The Birmingham age-herald., 1907-11-20
F|RMNESS LOST
 IN STOCK MARKET Reaction Follows Buoyant Feel ing of Previous Day PRICES DROP TO LOW LEVEL Pressure To Liquidate Is Urgent and Shows That Sellers Are Necessi-
 tated To Such Action By
 Inability To Hold.
PRICES DROP TO LOW LEVEL

New York, November 19.-There was 8 renewal of liquidation in the stock mar ket today of character which carried formidable influence on speculative senti- ment The effect for good of the na- tional government plan of relief for the currency situation seemed to have passed away completely, this result being an ex- tension of yesterdays tendencies when the progress of the days dealings wit messed a steady waning of the effect of that factor. Prices today got back gen. erally to below the closing level of last week, and in not few instances to the lowest prices of the year.
 The pressure to llquidate was urgent in some points of the list and was con- ducted in way and on terms to leave little doubt of the necessities of the sell CTS. It first developened in portentous form in the Chicago, Rock Island and Pa- cific railroad collateral As. This is the operating company, all of whose stock 's owned by the Rock Island company, and the 4 per cent bonds were issued by it and exchanged dollar for dollar for the old Chicago, Rock Island and Pacific rail-
 
 curity. The collateral 5s of the same company were issued in part payment for the St. Louis and San Francisco common stock. The weakness in this group of se- curities gave direction to the many con- lectures as to the source of the liquida- tion.
 The later heavy liquidation in the Uni ted States Steel securities, including the sinking fund bonds, was used as confir- nation of some of these conjectures ow- ing to the large common interest known to be held in the two groups of proper ties. While the identity of the sellers was thus but vaguely outlined, the ur- gency of the selling gave it sufficient inn portance, without the additional infer ences drawn from it's personal bearings. The selling of St. Paul, Union Pacific and New York Central was supposed to be connected in some way, although indica- tions pointed to a different source for this selling from that conjectured in the other group. The weakness of these stocks was the conspicuous feature of the day s market, and it was it's sympathetic eff feet, more than anything else, that gave the tone to the rest of the market.
 The confusion of mind revealed by the discussion of the plan to issue United States treasury one-year certificates 10 the amount of $1OO,0OO,O0O, not only by the rank and file of operators in stock, al- ways ready to venture an Interpretation ready made on any conceivable devel- opment, but public commentators of au- thority and bankers of skilled knowledge detracted from the good effect of the project. The willingness of the New York banks to subscribe for the certificates in large amount seemed to hinge on the question of leave to count them in their legal reserve.
 There was an intmation from Wash ington of the purpose of the Secretary of the Treasury to transfer the proceeds of New York subscriptions to points of &C., tive demand in the interior. The right to issue bank notes against the certificates which could not be counted as bank re- serves under the law, might not compen- sate the banks for such a surrender of re- serve holdings.
 Reports of further large curtailment of iron output was an influence on the mar ket. This avowed intention of the iron trade authorities to adjust production to oonsumptive requirements, whatever