New-York tribune., 1910-01-20
FINANCIAL MARKET
MOST STOCKS DOWN.
Break in Hooking Coal Causes
HeaUy Liquidation an
General List.

Stock market prices opened at ad-
vances as compared with Tuesdays hnaI
figures. and maintained a fair degree or
strength until the development Of weak
ness in Columbus and Hooking Coal and
Iron and the announcement of the fall
ure OF two Stock Exchange houses, when
the entire list declined under the press
ure of liquidating sales and bear opera
tions. The collapse in Columbus and
Rocking Coal and Iron stock and the
financial difficulties Of certain Wall
Street firms were the aftermath of last
years reckless speculation. Fabulous
prices were predicted early in 1909 for
the issue named by the bull pool inter-
ested in it. and while the intrinsic merit
of the security warranted price in the
neighborhood of 20, the manipulation of
the stock carried its market valuation to
911z on December 81. compared with the
closing yesterday at 33, against 2las
year ago. The course Of the stock mar
ket since January / has been entirely in
line with conditions created by the spec
ulative orgy of the preceding twelve
months, and efforts by bankers who
make their living on lending money on
speculative commitments to create the
impression that stocks are declining
because of the position of President Taft
on government regulation Of corpora
tions are absurd.
If the Stock Exchange would adopt
system of control by which manipulation
could be made impossible there would be
no Rock Island and Columbus and Hook
ing Coal scandals. 1t is worth noting
that bill was introduced in the state
Legislature yesterday prohibiting deal
ings on margins. The enactment OF
law of this sort would close most of the
Wall Street commission houses and re-
duce bank dividends Wall Street would
better wake up. The only important
weakness in the early trading in yester-
days stock market was supplied by the
Interborough- Metropolitan issues and. to
some extent, by Brooklyn Rapid Transit,
which declined in sympathy. INTERIOR
ough- metropolitan common sold down
more than > points and the preferred
more than points in the first hour, the
two issues closing off 3 and Az, re-
spectively, the selling apparently being
for interests who desired to convert
paper profits into cash, on the theory
that with the statement of Mr.. Shonts
that the house of Morgan is ready to
finance the construction plans of the
Interborough Rapid Transit Company no
further bull news on the local trans
portation lines need be expected in the
near future.
The selling of the Hill shares was we'll
taken, and in the best informed quarters
no uneasiness was felt over the dividend
prospects of the Great Northern and the
Northern Pacific in the face of the COM
the Chicago Milwaukee & st. Pauls ex-
tension TO the Pacific Coast. The presi-
dent OF the Northern Pacific yesterday
was quoted as saying that the st. Paul
must inevitably get some OF the business
now controlled by the Hill lines, but he
added that the development of the
Northwestern states in agriculture,
manufactures and population was prog
ressing at rate that would supply
enough traffic for all roads in that terri
tory. Farming has become a business
in the Northwest, and that section of
the United States is poor country TO be
bearish on, even though the railroads
may place their dividends on a tempo
rarily lower basis. Northern Pacific
stock has declined % points from its
high level of 1909, and Great Northern
is down % points. while ST Paul is IS