Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-25
DISORDER IN THE TRADING
Railway Securities Suffer in New
York Market.
GRAIN AND COTTON DECLINE
Fluctuations in Morning Hours De-
scribed as Feverish and Unset
tled-Many Liquidation Sales.

NEW YORK January 25.-Promptly
with the opening of the stock market TO-
dav there came a flood of liquidatins
sales. which broke prices severely in all
directions and caused great disorder in
the trading
There was no premonition of the Vlo-
lence of the decline in the London mar
ket before the opening here. Changes
in quotations for Americans there varied
from small fractional losses to small
fractional advances.
Reports of the governments antitrust
program and the belief that the govern
ment would win the expected decisions
in the American Tobacco and Standard
Oil cases before the Supreme Court were
the accepted explanations of the selling.
Railways Suffer Severely.
The active speculative stocks, suoh as
the Pacific railroads. Reading. Chesa-
peake and Ohio United States Steel and
Copper, were the seyerest
sufferers.
A sale at the opening of 100 shares of
United States Steel at S41s and Of 200
shares at 81 were not recorded until
some time afterward, being lost In the
shares at 1874 to S27s. This compared
with S4A for the last price YESTERDAY.
The stocks extreme decline reached 21a.
Chesapeake and Ohio and American
Beet Sugar slumped Az. Reading and In
Harvester 4. Amalgamated
Copper 81. Union Pacific, 3. General
Electric and International Pump =.
Southern Pacific 2A and the list general
ly from to points.
r..:.h ,rd nrea<$1Ad Conditions
The fluctuations during the first hour
were feverish and unsettled, substantial
rallies being mixed with fresh and vio-
lent declines at new points. Transactions
were on a very large scale throughout
Furious activity continued throughout
the first hour. and severe declines were
made in many stocks. The break In
Chesapeake and Ohio reached Az, Con-
solidated Gas and Union Pacific 3A,
Amalgamated Copper 3k, American
Smelling 3, Southern Pacific and United
States steel "a, General Electric and In
ternational Pump 2I4. Rock Island, Mis-
souri,, Kansas and Texas and Nationai
Lead "a, and practically all the active
stocks from ! to points. FeVerlsh raj
lies from time to time were followed Dy
renewed outpouring of stocks and fresh
breaks in prices.
It was we'll along toward noon before
there were any signs of restraint on the
lInbridled liquidation. Stocks regarding
which there has been any suspicion OF
operations by market pools were notaDly
weak. Lenders of money were said to have
taken cognizance of recent events point
ing to pool manipulating, such as the
Hooking coal episode, and to be with
drawing credits when such stocks 1g-
ured as collateral. The liquidation thus
forced caused precipitate tumble in
quotations.
Cotton Futures Affected.
Within an hour after the opening the
cotton futures market today broke 81
points, or about S1.S5 bale. The slump
was attributed to the unsettled condi-
tions of the stock market, the aggfes-
siveness of the New York bears, gen.
eral decentralization among the bulls, and
the flood in France. which it was feared
would curtail the consumption OF cot
ton in that country. Shortly before IL
O'Clock the July option sold at $14.39.
Marked Decline in Wheat.
CHICAGO, January 2o.-Wheat regis
tered another decline in price here today
and at the opening fell off from Is to 1Ssc
delivery Continued protest against high
foodstuffs contributed to the discontinue
of bullish spectators. and was to large
degree responsible for incidental weak
ness General commission selling early
overwhelmed the buying support.
In the first hour. however, rally OF
shorts seeking cover stiffened prices. and
took them away from the low levels, al
RI II
tions back to yesterdays final figures
The range over which the futures trav-
eled was from u to &c. Opening prices
for May were 1.09A to LOSS, " TO lsst
lower than yesterdays close On the
rally May crept back to the vicinity OF
i.Oe.
Offerings Quickly Absorbed.
In the corn pit prices at the outset were
Il to &c lower
The volume of trade was large and the
offerings were quickly absorbed, steady
ing the market so that in the first hour
terday's closing figures. At the opening
May sold at 66s4 to 66ss. 4 to asc lower
than yesterdays close.
Oats showed the general tendencies OBJ
served in the corn pit, opening from
shade to 1ac lower and regaining most OF
the decline in the first hour. Opening
figures for May were AZ to 46s4, 4 to 12c
lower than yesterdays close.
Effect of Agitation.
The effect of the agitation for lower
food product prices was again observable
in the provisions pit: January products
falling from IL TO 35 cents: May from )
to 25 cents and July from unchanged to
80 cents lower. Buying by shorts check
ed the decline. but the tendency was
toward lower levels. Opening figures for
Nav products were: Pork. 3J45 TO 1.G;
Lard, 1145 to 11.3O. and ribs, l1.O712 to
I.OO.
Copper Profits Melt Away.
BOSTON, January 25.-Holders of
fayorite copper stocks saw their profits
of the past two months melt away today
IN one of the sharpest declines which the
local market has experienced for nearly
q year.
Several oe the leaders. Lake Copper,
Calumet and Arizona, Indiana and North
Lake have shown losses during the past
two days Of from > 10 25 points Calumet
and Arizona touched *; today, fall of
more than 10 since Friday. while Lake
US.ll- 81