New-York tribune., 1912-02-01
BANK STOCKS ON sToC
FINANCIAL MARKET
Bear Raids Carry Stocks to
Lower PriCes-Money Rates
Unchanged.

rho stock market was under heaN!
-oui,,e nressure in the larger part "f
tho five hours of business, operations oY
tho professional element being eHectiNe
in bringing out a considerable amount
of long stock. especially in United States
Stool common, Union Pacific and Read
irg in which maximum declines aV-
eraged upward Of 3 points Many spec
ulators who recently bought Cnited
States steel above 81 sold out thcT
holdings in the neighborhood Of 81. while
in all parts of the active list consloef-
ablo amount Of liquidation at figures
under the original purchase price was
reported Substantial interests fa'led 10
extend support. and apparently they
we're quite willing to let the market
sink 70 a lower range of values for the
nurnoge of acCumulating securities 10
hold for bull movement later In the
wear. Although there was no evidence
Of investment selling. bear traders made
frantic efforts to convince the puphc
that actual owners of stocks were part
ing with their holdings as consequence
of the various uncertainties in the gen
eral situation.
Investors think too well of their stocks
and bonds to sell them in market that
declines wholly as "A result of speculative
operations. London houses were free
sellers of United States steel and Union
Pacific. and to some extent of st. Paul
Sentiment abroad on st. Paul has been
disturbed by the reduction in the dlvl-
dend on the Company's common STOCK
while foreign traders naturally are bear
ish on steel common because Of the fact
that the United States Steel Corporation
barely earned it's dividend in the last
wear The poor December earnings OF
the Hartman lines have caused unWar-
ranted pessimism on the Union Paclfc
and Southern Pacific shares Temporary
adverse conditions rather than perma-
nent factors have brought about un-
| favorable traffic returns on the Harri-
man lines. In the late afternoon Steel
| common showed "A loss Of more than 4
points from Tuesdays closing figure,
! and other stocks in the active list acted
as badly, declines representing well
united bear raid. Gamblers may knock
stocks down, but the country Will not go
| TO pieces. Interests identified with the
so-called money trust" are ready to
| take over the holdings OF any man who
NAV feel uneasy over the future Of the
| United States.
Stocks are in strong hands, and while
professional traders may be able to
bring about lower prices for time, the
best informed men in the financial COM
munity believe purchases made on all
declines will show substantial profits be-
! fore the close Of the current year. An
! interesting interview along these lines
was secured yesterday by THE Wall
Street Journal from the manager of
one of the largest Stock Exchange
| houses, from which we quote the follow
| ing: Now is the time TO buy the mar
| ket, while people are perpleXed and the
exchange houses have no stocks. We
| have few stocks on hand in our Office,
despite the large list of wealthy clients
we have, ] understand tne same condl-
ton exists in the vaults of most Of the
other houses. The big men have the
stocks, and while professionals are SELL
ing short and things look blue the i'm
portant interests are accommodating secu-
rites" The fact that stock market
prices have not been seriously affected
by the tariff tinkering of the Democratic
lower branch of Congress, by the Stan
ley investigation of the United States
Steel Corporation. by the political move
against the so-caled money trust" and
by the uncertainties incident to the
early part of "a Presidential campaign
warrants the statement that in financial
and business circles there is no uneasi-
ness over the final position of money and
business in this country
The country is conserving its resources
for the future. In the mean time day
to-day business doubtless will be heavy