The Birmingham age-herald., 1910-01-06
SHARP DECLINES
 IN STOCK MARKET RumorS Plentiful But None Ex-
 plain The Slump MONEY MARKET IS EASIER Belief That the Promoters of the Rock Island FIurry VIII Be Punished By the Stock Exchange Aids
 Decline.
MONEY MARKET IS EASIER

New York, January 5.-Specuaative liquidation was renewed in the stock market today with much the same ap- pearance of urgency as on the opening day of the new year.
 | There was no IA per cent money rate today to account for the weakness of fhe stock market, and other new ex- plantations were advanced. Many of these bore an appearance of mere sur mise, the outcome of efforts to pieDce the mystery of the large supplies of etocks for sale. The busiest of these ,furmises centered about Rock Island. dts recent stock market history. and the personal element connected with it.
 The personal phase of the discussion wss a supplement to the gossip brought out by the eccentric bulge of 31A points in the stock followedfby total relapse. and all within the space of 15 minutes on the day after.the Christ mas holiday interval.
 The supposition that this reckless display of manipulative ammunition was to be visited with the disapproyal of the stock exchange authorities, has been common since the investigation of the incident, and the submission of the still unpublished report on the subject.
 Rumors flew thick about the stock exchange today of the scope and power of the influence being exerted to make effective the desired disapproval of the Rock Island market management. The principal selling of the day was at tributed to the retirement of speonla- tive commitments which had been prompted by this disciplinary move ment. An early departure for Europe and a retirement from influential direc- itorates were whispered as amongst the consequences to be involved.
 The number and variety of the ru- mors were sufficient in themselves to brand them as doubtful and the au- thoritative denial of some of them con- firmed the doubts and pointed to the circulation of them as attempts;to con ceal the real motive of the liquida- tion.
 More substantial grounds for the weakness of stocks were found in oth- CT factors. For one thing the unex- peeted stringency of the money market after the first of the year and the absence of investment demand for stocks, growing out of the annual dis bursements of profits, have proven disappointment Large speculative holdings of stocks were held through the latter portion of last year in the
 
 conditions would clarify themselves with the turn of the year and would awaken a public demand which would afford an advantageous medium for speculative liquidation. One of the diff faculties encountered in holding over through the autumn was the fall iu the banking surplus to near the vanishing point In November. The wholesale shifting of loans then resorted to in order to avert a deficit involved tho assumption of obligations which are believed to be coming due now.
 The money market facilities for meeting these obligations are less than expected and liquidation in the stock market in the face of a languid specu- lative demand is said to be necessity. The relief afforded to the loan account of the banks in November was secured partly, 1t Is asserted, by large advances from surplus treasury funds of the great corporations. These had to be lrecalled in connection with the enor- fmous annual settlements.
 The rising tendency of the call money market was arrested today and the time loan department took on stronger tone with an active demand for funds.
 The stiffness of the money market did not prevent a rise in foreign ex- change rates and gold was engaged again for export to South America.
 The course of events at Washington divided attention with the happenings within the financial district, and were given their share of responsibility for ,the action of the market
 Last prices were about the lowest of sYha day and tho tone was aoute1y weak when operations were concluded for the day.
 por6s were easy Total sales, par