Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-23
Heavy Selling Movement Was
General Today.
THE EFFECT WAS SEVERE
Commission House Liquidations and
Stop-Loss Orders.
REACTIoNARY TENDENCIE S
Weight of Stocks Developed a Weak
ened Speculation situation-Big
Dealings in First Two Hours.
Special DISPATCH to The Star.

NEW YORK, January GA heavy SELL
ing movement that was general in char
acter, in that before it was over it Included
commission house liquidation, the execution
of stop-loss orders and sales for the ac-
count of bearish traders, developed In the
stock market this morning, and while its
duration was not much more than an hour
for the period of its greatest intensity, It's
effect on prices was severe.
With some notable exceptions, a. range of
quotations was established which repre-
scented losses of upward of four points from
recent top figures. There was no news to
simulate such a retrograde movement, and.
In fact, the pressure applied to the market
had a little of the appearance of a con-
certed effort TO force reaction and also
look like the logical development of the
irregularly reactionary tendencies displayed
in the last few sessions.
Spectators had complained for several
days that the market looked tired and, to
use a phrase of the customers room, that
II appeared toppy and somewhat over
bought At all events, the weight of stocks
this morning was sufficient to develop
rather weakened speculation situation, and
IT was not until substantial declines had
been accomplished and many accounts of
the weaker class eliminated that enough
buying appeared to offer any effective re-
slstance to the downward inclination. 1t Is
true, albeit trite, to say that the consensus
of opinion among those competent to judge
was that the market had been materially
helped by the days reaction.
One view that apparently reflected the
opinions of important interests was that
market which advanced more or less stead
lily without reactions worthy of the name.
was a menace. The persons who expressed
this view were particularly severe in con-
demning such tactics as those witnessed
yesterday in Readings violent advance, and
m u ole n
Tennessee Coal to its present altitude and
because these critics were supposed to voice
ideas that obtained in ecinent quarters
there was q tendency to infer that some of
eminent quarters for the purpose of dis
couraging inolinations in certain directions
toward speculation's excess.
Almost a Million in Stocks.
Almost one million shares of stock were
dealt in IN the first two hours today. The
transactions represented by this volume IN
cluded to a large extent the dealings during
the period Of the most intense selling pres
sure, ana ii was commonly remarked that,
considering the concentrated weight of
stocks which It had to endure, the market
gave a rather good account of itself
1t is interesting TO note that the heaviest
selling of Amalgamated Copper, which first
yielded to pressure this morning and start
ed the general decline came from a house
OF considerable Importance which had been
heavy seller Of the same stock on Friday
last It was estimated that this firm exc
cuted selling orders in Amalgamated Cop
per this morning amounting to more than
10000 shares
1t is firm which has been rather con-
spicuously identified with the bull side of
the account not only IN mining
stocks, but generally throughout the
list, and Its sales today did not represent
fundamental any change in its attitude to-
ward the outlook for securities. There was
some excellent buying of Southern Pacific
around IL and of Uuion Pacific below l56,
and the character OF the purchases In these
two stocks on the decline, together with the
resistance to pressure shown by the Penn
sylvania group, Southern Railway the
United States Steel securities, Consolidated
Gas, American Smelling, st. Paul, American
Sugar Refining Brooklyn Rapid Transit and
Reading, rather encouraged the speculative
community in general to make fresh, al
though not extensive, commitments at the
reduced quotations throughout the list.