The Birmingham age-herald., 1910-01-12
MANY SOFT SPOTS
 IN STOCK MARKET
  Downward Tendency Prevails During Most of the Day SELLING IS PERSISTENT
Wall Street Is a Little Scared of the Legislative Plans In Congress and Good Support in Trad
 Ing Is Still Lacking.

New York, January 1.-The dropping fBne of the stock market persisted today in spite of few points of resistance to the prevailing downward tendency; en- couragement seemed to be lacking for taking the initiative on the buying side. and when the periodical selling move- ments died down the market fell into neglect and showed little rallying power. Some of the severest declines were ef- fected on comparatively light sales, espe- cially in the class of stocks that is usual 1y neglected, but of which many have been pushed forward recently, in specu- 1ative advances. Apparently the rumors which were instrumental In bringing about recent advances fell into discredit and efforts to market small lines of stocks developed an insignificant demand.
 In the Wabash -Pittsburg and Wheeling and Lake Erie group the collapse in prices demonstrated 8 feeling of keen disappointment with the reported terms of reorganization and combination of the two properties by exchange of pres ent securities for new. coupled with cash assessments. The reorganization plan seemed to cause dissatisfaction to recent speculative buyers of the Wabash stocks as we'll and they were inclined to run off sharply in consequence.
 In other lines there was a persistent selling pressure, mostly unexplained, but which served to discourage action of stocks or efforts to bid prices up while it continued. In seeking an explanation of this selling, rumor turned back to the Rock Island market episode and the re- suits which are to follow from the fn- vestigation by the stock exchange au- thorities, The report made by the fn- .vestigating committee to the board of governors of the stock exchange comes before that body tomorrow.
 It is expected disciplinary action will be taken then. It Is alleged that much of the important selling today and for several days past was traceable to sources identical with the buying orders which were responsible for the convulsive S1A point jump in Rock Island on the Mon day after Christmas, which was followed by an entire relapse, all within 15 min- utes. The evidence of retirement from fhk market of large commitments in this cohnection was of additional sentimental effect on the tone, by reason of the large shAre attributed to the same interests in the general market campaign for some time past.
 The beginning of the fortnightly stock market settlement in London revealed a considerable extension of the account of Americans, which was reported to be due to transfer of speculative holdings from New York to London. The carry-oyer rate was called stiff in consequence
 The New York call loan market is still reluctant to yield to the effects of the usual factors of relaxation after the turn of the year. Deferred requirements of syndicates in underwriting securities or financing the needs of corporations are given as explanation for the unseason- able behavior of the money market. It is observable also that a large number of enterprises are being undertaken through the country in connection which bond and stock issues are offered here and else where without appearing in the stock exchange dealings at all. Various com binations of light and traction and tele- phone companies and irrigation projects are examples of the demands of this sort on the common supplies of the money market.
 The introduction in Congress Of the bill intended to embody President Tafts rec concentrations of the changes to inter- state commerce law gave material for cogitation on the part of the security holders. The reports of a conference at Washington between government officials and officials of the Union Pacific and Southern Pacific gave rise to conjectures oS a possible compromise of the govern ment's suit against these companies under the antitrust law. and were the cause of some resistance by these stocks to pre- venting depression.
 Bonds were irregular. Total sales. par value, 3,45S.000.
 United States bonds were unchanged on call.