New-York tribune., 1910-02-04
BIG FALL In STOCKS
MAXIMUM DECLINE
OF 81-8 POINTS.
4larmist Rumors Accomp pany
Decentralization, but Fail of
Confirmation.

Another break in prices. even more
severe than that of January %, occurred
yesterday in the stock market, the de-
clines ranging from . to s points: and
although a number of issues proflted by
the late rally. final prices throughout the
Est showed losses of from ] to b points
The transactions aggregated 1,blooio
shares, total exceeded this year only on
January % when the sales were 1,6lS'-
49, shares, and on January 19, the day
of the Columbus and Hooking pool col
lapse. when they were 1864, ,45S shares.
More than a quarter of yesterdays s
total sales were of United States Steel
common. which led the decline during
the greater part of the session. and TO
which. as to the general market, no sup
port appeared to be given by important
banking interests.
Steel common opened wide" with
sales of 1900 shares at S014 and SOa.
and in the first few minutes advanced TO
SO1s, it's high of the day, which was
Wednesdays closing price. By IL o'clock
it had reached 1875, and its low point OF
11A was touched early in the last hour
the subsequent rally carrying it to I9E
at the close. a ret loss of 1&s points.
The greatest decline was in American
Smelling and Refining common, which
suffered a maximum fall of S1s points.
going to SO12, and closed at S2A 63s
points lower than on the preceding day.
Utah Copper broke nearly points. and
the Cuggenheim stocks on the curb were
c1rrespondingly weak.
The HawIey stocks also were de-
pressed. Chesa peake & Ohio breaking
more than points, and such other de-
clnes were witnessed as about + points
IN Louisville & Nashville and Missouri
Pacific and 3 in New York Central.
Union Pacific, Reading. Baltimore &
Ohio and Southern Pacific.
The pool stocks and specialties were
hard hit. and many issues of those
classes. especially among the industrials.
lost from 2 to upward of 4 points on the
day. ST Paul and Pennsylvania main
tain.G comparative firnness.
The Fisk & Robinson failure played its
part in producing the feeling of general
uueasil. ess, of which the bears took full
advantage yesterday, and run1ors we're
widespread of other impending suspen-
sions the names of half a dozen houses
being used, and it was also said that a
financial institution was in trouble
Emphatic denial was given of the lat
ter rumor, and no substantiatiGn could
be found for the reports affecting the
various houses Such reports are a
common accompaniment of a market
break like that of yesterday,
The alarmist remarks of James NJ
Beck in his Philadelphia speech also
helped the purpose of the bear party,
who sold the market short in heavy vol
ume and with great confidence, and
many stop loss orders were uncovered
s prices yielded. Selling for account of
speculators whose margins had become
exhausted and liquidation by alarmed
investors helped to accelerate the down
ward movement.
At no time in the course Of the day
was an attempt made by the big in
terests' to stem the tide, and the partial
recovery in the last hour, which did not
benefit the entire list. was due mainly to
profit taking purchases by the shorts
and in some measure to buying by the
bargain hunters The feeling a the
close was not confident. and predictions
were heard in every quarter that the
market would go lower.
The following table, contrasting the
closing prices Of number of active
issues on January 8. just a month ago.
and the first business day Of the year.
gives an indication Of the severity of the
decline in the general market since the
new year opened: