New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-06
STOCK MARKET REVIEW
Heavy Liquidation and General
Losses Marked Days Trading.

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Continued unsettled feeling with de-
cidedly bearish sentiment overshad-
owed the stock market yesterday.
Stocks were sold indiscriminately. From
the consensus of opinion among the
commission houses, the selling was due
to pools that were overloaded and to
the small holders induced to part with
stocks by a concerted drive started in
the interest of some Of the manipula-
tors, who wanted to clear the market
Of the hangers on and create a big
short interest. All sorts Of rumors
were circulated to induce LIQUIDATION
and United States Steel was the chiet
security selected for heavy attack.
Talk Of business segregation of the
Steel interests and an attempted an
alysis by market students as TO the
possible outcome in the event Of such
separation helped to create accentu-
ated unrest in the minds Of traders and
a depressed atmosphere which de-
stroyed both judgment and ordinary
market sagacity. So far as actual con-
ditions presented themselves. the mar
ket situation was no more discouraging
than it has been. The trade reports
continued to offer a cheerful outlook
for the near future. The European
clouds, while not dispersed, seemed TO
be drifting by, and the tendency as
indicated by the development OF the
Balkan affairs during the past few
days seemed to be in favor OF final
peaceful adjustment. If it be that all
signs of progress and fundamental de-
velopment have been mistaken, then
there is some reason for selling stand
ard investment securities. On the
other hand, If the country is enjoying
the degree Of prosperity which COM
mercial agencies, bankers, manufact-
urers and the various lines Of indus
tries have reported from week to week,
then the standard securities with rec
ords Of earnings behind them sufficient
to warrant the belief that the present
rates of dividend will be continued
should not be sacrificed during bear
manipulation of a purely professional
character. The local money situation
displayed no tendency to higher rates
and loans were renewed yesterday at Z
per cent. The outlook for easy money
until after the first of the year, how
ever, Is not good. Later in the month
rates will probably be higher. as the
banks will not be disposed to be more
liberal in loans and the demand for
funds will show little inclination to de-
crease; in fact, toward the end Of the
gear the demand will increase. The
suggestion by George r. Sheldon that
the government deposit funds among
out-of-town banks to relieve the situa-
ton, 1t is reported, was not received
favorably by the Treasury Department.
AS stated in this column last Monday,
such a plan would meet with favor
generally. The prejudice which
naturally exists toward having the
government rush to the aid Of Wall
Street would not be stirred up. yet New
York banks would be benefited by
lessening of the interior demands on
their reserves.
The stock market had an active
opening yesterday but was marked oy
irregularity and only slight sign Of
any sustaining buying power. There
were declines in most of the standard
issues which were augmented by heavy
pressure as the morning advanced. The
support which on Monday seemed to
be afforded some stocks at certain
levels was absent yesterday, and while
every sale necessitated q buyer, the
buying was forced and occurred only
on the down grade. This by some OBJ
servers was thought to indicate On &C
emulation of stocks by the strong in
terests, but such deduction was not
consoling. There appeared to be no
bottom, as prices went off with prac-
tically no evidence OF resistance.
Around the middle Of the day the
height of the demoralized condition of
the market seemed to be reached. Stop
loss orders were caught with great
rapidity, and there was an apparent
rush to sell anything and everything
on the List. Rumors were rife regard
ing all events Of an adverse nature
that could possibly cast gloom over the
market All the real news Of the day
was ignored. European cables telling
of an improved prospect for a peaceful
settlement of the Balkan question re-
ceived no attention. 1t was a day Of
continued liquidation in such activity
that the total transactions were near a
million share session. A slight rally
was attempted near the close.