The Birmingham age-herald., 1910-01-20
CONTINUED DROP
 IN STOCK MARKET  Bears Hammer Prices In Al- most All Leading Issues TWO FIRMS CLOSED OUT Collapse in Hooking Coal and Iron Is Cause of Weakness In Other Stocks and Two Brokerake Houses
 Suffer.

New York, January 1s.-Those con 'rerned in the stock market had their at sention diverted today from general causes affecting values to those having to do with purely speculative causes. The collapse in Columbus and Hooking Coai and Iron affected the market in much the same way as the Rock Island episode In inc market of December 27 gave rise to fhe question whether investigation and tliscIpline by the stock exchange officials was to follow as in the case of Rock Island.
 The activities of market pool in the uEocking stock have been notorious for months, in the course of which venture some bear traders attempted to profit by the evidence of imitation in the price or the stock by short sales So perfect has been the control of the stock by the pool that they were able to mete punishment to the bears as often as this happened, and at the same time further the project ct advancing the market quotation for their holdings How little genuine demand existed for the stock at the price alti- 4udesx to which 1t had been liftetd was the striking demonstration of its actions today. when bankers called loans from the holders and left them obliged to market their stock for what it would bring. The collapse to 25 compared with STA for the last price yesterday and 92h last week represents suddenness of dedation rare fin the history of the New York stock ex- change.
 The sympathetic effect was particularly severe on stocks open to any suspicion of having been treated in a similar way in the course of rapid advances in their mar ket quotations. The most fragrant exam ples were found in the list of so-called specialties usually obscure, but made prominent through the instrumentality or market organization and manipulation, There were some of the stocks with wider market that did not escape the un- favorable inference to be drawn from the days principal episode. There was a mo- 1iceable tendency, in fact, to point to the dncident as indicative of measures pur- sued in wild field of speculative en- deavor through the campaign which was Fwaged last year in the stock market The violence of the fall in prices, in fact, gave rise to many rumors, although these wero advanced in explanation of the de- cline.
 So considerable a shrinkage in values never occurs without causing fears of si;'ancial difficulties. The announcement riuring the day of two stock exchange failures, directly due to the collapse of Hooking Coal, naturally stimulated the spread of such rumors. Another crop of rumors had to do with the supposed re- Nenges of powerful capitalists being wrecked upon one another by fostering the fall in values of stocks. Such stories shaped themselves with most facility against the newer figures in the field of finance. The assertion that obstacles were being opposed to some vaulting ambitions which threatened to interfere with the dominance of older figures was heard, this means being taken to clip the wings of aggressive new aspirants for a share of Financial power.
 The course of events during the day en- couraged the bear party to extend their operations and made them very bold in their raiding tactics. The final hour gave special evidence of professional bear op- erations, and the very active demand to cover shorts and the vigor of the closing rally were convincing of the fact.
 The opening market. gave good promise pf advancing, helped by foreign buying of stocks induced by the better feeling created In English financial circles by the days news from the elections in progress The stocks of the standard railroad com panies, especially some of those which have been most depressed lately, showed Resistance for a time to the weakness. but were the special object of the drive against prices in the final hour. Prices closed considerably above the lowest and with an active rally in progress. The total sales. which amounted to 1,64S, 400 shares, made the largest days business since the panic period in 1907.
 Bonds were weak Total sales, par value, SI73s,000
 pn call.