Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-02-03
Severe Decline in Prices Mark
ed the Dealings.
THE ACTIVE ISSUES LOST
American Stocks Were Below Parity
in London.
TRADING ON A LARGE SCALE
Leading Features Anal. Copper, Read
ing and the United States Steel
Shares--Bank Statement.
TRADING ON A LARGE SCALE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, February 3.-The general
stock market suffered quite severe de-
cline In prices this morning, the losses IN
the active issues running all the way from
one to Ave points. In addition to the other
circumstances OF a more or less disturbing
nature which have occupied attention dur
ing the present week there was much dis
cussion today with regard to the prospects
for general strike of the bituminous and
anthracite coal operatives, and the proba-
bility that the bank statement would show
a heavy cut In surplus reserves was an ad-
ditional factor in such liquidation as was
observed.
American stock were quoted in the Lon
don market generally below parity with yes
terday's local closing figures. and operations
here for foreign account resulted in pre-
ponderance of sales. The sudden advant OF
rather severe, even If seasonable, weather
conditions was also named as disturbing
influence in its possible effect on the winter
wheat crop and other agricultural condi-
lions,
Trading was upon a very large scale OF
activity. but, on the other hand, speculative
interest seemed to be conferred largely upon
| a comparatively few issues. The leading
features in respect to activity were Anal
gamated Copper, Reading and the United
| States Steel shares. There was no definite
confirmation Of the various rumors which
| have been in circulation throughout the
| week relating to the copper securities. the
Hill group Of stocks or the United States
| Steel shares and while these reports were
| again commonly accepted as possessing
good foundation in fact that did not pre-
| vent the securities concerned from partici-
pating in the common downward drift in
| prices.
Market Highly Irregular.
The market steadied somewhat toward
| the close of the first hour without, how
ever, being Invested of highly irregular
| appearance. In addition to the other cir
| cumstances named as contributing to the
| liquidation which was apparent there
| might be cited the growing uneasiness that
| sufficient pressure would be brought upon
| Congress that some railway regulation
| measure would be forced to enactment.
While the bank statement could not be
| called disappointing showing, It furnished
a number Of rather unexpected features
| The decrease In actual cash fell far below
the average Of the preliminary estimates
and. on the other hand. in view of the
| weeks liquidation in the stock market, 1t
| appeared difficult to account for the in
crease In the loan item, which amounted to
quence increased s14. 200 900, but the change
| in the item was inadequately explained by
| the alterations in the loan and cash items.
As a result of the other changes in the
statement, reserves decreased S4,709 600
and the banks now hold 81. 127. 600 in ex-
cess of the lawful requirements Their sur
plus holdings in the corresponding week of
| last year were SIS, 81 900, In 1904 S21 ,S42-
| 900. and in 1908. SIS. 545, 900.
Census Bureau Cotton Estimate.
The estimate of the census bureau of
| the amount Of cotton to be ginned after
| January 16 was read on the cotton ex-
| change at New Orleans yesterday. The
| SS4 bales yet to be ginned means a
| total crop of 1O,24S,s46 bales
March, which sold Immediately before The
reading of the report at IL cents ten mia
| utes afterward went to Ills, and May
| which sold previously at lib, sold after
| ward at 11.32 There was slight reaction
| by II O'Clock.