Daily press. [volume] (Newport News, Va.) 1896-current, 1909-01-12
Market Underwent Further Process
Of Oeftation Yesterday.
SEVERE BREAK N ERIE 4 FEATURE
Slump Result Of Disquietins Financial
Rumor-Reports Of Onfavorable
Condition Of Harrlman's Health Al.
so Contributed to Discourage.
nv Associated Press).


NEW YOR.,, Jan. 1.-THE stock
market underwent a further process
! OF speculative deflation today. The
adjustment towards a lower level was
| clearly due to conviction that the
previous advance had exceeded the
! warrant of the good in the condition
and the prospects rather than from
the development OF any factor OF POSI-
tive encouragement in the situation
or outlook.
The severe break in the Erie securi-
ties had a. special explanation In the
belief that the proposed $3O.0OOOc0
bond issue which was the plan OF H.
nancing the roads necessities select
ed by its directors. had failed to meet
the, necessary approval Of the public
securities commission. The slump
was aggravated by the reiteration OF
disQuieting rumors Of the conditions
OF F.. H. Harriman's health, although
these were authoritatively denied.
Advices from Wall street at the end
OF last week from brokerage and
commercial houses gave explicit
warning. in many instances. OF the
danger of a break in prices. The re-
suit was felt in the character Of the
orders for execution in the smarket
today. An important and organized
bear party was arrayed against the
market and the bull position was held
timidly and with reserve intention
to retreat before unfavorable develop
ments, -
The afternoon rally In prices fol-
lowed the evidence of support for the
Fries and the days net changes are
generally small.
Bonds were irregular Total sales. \
par value, $5.3o4.0O0. United States
londs were unchanged on call. To
tai sales today 889, 700 shares. includ-
ing: Copper. $4,000: smelling, a.
400: Sugar. 900; Tobacco. 200: Chesa-
peake & Ohio, 900: Southern Pacific.
33. 400: Southern Railway. 700: South.
ern Railway. pfd.. 300: Sloss-Shef.
field. 400: Tennessee Copper. 1000;
Union Pacific, 13S.S0O: United Stated
Steel. $4,000: Virginia-Carolina Chem
ical. LOO: Erie. $4,000: marlborough
Metropolitan pfd.. $4,000 louisville 4
Nashville. 2,l0O: Reading, 200.
Amalgamated Copper -. 49,. SIS
American Car & Foundry go. ASH
American Car & Foundry. pfd 1857
American Cotton Oil 49,. go. 43
American Hide & Leather, pfd 3SA
American Ice Securities ..... 211s
American Linseed -. -. -. 13
American Locomotive -. ..... SSH
American Locomotive. pfd lilo
American Smelling & Rerng =. 84A
Amer. Smelling 4 Ret'ng. pfd 1903
American Sugar Refining 80. 127h
American Tobacco. pfd ...... 92A
American Wooden -. ....... 2Sia
Anaconda Mining Co. -. .... 4S
Atchison -. -. -. ..... 99N
Atchison. pfd -. $3.50. ...... 1904
Atlantic Coast Line -. -. =. 1OSh
Baltimore & Ohio -. ........ 1898
Baltimore & Ohio. pfd -. 80. %
Brooklyn Rapid Transit -..... 6SM
Canadian Pacific -. -. 80. l76x
Central Leather 80. -. ..... son
Central Leather, pfd -. .... 1OOh
Central Of New Jersey .... e
Chesapeake & Ohio -. -. -. 81
Chicago Great Western -. -. 81
Chicago & North Western 49,. l7oh
Chicago. Mil. & St Paul ..... 1473s
C.. C.. &. & st. Louis ....... 69E
Colorado Fuel & Iron ..... AK
Colorado 4 Southern -. 90. 66h
Colorado & Southern, LIST pfd S:s
Colorado & Southern. md pfd SIX
Consolidated Gas -. ...... 1854
Corn Products -. -. .... 1881
Delaware & Hudson -. -. :. 1861
Denver & Rio Grande .. 3SA
Denver & Rio Grande. pfd -. 7914
Distillers' Securities -. -. :. 1914
Erie .. -. -. -. $500. 301a
Erie. LIST pfd ..... -. . AN
Erie. End pfd ... 80. . 341s
General Electric -. -. 49,. 1854
Great Northern. pfd -. ...... 1i5h
Great Northern Ore CTS 49,. 10E
Illinois Central =. ..... 80. 1919
ELECTROMAGNETIC .... 49,. -. 1ss
marlborough Met. pfd ....... ~
International Paper .... ... II
International Paper. pfd ..... !Sk
international Pump 1890. -. 1914
Iowa Central ... -. ....- 3lS
Kansas City Southern ... -. IL
Kansas City Southern. pfd -
Louisville & Nashville ....... 12zN
Minneapolis < ST. Louis .... 5Sk
Mimi. ST. p & Sault ST. NJ. 145H
Missouri Pacific go. ......... SsN
Missouri. Kansas & Texas E. a3B
Missouri. Kansas & Texas. pfd -
National Lead -. ....... 's%
New York Central .......... l2S
New York. Ontario & Western 4sh
Norfolk & Western ... 1890. SSE
North American 1890. -
Northern Pacific 1890. lG
p.c,sc Mail saa