The Washington herald., 1908-01-11
PRICES FALL RAPIDLY
Upward Movement Checked
in the Last Hour.
LARGE VOLUME OF BUSINESS
Transactions Greatest for Any Day
In Last Three Menths-Exeited
Buying of Reading, which Is
Leader Since Recent Depression.
Break I'm Southern Railway Shares.

New York. Jan. 10-After yesterdays
advance Of over two points in the aver
age price Of the standard railway shares
some reaction in the stock market to-day
was commonly considered as being more
or less inevitable Nevertheless the up
ward movement IN the market was con-
tinued during the first two hours OF
business to-day in a more violent and
rushing manner than it has been at any
time previous on the present movement,
and the expected fall in values did not
come until the last hour Of the stock ex-
change session.
Then the market broke with rapidity
and closed at the lowest prices of the
day. with the greater number Of the ac-
tive issues showing net declines, but with
advances still recorded in many of the
inactive stocks, chiefly in the industrial
list Advances or declines in securities
OF this last named class can, however.
hardly be regarded as possessing much
significance In the existing state of af-
fairs
The market for these stocks is now, as
a rule, so poor that in the majority of
instances the buying Or selling Of few
hundred shares OF any one of them suf-
fees TO depress or lift the price of the
stock several points. Transactions in the
market to-day were the largest Of any
full days business for nearly three
months, and the serni-collapse in values
at the close seemed to be not entirely
darrngd oT M that - ya4 70
the time being had become topheavy and
that the stimulation that il had enjoyed
throughout the present week had reached
a stage where it was more or less forced.
Many Rush to Buy.
There was, at any rate, little doubt
that the excited buying OF stocks in
the early part Of the day was due largely
10 a more or less panic-stricken retreat
OF a large party OF spectators for the
fail who have thus far contested with all
means at their power the rising tide of
values.
Many Of them openly announced their
surrender to-day and entirely recovered
the stocks that they had sold regardless
Of the prices demanded by sellers.
AT the same time the market presented
what Is known in Wall street as a spotted
appearance There was excited buying
Of Reading common stock, which has
been the leader OF the market since the
recent depression. and there were particu-
larry frantic efforts to cover short con-
tracts in st. Paul, But the Southern
Pacific, Northern Pacific. Great Northern
preferred. Louisville and Nashville. and
other leading stocks were laggards and
a n crfsF a~rsTanaHe Of
ton.
Break in Southern Stocks.
The ostensible reason for the sharp re-
versal OF the markets attitude toward
the close of the business session was a
heavy break in the Southern Railway
stocks and consolidated mortgage bonds.
and also comparatively active selling Of
the different Erie issues.
Considering all the known circumstances
affecting the operation of railroads in the
southern part Of the country, chief among
these being the unjust and seemingly
vindictive way in which these properties
have been attacked by the demagogues in
control Of the different State govern
ments there. no one would be surprised
II SC+A4p'0tS SNSi'oii1ioil VI ILio Ol'4"O
on Southern Railway preferred stock
should be necessitated. although whether
such a course has been decided upon is
by no means certain; while on the other
hand, the fact that arrangements have
been already practically completed with
the Erie Railroad Company TO retire its
short-term notes that fail due within
nearby months is a sufficient answer TO
the stories that were to-day circulating
concerning the road.