New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-14
FINANCIAL MARKET
Week of Liquidation on the
Stock Exchange.


vestors. except IN a Few Instances where
owners OF securities have been compelled
20 raise cash TO protect commitments IN
other lines. There has been a large
amount OF selling for short account and
active Liquidation, OF holdings carried on
borrowed money. the latter movement
develouiug from the success OF the bears
in lower. ne quotations and the calling
Of loans by the banks that were well
posted on the real situation in the wheat
and corn section OF the country. Bear
traders are basing their operations on
the ynprou ising outlook for the general
crops outside Of cotton. on the knowl
edge that there are many overextended
buli pools In the market. on the posi-
biItv Of labor trouble among the Harri-
man lines and on the persistent efforts
OF Democratic Congressional committees
10 make life miserable for our great
corporations. The factors named should
nor induce investors 70 sacrifice their
holdings. but II is conceivable, neverthe-
less that rimid people may be infiu-
sound American railway and industrial
companies into cash because, n the ham
,neri11g the stock market Is receiving
from the professional element ana the
artack rs OF politicians upon the corpora
tions that do so much 70 promote
the countrv's industries. Corporations
should be compelled 70 conform 70 the
Law. The Department IL Justice is
working along lines that eventually Will
strengthen business, but Democratic
Congressmen are. possibly quite inno-
Gently as q consequence Of inexperience
and ignorance placing serious obstacles
IN the way Of industrial progress. They
are sidetrac5ing prosperity. OF course.
in the end things will work out all night.
but just as long as business is harassed
by men who do not have the slightest
conception OF what Is best for the bust
ness interests Of the country no business
man viii be willing 10 make extended
fragments except for pressing. imme-
date needs.
Government figures showing the con-
dltion Of grain as Of August 1 are most
unfavorable. but the estimated Yields
do not foresaadow a period OF famine in
the country. There will be enough
wheat. corn. oats. rye and barley TO sup
ply the requirements Of the people, but
the surplus available for export may be
smau. On Tie other hand, we have the
prouise Of the largest cotton crop ever
harvested. and owing TO the expectation
of active Worldwide buying OF the staple
there is no reason TO assume that the
planters viii not receive a fair price FOR
their offerings. The chances are the
cotton from this years crop will be sold
al figures which will be reasonably sat
. fer- Glory 90 the growers and the cotton
mills. Deterioration IN corn n July was
baa,-v but ir should be borne IN mind
, that The acreage was the largest In the
+ .isfo--- Of the country. and chat the esti-
mated Weld S. only 100000 bushels
under the average Tor the last i've
Years. while supplies left over from last
wears record breaking harvest are
heavy In total WELD the four chief
oereal s-corn wheat, oats and rye-prom-
ise 4.140OOOOOO bushels, a decrease Of
+ 90 Der cent from the actual gathering q
1910 AS far az the farmers are con-
. .erned the loss in the Weld doubtless
win De offset 20 a large extent by
higher prices. which already are on a
most profitable basis. Basic conditions
in the United States are sound, and
Good stocks are worth buying al pre-
calling quotations The fact that peo-
7ra Of moderate means are not losing
F confidence is reflected In the large in
crease in the number OF small holders
recorded on the transfer books Of our
. -crporatioDs. II they should become
f-irbtened. however. there would be an
enormous gain in the amount OF STOCK
available for speculative purposes.
.rrhe Wall street Journal" which has
been making a careful study Of the loca-
rion Of stocks. reports a most remark
able increase in investment holdings in
secer- Years. and It points out that the
recent decline in the market prices dis
N-o.ee of the deusiou that the inactive
issues are held iu large part by pools. Il
these stocks had been in the hands OF
sDaculators their prices would have
seuer heavily. as banks having such
issues as collateral would have become
uneasy over their loans and demanded
--r,.- saorrf+v for their money. sn opera
.i,r thar would have precipttated q de-
--,o-altzsd decline The inactive shares
bsva held I'D remarkably well, their re
s,s-sr~a 70 bear pressure simply proving
that stocks have been passing from
.,eculattve account into the strong
-,v.s NJ investors. Bear traders have
o-.rar,enced little difficulty IN depressing
che cro-arious OF the active securities
b,,- IN view OF the decline so Tar recorded
from the high points Of July new con
--ao-s on tho short side Of the market az
chic time do not appeal 20 conservative
--a~a-o7g Stocks sold have gone mo
---,r,e hands substantial banking In
+o-as-s have made uo attempt 70 stay
t,,o decline. but they have added 10 their
holdings especially In the case OF Union
ps.iac Reading. the Hill shares 81
paul Amalgamated Copper and United
s-sras steel The steel trade is improV-
,rq and Mr.. stanley's committee OF IL
vesr CATION has brought forth nodhlns
That will ir any way interfere with the
.o--i0uance Of dividends on the stocks
,etla United states steel Corporation.
The local banks are in strong posi-
.-- 60. s.oorrncdariOn from