The age-herald., 1901-01-04
STOCKS TAKE A
 SHARP TUMBLE The Long Expected liquidation
 Comes At Last HEAVY HOLDERS HARD HIT They Became DemoraIized Through Absurd Rumors and Rushed to Sell. Gloomy News from Abroad Con-
 tributed to the Dumps.
HEAVY HOLDERS HARD HIT

New York, January 14-The long expect ed storm of liquidation broke over the stock market today and swept prices in a torrent of selling on a downward course which was not effectually checked even at the close of the market
 There were wide brooches in prices by that time, and the precipitate character of the selling gave-the market the apparance of semi-demoralization. Spectators who were long of stocks showed many of the symptoms of panic in their scramble to save the imposing profits which the pro- longed rlse had indicated for them on paper The market was so top-heavy by reason of the vast number of accounts on narrow margins which infested that the fall in prices gained momentum as it progressed The wipng out of margin with the de- creased face value of stocks forced them to sale to prevent losses by the brokers Whether any of the liquidation beyond this was forced would be difficulty to say.
 The money market maintained a calm surface all day, the call loan rate running at 51a per cent. or below that. There was a continued shifting of loans however, incl dent to the enormous financial transactions involved in the yearly settlement and the disturbance of the loans thus caused aided to the unsettled feeling in the stock mar ket The aggregate sum called for by the checks passing through the clearing house banks today reached $3S0. .132, 005, which with the single exception of yesterday is the largest total on record, exceeding the pre- vious maximum by over $15, ,000,000
 There were various artributory causes as signed to account for the violent break but all, of them together would have prov ed intellectual to induce selling in the specu- lative mood which have prevailed in Wall ctfN fOf,r alycy Noct
 The real root of the trouble was that faith in the level of prices began to be Impaired and a continuation borne upon spectators that large demand for stocks which they have expected to con- tinue during January have been pretty largely discounted A realizing sense of the flimsy authority of the many sensa- tional stories which stocks which have been advanced broke upon the minds of the buyers who confounded their own eager demand for stocks with supposed all-embracing public demand. Seeing themselves long of stocks at the very high level attained by prices and with a very doubtful prospect of large additional ad- vance, they threw over their holdings with the utmost precipitancy.
 Of the cause contributOry to the slump, much importance must be attached to the advance of the Bank of Engfands discount rate from to per cent. This was sup plemented by the statements by the three great government banking institutions also showing a radical impairment of resources on account of requirements in the yearly settlement. At the same time cabled re- ports from London described gloomy fore bodings over the future
 Grain and cotton bills have become scarce in the exchange market and the relapse in iron prices abroad, while prices have been well-maintafned in. the domestic market, indicate the continuity of a fall ing off in the foreign iroI. .rade.
 The bond market was very active and liquidation was in force there as well as in stocks, but the declines in prices were no means so marked. Total sales par value, s3,955, GOO; U. S. re, 2s declined F and new As reg fl on the last call.
 New York January 3.-Money on call ; easier at 41s@51s per cent; last loan at AZ per cent
 Prime mercantile paper, 4a4651A per cent Sterling exchange steady, with actual bus mess in bankers bills at $4S4B for demand and for s4.S2@4S2s for 60 days.
 Posted rates, $4.S21s64.S3 and $4S7
 Commercial bills, $4.SR94.S2.
 Silver certificat tes, 64Q65c.
 Bar silver, 63a4c.
 Mexican dollars 50c.
 Government bonds weak.