The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-01-28
PRICES DECLINE
!, IN STOCK MARKET
Recovery of Previous Day Is
Wiped Out Decisively
BEAR PRESSURE HEAVY
Principal Cause of Slump Is Flood Dis.
aster In France, But Financial
institutions of That Coun-
try Are Undisturbed.

New York, january N.-The violent
contorions in the price movements OF
ttocks which has been the characteristic
bf the weeks market had another Illus
fration today. Yesterdays sudden recov-
cry was wiped out for the most part
and prices of some of the principal
beading stocks were established at low
kr records than in the decentralization
bf Tuesday. The only news cited to ac-
count for the heavy selling was the
French disaster by flood. French bank
ers' estimates of the minimum losses,
according to cabled reports, were placed
at 800, 100000. while the government Of
fetal estimate was reported as high as
f2oo, 100000. These figures, appalling as
they are to the sense of humanity, do
not offer adequate explanation for any
great dislocation of economic and fnan-
tial agencies.
The accepted indexes Of the conditions
of such agencies. outside of the New
York stock market did not in fact, mir
ror any great apprehension of serious
damage. The Paris financial markets
themselves we're reported tranquil and
q fractional rise in private discount rate
On Paris was no greater than has oc
blurred within the week both in London
and Berlin. The rate Of international
exchanges in Paris showed no sign OF
disturbance, sterling exchange in Paris
holding at yesterdays price. The same
was true of the Paris cheque in New
York.
Some of the days selling of stocks in
New York was reported to be for for
eign account but there was nothing to
! show that these sales were in unusual
proportion to the whole. Prices OF Amer
leans in London before the New York
stock market were higher generally than
yesterdays last prices in New York and
the first dealings here momentarlly re-
sponded to that example. 1t became
quickly manifest, however, that no &C.
mand of any account existed here at
the price levels established by the move
ment in London and the violent recov-
cry of yesterday.
The more general opinion of the forces
at work in the days stock market was
of an organized bear party, which took
advantage of the dying down of demand
at Yesterdays recovered prices to put out
IL
With great aggressiveness Not much OPP
position was apparent to these opera
tons, the market suffering from the en-
tire absence apparently Of any support
ing measure
There was a great congestion Of activ-
ity in the most highly speculative stocks
In the list, all of them, however of
properties of first importance The Har-
rinan Paciics were the especial target
of attack and 1t met with no manifest
opposition. Rumors of the hostile inten-
tions of the government authorities to-
ward these companies were circulated in
connection with the weakness in strong
:, contrast with the reports of compro-
mise of the government suit which were
in circulation a short time ago.
Among the industrials United States
Steel maintained its usual eminence and
Colorado Fuel was handed with special
severity. The coppers got no benefit
from the steps toward a merger which
is expected to result in improved con-
troll of the output and marketing of that
metal
Pennsylvania offered natab1e resistance
to the days weakness and was promi-
nent in the recovery. The approach of
the dividend period had an effect on the
stock. The closing tone was a good deal
unsettled Notwithstanding the nervous
ness manifested by uncovered shorts.
Bonds were irregular. Total sales, par
value, $3,6S4,O00.
United States bonds We're unchanged ON
call.