Evening star., 1911-06-11
PRICES REMAIN FIRM
Stocks Reach High Level for
the Year During Week.
BEARS ARE STRENUOUS
Unsuccessful Effort Made to Bring
About Generalization.
JUDGE GARY'S TESTIMONY
Wall Street Closely Watching His
Evidence Before Committee.
On French Exchange.
By ". g. Nicholas.

NEW YORK, June 1O.-The average of
prices reached a high level for the year
this week. although some Of the lead
ers, like Steel. Reading and others, fell
short Of top figures attained in Febru-
ary. The general market has been
crawling up with very little Interrupt
tion for several weeks, although stren-
uous efforts have been made by the
powerful bear party to break values
and bring about a state Of demoraliza-
tion. This party has used Steel as a
club, and has done some very energetic
work with 1t. Trade conditions have
favored the bear leaders in their at
tacks upon Steel and some Of the other
industrials, but they have not been able
to get far. not even with the assistance
of court uncertainties, rumors of fric-
tion between some Of the captains of
high finance and q carefully cultivated
idea that insiders were trying to work
out OF holdings in some Of the conspic-
uous issues. notably Union Pacific, the
csoppe%rs COP % and Is steel: Fer some reason
blind to the noise made by the bear
element and to the demonstrations in
tended to depress quotations. Compar-
atively little long stock has come out.
excepting special issues and under spe-
cial conditions. There has probably
been heavier liquidation and distribu-
tion of Steel common than in any other
stock. but its friends have come loyalty
to the front with extensive though
quiet buying. The net market result
In Steel has been q marking down in
the price or 4 points from the top and
terest Steel. under existing conditions.
is the most dangerous stock on the list
to be short of. It may ultimately go a
good deal lower. but on the way down
jected to unmerciful punishment. The
market management is ably ha andled,
and II ts the plain purpose to get every
bear dollar that strays into the net.
are doing their best to divert specula-
ton from high-priced to low-p1ced is
sues. For two or three years. and even
longer. the gamble has been a small
group OF hish-priced stock. including M LINZ;
stocks and Steel The latter cannot be
called high-pgiced, although 1t 10 the lead
er Of the active Issues. but that is the
exception. 1t takes a lot OF money to
handle stocks when they are selling in
induced brokers would much prefer to
have their clients In the cheap things
There is q long list of stocks selling
below $40 a share. and latterly there Is
clearly an increasing interest in many
OF them. Among the rails there has
been a notable enlargement in interest in
such stocks as Erie. Missouri. Kansas
and Texas, Rock Island, Western Mary
land, Chesapeake and Ohio. and q
perceptible. though not sensational.
increase in trading In the low and
medium class industrials. In this latter
list, however. the speculative preference
is for the higher priced issues. The in
dustrial situation is still so uncertain
that traders do not care to take any
more risk than need be. They. there
fore, continue to show partiality for the
dividend payers in that class even though
the price be high The electric stocks.
Telephone and Telegraph. Western Union.
Biscuit, Can preferred and things like
that are in special favor. The Gould
stocks have been fairly active and In
ciined to pull back. There has been q
greater show Of interest In the local
traction group. incident to the tight over
the question Of who IT, going to build
$50, O,OoO, 900 worth OF subways under Man
haitian, Brooklyn and the Bronx
May Divide Construction.
ON account Of the immense value Of