New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-08
FINANCIAL MARKET
Stocks Sold in Recent Days Alb
Sorbed by Strong Interests.

Notwithstanding the efforts Of bear
traders 70 bring about a lower level Of
prices IN Yesterdays stock market the
general average Of quotations at the
close showed decided improvement over
the closing in Saturdays transactions.
Strength in wheat. which was taken as
sn indication Of an unfavorable govern
nnent crop report, and an unsatisfactory
Dor situa ton on the Hartman lines
were advanced as arguments for liquida-
ton. but response 70 operations based
on these factors was extremely light the
oversold condition Of the market end
the absence Of the nervous selling that
marked the course of trading Saturday
offsetting manufs ctured reasons for
cheaper values AS rule the market
was quiet Commission house business
was light IN volume and the genera
character Of the trading suggested 70
most minds the improbability Of i'm
rortant expansion on either side Of the
speculative account in the immediate
future. while n offered good proof that
the decline Of the last week was nat
urel reaction rather than the beginning
IF a successful bear campaign. While
there Is nothing in the situation ~ IN
duce an outburst Of bull activity there
also is nothing in current conditions
that warrants liquidation.
The chief operations in the dsy were
supplied by Amalgamated Copper, At
Gibson, the Hill shares, Erie, ~. Paul
Lehigh Valley, Reading, Union Pacihc
and United States Steel, the last named
being in fair demand from a good class
Of BUYERS. In the last week the United
States steel Corporation and the tnde-
pendent companies operated 70 larger
extent Of their capacity than in any pre-
cedirg week since the first Of the year,
tho percentage Of operations at the
various mills showing a situation es-
neciauv encouraging in view Of various
current uncertainties in the political out
look Traders who do not know much
and who evidently do not care 70 in
crease their little store Of general In
formation sold Brooklyn Rapid Transit
stock in the early dealings on the basis
Of the strike Of the employees Of a
Rroo<Ivn street railroad that is not in
Guided i'm the Brooklyn Rapid TRANSIT
system. without materially reducing the
price of the issue. The effect Of the
strike on the Coney Island & Brook
lvn Railroad on the Brooklyn Rapid
Transit lines should be reflected i'm in
crea sed traffic nv the latter. Call money
rates were unchanged. but a firmer
tendency was reported in time funds and
commercial paper.
\ substantial amount Of stock has
come upon the market in recent days
but investors have not disposed of their
holdings. The larger part Of the liquida-
ton. outside Of the sales by bear in
terests. has been for the account Of
small commission house operators whose
margins have not been heavy enough
10 carry them over n protracted de
cline which the professional element Is
predicting Offerings from this source
have been absorbed by people who are
not apprehensive over the future OF
money and business in this country
The best Informed men in financial
circles sec prosperity ahead, but they
naturally admit that q big forward
movement may not develop untll
notoriety seeking Congressman begin 10
realize that their position in the ma
tional legislature IL TO help our indus
tries rather than 10 weaken them
Congress investigating committees ar
delving into ancient history. They are
bringing forth nothing that is not
matter OF record. but at the same time
they are iniuring legitimate business, as
capital is unwilling to move actively into
the channels Of trade owing 10 the idea
that in their enthusiasm 10 curb the so
called trusts the Democratic Congress
NAV enact laws wholly inimical to in
dustrial progress. Fortunately we have
a strong man in the White House who
has the power of veto.
William A. Rockefeller. who repre-
sents capital and who continues To take
a most active part i'm business affairs
said Yesterday that the full return of
prosperity awaits the cessation of agita-
ton, meaning agitation against our In
dustrial corporations. Corporations that
have been operating in violation Of the
Sherman law are readjusting themselves