularly known as Wall street. For the banks and financial institutions gen erally it has been prosperous year,
 but for the rank and file of the stock exchange, whether trader or commission broker, the net result has been far from
 satisfactory From the very outset the year was replete with developments of varying character, but almost uniformly
 adverse in their results. The first few days witnessed a severe setback in prices, due primarily to a fuller disclosure of the governments attitude toward the cor- porations. This was followed by wave
 of depression and violent though tenn porary rise in money rates. The second month brought more unfavorable develop ments including the failure of promi- nent banking house and further liquida- ton of stocks. Labor troubles added to the confusion but the strain was relieved in a measure by a check in the decline of prices.
 Improvement marked the opening of the second quarter of the year despite new action by the government in the Standard Oil and the American Tobacco cases, but the period was made memorable by the beginning of a campaign on the part or the railroads to raise freight rates and the successful efforts of the federal au- thorities to curb such a movement. By the middle of the year the securities mar ket fell back again because of renewal of government activity against corporate interests and the withdrawal of proposed freight rate increases by the western roads at the instigation of President Taft. This, together with reports of se- we're drouth in the northwest, led to heavy selling of the list chiefly the grangers.
 July was in some respects the most un- settled month of the year. Prices drift ed downward until well into the third week, when the collapse of the Pearson Farquhar syndicate marked the lowest price level of the year. The stock hold ings of the syndicate were taken over by an international banking house and the elimination of this interest was followed by general recovery. August was month of extreme anxiety, in that the political situation had taken on large pro- portions and there was grave doubt as to the outcome from the crops.
 The situation was further strained by the operations of group of we'll known spectators in grains and cot ton. Events of the next few weeks were rather more encouraging. A good dmeand for bonds was one of the few redeeming features of that period and crop prospects were then already fairly good.
 With the beginning of the last quar- ter of the year politics dominated the situation almost exclusively.
 Colonel Roosevelts speeches and the spread of the so-called insurgent move ment produced much uneasiness Tn banking circles but for more than fortnight preceding the election Wall street foresaw the defeat of the re- publican party In this state and this, together with assurance of record breaking corn crop, was used as level with which to advance the market. Still using the tremendous democratic vic tories of November as a hopeful sign. the bull party then in control continued it's operations but the movement at tracted little outside support and the outcome was largely negative. The most satisfactory of the final month was revival on large scale of the movement in bonds. The demand came in large part from institutions and private investors seeking an outlet for their January interest and dividend returns and worked a very complete change in the market for the securi- ties, which had been In a state of con- gestion the greater part of the year.
 Trading on the exchange for the year was much below that for 1909 This applies to bonds as well as stocks. Taking the half score issues which con- stitute the great bulk of the years business declines from the last day of 1909 range from points in Pennsyl- vania to 35 in St. Paul. The Hill and Hartman stocks are from 20 to 34 points below and United States Steel is down almost 20 points,
 Depression In the steel trade Is of such long standing and so generally recognized that detailed recital of conditions Is superfluous at this time. The view prevails that the breach be- tween producer and consumer cannot be bridged by anything short of ma terial price concessions. The situation in the copper trade Is equally discour- aging, curtailment of production and shading of prices have failed almost en- tirely to stimulate an increased de- mand.
 There is some divergency of opinion concerning the immediate future on the part of the moneyed interests, but on one point all agree--that the sieuation calls for economy and all around con servation