New-York tribune., 1911-04-19

FINANCIAL MARKET
Bear Traders Have an Inning IN
Stock Speculation.

Transactions in yesterdays stock mar
ket showed material expansion in vol
ure as compared with the totals of re-
cent days, while price movements were
more inclined toward lower levels than
at apv time in many weeks, the selling
being based in part on the traders idea
that the Mexican situation might bring
forth Developments attracting heavy
Ilouidation OF stocks held in brokers'
offices. There was little evidence of
sales from important sources. and IN con-
seryative circles no uneasness was eH-
pressed about the outlook. Intervention
by the United States in Mexico would
supply no excuse for the sale Of invest
ment holdings. Indeed, the chances are
that after the first shock OF such a move
ment something OF a buying campaign
would develop. although II does not ap-
pear probable that sustained activity viii
be reported until Supreme Court de-
cisions are out OF the way. Traders
raided the market In the first hour OF
business and az other times IN the day
their operations bringing out large
amount Of weakly held stock.
The heaviest selling In the early deal
ings was reported in Missouri Pacific,
United States Steel. Reading, Amalga-
mated Copper. Union Pacific. Virginia
Carolina Chemical. Missouri Pacific and
American Cotton Oil, the last named fur
nshing the most extensive initial weak
ness among the industrial shares on sell
ing that represented an idea the COM
dividend, owing TO the high price Of cot
ton i'm the last twelve months and the
consequent increase In the concerns eX-
penses All the agricultural issues were
weak in sympathy with Cotton Oil. The
decline in stocks enjoying an interna-
tional market was effective in inducing
moderately heavy arbitrage buying,
especially in United States Steel COM
mon. which is a prime favorite with the
London crowd. Liquidation in the after
noon was Of the forced variety. short
margined operators being caught on stop
orders and frightened by the dreary tales
OF the bear element of horrors TO come
tile political outlook with its tariff agita
ton. talk Of discussion In tho Missouri
Pacific board and taken for granted de-
clsions against the Standard Oil and
American Tobacco comps MES. for In
stance. being paraded around the Street
as good enough reasons for cutting
stock market prices in two. The fact
that quotations went down easily. with
no apparent support from the prominent
interests converted many professional
bulls to the bear side for the time being.
but while the so-called big men did not
openly stand under the market. forced
sales found Judgement in strong hands.
Careful market Judges believe that the
speculative element in the street is alto
gether too bearish and that stocks are a
good purchase on all declines. Although
there was certain amount Of covering
in the final dealings, last prices showed
material losses IN the larger number OF
active issues, Atchisou. New York Cen
tral and Pennsylvania being among the
few exceptions. Amalgamated Copper
and American Smelling and Refining,
which had been firm features In the
morning. were among the weakest ut the
close. Reading. Lehigh Valley ard Mis-
souri, Pacific also We're exceedingly heavy
in the last hour, while in the industrial
list National Biscuit led in point OF de-
cline. and made the poorest record re-
ported in any part Of the list. There was
no change in money market conditions
al home or abroad. and no indication OF
Improvement in loan quotations in the
near future. Foreign exchange exhibited
an easier tendency than reported in Mon
DAYS operations. The bond market pre-
sentod no indication Of weakness, and
throughout the day the investment and
speculative demand was excellent, with
I good demand for New York City issues
EXPORTS OF MERCHANDISE.