The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1910-02-04
|DEMORAL|zEO MARKET
FAILS TO IMPROVE
COMMERCIAL RECESSION TO BE
READ IN ACTIONS OF Sc
CURITiES MARKET
UnfarvorabIe News Gains Ground
Owing to Recent Bond House
Failures

| NEW YORK. Feb 3-Aggregate
dealings for the day of 1.672,000 shares
| and inroads on prices of l to points
! for practically all the active stocks
offer evidence of d liquidation in the
stock market sufficiently drastic and
embracing to call for some other ex-
PLANTATION than temporary vagaries of
speculative sentiment or merely tech
nichal conditions in the stock market
| itself. The extent of which the pre-
! vious decline has already run, it's dura-
ton and the technical results involved
are some of the points which entitle
spectators to view the days events
as promising a reversal to follow. That
all is not we'll with the body economic
or with finance and industry as was
assumed when prices of stocks were
10 to 40 points higher than were touch
ed on the declines today is borne in
upon the mind with conviction. The
conviction that OverlayS practically
all others and tinged the whole was
that the commercial recession and in
dustrial reaction were to be read in
the action of the securities market.
This opinion has been gathering adher-
ents for several weeks. It began with
evidence of lull in the freight move
ment over the railroads, with some re-
neWed accumulation of surplus freight
ears and gained force with reports
OF the falling off in orders for iron
and declines in the price of that basic
commodity.
Another factor was the authority
given to views publicly stated by quail
flied legal testimony, supposed to rep
resent the views of large OrganiZa-
lions of capital, of the harm to fol-
low from the proposed enforcement of
the Sherman antitrust law. The word
panic" found frequent repetition in
these various predictions of the future
and the effect was decidedly disturbing
to the nerves of the stock market ele-
ment. There was the fear that with
the arrest of the upward course of
prices of commodities there necessarily
would follow a process of defiatiOn
which would arrest the course of pros
porous activities all through the cham
nels of commerce.
This weeks failure of an important
firm of dealers in bonds was the text
also for unfavorable views. There
grew up a suppostion that the cleaning
up of credits now in progress might |
originate as far back as the panic of /
1907. This supposition applied to ac-
counts through the stressful period of !
1907 and not cleared up since but which |
were being pushed for settlement now |
with the prospect of more brightness |
This condition was said to exist not on |
~ in portions of the banking world, but |
In the mercantile and general credit
position
The market had an effective rally of |
to 3 points in the final hour and the
closing tone was strong and Well sus-
tanned. at the recovery, but the invit-
ing profits on the days decline offered
to the bears obviously supplied much
Of the inducement for buying.
Bonds were weak but with no sign
Of the demOralized tone of stocks. Total
sales par value, $3,393,O0
United States IS declined Is and the
is We're unchanged on call.