New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-08
FINANCIAL MARKET
HF4TY STOCK LOSSES.
4ctire Manipulation and Ii
Guidation Hurt Prices.

z-io1an+ declines we're reported through
o,,t the list of active securities in yes
+erday's stock market, maximum losses
running from to points among the
leading issues, with net changes almost as
large. Speculative attacks started at the
onening and continued throughout the best
part Of the day, the movement forcing
the liquidation Of accounts against which
margins had become depleted and trlsht-
eninC many operators who had subStaTi~
tial margins. but who could not convince
themselves that the persistent weakness
Of the market did not foreshadow gen
erai ruin and bankruptcy for the nations
Industries. Wall Street interests that
are working for lower prices are predict
ing things that will never happen Wall
Street manipulation will not kill the
productive energies Of the country, ana
when the time comes for active Dull
speculation these Wall Street patriots
will procIaira from the housetops the
strength OF fundamental conditions. The
rroposed federal incorporation law was
the star bugaboo used to induce yester-
DAYS selling, and It worked to such
nicely that many bull pools weakened
l,v recent declines were compelled TO
Iiullidate their holdings
Vague rumors of financial troubles IN
the Street were heard, and while Moth
ing of the sort developed II was argued
that = continuation Of the doWhWafd
movement might cause distress among
houses that have been consistently Dull
ish and have speculated on their own &C
count as well as conducting operations
for customers on borrowed money AZ
the low points Union Pacific showed d
loss Of 81; Southern Pacific, Az; hedo-
ing :. Amalgamated Copper. 8 3 amer
;can Suelters. So: Chesapeake & ONO,
AZ. United States steel As, and ST
Paul -. The few bearish factors IN
The general situation have been more
than discounted by the decline that mas
taken place since January I, and at thls
iuuct,,re operators who advise the snort
sale OF stocks for e long pull may be Xix
ened 70 the traders who advised the Pnr-
chase of securities at the high polIlIs o
1909 Union Pacific. for instance was
not safe purchase at 219 last summer
hut At $50 it is q different proposlton'
while the same thing may be SAID OF
about every representative stock On the
list In yesterdays market ten issues
e,,rrIie5 e94.700 shares out OF a totaI
business OF almost 100000 shares.
Selling Of ST. Paul stock is based upon
the poor statement Of earnings reported
by the company for December ana on me
reasonable expectat ton that the returns
for January will be unfavorable, though
not 50 bad as in the last month OF TIE
wear. but as the reduction IN income mas
been one TO extraordinary conditions
that have no permanent bearing on the
general business of the company the
price OF the stock cannot be CONSIDERED
high ~ the prevailing level IN Decena-
Der the road. was forced to fight
settlements strike and exceptionally ad-
verse weather conditions. The property
is now being operated on normal basis
Traffic IS heavy, and grain tonnage Is in
cressing RAPIDLY, car loading running at
+he rate Of $50 cars day in excess OF the
business at this time last year All the
roads in the Northwest had series OF
adverse circumstances TO contend with
in the last two months, and that their
! losses in earnings were not due TO gen
/ ersI conditions is reflected In the excel
,ert renorts OF the Eastern and Southern
! lines.
Bank statement figures for last week
5 made q poor showing on paper. the
/ changes III the various items being ad-
/ versely interpreted by the speculative
! community, but the loss in cash and the
! increase in loans were more apparent
! than real owing TO the speculative and
! investment movements on the Stock
: Exchange and the withdrawal from the
banks Of trust company funds. Liquida-