New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-16
FINANCIAL MARKET
Professional Selling Fails TO At
tract Outside Liquidation.

sources failed TO attract outside iquida-
ton in yesterdays stock market. and the
fact that speculation showed a tendency
to contract on reactions encouraged the
theory that bear activity in the immedi-
ate future would not be accompanied by
anything in the nature OF serious de-
cline No efforts were made at the open
ceding day. the absence OF buying power
inducing resumption Of selling opera
tons by traders who thought the time
again ripe for further aggressiveness on
the short side OF the market. MANY
shorts were closely squeezed in Mon
days trading and the substantial in
terests who were responsible for the
movement. and VINO apparently do not
care TO undertake a bull campaign at
the present time. evidently were D
enough satisfied with the success Of their
transactions TO let yesterdays market
look out for itself. In the afternoon
Street sentiment was much less bearish
than noted Ell any time in recent days
for the good reason that traders began
TO realize that liquidation had run its
course for the time being. a. least.
A maximum loss in Union Pacific Of
little more than l point was due chiefly
70 realizing sales by operators who
bought the issue at its low figures on
the preceding day, but traders endeav-
ored 70 created an Impression that the
decline was owing to selling based on
their manufactured theory OF dissension
among the directors Of the Union Pacific
company regarding matters relating 10
the roads physical and financial affairs,
the resignation ~ Mr.. Frick from the
directorate being cited as proof Of
trouble in the Union Pacific family
There is no real foundation for current
stories affecting this property. Most
stocks showed net losses. Trading was
without any sign OF animation in the
afternoon. except in a few issues, in
Guiding the stock Of the Texas COMPANY,
which suffered q sharp decline. There
has been a relatively large amount Of
scattered liquidation in this security
since the death Of John ". Gates, who
practically made the concern. Money
rates were unchanged. exchange at Chi
cago on New York was higher and ster-
ling rates advanced, the latter move
r1ert being due 70 covering Of shorts and
/ the easy position Of money.
The stocks of the United States steel
7 Corporation are being absorbed by peo-
Die who are well informed on steel trade
conditions. IL is worth noting that
within the last week the big steel con
cern has started four additional blast
furnaces. owing 70 diminishing stocks Of
pig iron. and that the pessimisnn in Wall
Street has not resulted in any falling off
I in orders for finished steel products, al
I though II IS conceivable that with con-
tinued depression IN the financial mar
/ kets consumers of steel NAV fee in
olined 70 defer purchases until they oh
tain 2 better idea Of the real causes he
hind the HquidarinE movement in the
Stree The fact that the financial COM
/ nUnitv discounts coming events naru-
/ rally causes some apprehension In bust
ness circles over the persistent selling
pressure on the Stock Exchange, but as
far as can be learned the activity on the
part OF professional spectators repre-
sents nothing beyond an expectation
that political conditions and light har-
vests viii create enough uneasiness
among investors 10 induce them TO con-
vert stock certificates into cash, an op-
Grafton which. OF course, would tend 70
make bear commitments profitable.
So far there has Deen no real liquida-
ton Of investment accounts. There
has. however, been a considerable
amount Of liquidation for the ac-
count Of out-of-town banks that are
STRENGTHENING their cash resources in
order 10 be ready 70 handle de-
uauds for funds incident 10 the gath
ering and marketing OF the crops, while
there also has been an enormous hqui-
dation Of speculative holdings by opera
tors who have been unable 10 protect
their accounts in a rapidly receding mar
ket. The general situation does not war
rant investment sales. Prominent bank
ers are not uneasy regarding the future
Of money and business in this country,
and they are advising their clients who
have idle money on hand 10 buy high
grade securities on all declines. a favor
able feature Of the current situation IN
Will c,+-oa+ &c Tho N--7orass disnIsved nv