The Birmingham age-herald., 1910-01-26
HEAVY DECLINE IN
 PRICES OF STOCKS Slump Is 3 to 7 Points In Most
 All Active Issues FEARS OF LEGISLATION Wall Street Is Afraid of Congressional Action and the Reassurances of
 President Taft Fail To
 Strengthen Market.
FEARS OF LEGISLATION

New York, January 25.-The drastic liquidation which was renewed in tho stock market today forced prices to the lowest level since the crest of the specu- sEative wave was touched in August of last year and consequently since early 1n the year 1908 in the course of the rise which began at that period. De- flines over night ran between and T points in a majority of the active is- sues with, however, some conspicuous exceptions The exceptions were signifi- cant as being among stocks where ef- fective liquidation has already occurred or which have been free from specu- lative excesses during the past few months. Instances were found in the Hill Pacihcs and in the eastern trunk lines in which stocks had been persis- tently marketed in the period preoed- ing the present season of urgent pres sure. The speculative character of the holdings which were being forced on the market was indicated by the distinc- ton between those mentioned and the exceedingly active speculative stocks which were most severely handled in the days market. The case was aggra- vated where there had been any pre- vious evidence of manipulation or active operation by market pools.
 , The burden of discussion in stock mar ket quarters was all of the danger from threatened collisions of corporations and the law and with the activities of the government authorities at Washington. The attention paid in the morning dis patches from Washington aggravated the apprehension which began to grow acute yesterday It was not until the state ment on the subject made by President Taft was published in Wall street that the bangs of the market at all were .sssuaged- It is true that by that time d1e purging process had proceeded to an fxtent that entitled the market to some relief to normal reaction.
 There was much confusion of cause and effect In the hurly-burly of the market There was evidence for in- stance that the banks were engaged in cleaning up the credit accounts and were discriminating with severity against such stocks as justified suspicious of pool manipulation. The presence growing abundance of loanable funds did not pre- vent the banks from proceeding with the withdrawal Of credits today where such considerations ruled .ns-ances occurred where attempts to market in compliance with the demands of money lenders. small accounts of stocks suspected of .Hananipuls ton failed to discover a single V bid within many points of the nominal , quotation which has been maintained for the stock.
 The ~oyerhauling of loan accounts by the banks had it's incentive in part from the apprehensions aroused by the treat ment of corporations by the law as well as by the criticisms of the purely specu- lative position in the market President Taft's approximation with the presump- tions indulged in by stock market in- terests of the purpose of the administra- caused by the assertions of the past few days of new and aggressive departures in contemplation but did not restore earlier hopes of complacent mood to- ward the transgressions of corporations under the antitrust law. The substan- tai ground for the anxiety that has grown up in the financial community is the growing belief that the supreme court will uphold the government in the to- bacco cases and leavo the executives oi the government no alternative but to pro- ceed against combinations of corpora tions.
 Consideration of the expected dividend action. on United States Steel practically dropped out of sight and the stock mar ket closed with prices near the lowest
 Bonds were weak; total sales, par value, s5,1es,ooo.
 United States bonds unchanged on call