The Birmingham age-herald., 1910-02-08
PRICES DECLINE
 SHARPLY IN STOCKS Heavy Liquidation Makes In roads Upon Market. BEARS CONTROL SLUMP
Aittie Resistance Ia Offered to the mammering and Cause for the De- eiine Is Not Apparent In
 the Days News.

esotion of demand was the conspicuous lnature of the stock market today. The Navy liquidation in consequence made asvsre inroads on prices. These bald hcts almost exhaust the reliable data ceiling and the motives which prompted . were subject of doubt and dispute.
 The extent of the selling last week anA of the resulting declines followed by the weekend rally, had inclined specu- afive sentiment to look for quieter and etendier market. The renewed outpouring
 k stocks and the determined abstention 'ee effective support threw the speculative sentiment back into the depths of de- Drossion. In the neighborhood of the low price of last weel. there were slight eating purpose to protect accounts which had escaped the ravishes of last weeks margin exhaustions.
 When prices broke through these points there was no further apparent effort to Uustafn the market. Buying on a scale down is to be relied on always except in periods of downright panic, but orders ef this class today were encountered only at steady concessions in prices, an attempt to bid up prices in face of the Hood was not to be detected. That every oale was matched by a purchase goes without saying, and that such purchases have represented a passing of stocks from stronger to weaker hands for some time past is the conviction of a considerable body of opinion in the stock market. Euch opinions are subject to frequent revis'on and concession, however, in face of the disappointments and surprises in the action of the market, which have succeeded each other since the first of the year.
 As>~to the sources of the liquidation there exists a fairly defined division of opinion. On one side is the view that the great capitalist groups which accu- mulated constantly last year missed an opportunity to sell out at the high profits by attempting to carry their campaign Over into the new year, being overcome meantime by the requirements of the money market and the conviction that the political outlook threatened the well fare of the corporations. Another view is that distribution of last years accu- snulations was actually effected while prices were held up by manipulation fol- lowing which the fall in prices is seen with complaoency by the powerful cap by professed alarm and by recall of credits through the control held over the great banking institutions.
 Visits of influential flnanciers to Wash fnston are followed by eager Inquiries from assistants in Wall street about the informa tion which was secured or the im- pressions which were formed. Open ex- S.ro of Satia in such cases were obtainable today, but the renewed outpouring of the stocks in the market caused some skepticism as to the Eenuineuess of the satisfaction. The point on which formulated assurances seem to be sought is the corporate condition watch can feel assured of security or Immunity from prosecution in the event or the American tobacco and Standard oil decisions upholding a sweeping con- struction of the antitrust law. Such action as that in todays stock market ts construed to mean the absence of such Hypothetical assurance.
 Foreign securities and money markets were undisturbed. The private discount rate declined in Paris and also in Lon ton despite withdrawals of gold from the center for shipment to Europe and to South America The local money market was easy, but the rapid fall in prices of stocks induced some recall of credits where margins were not repaired.
 The rally in prices until the bears GOV cred late in the day was poorly held and the closing tone was very nervous ana unsettled. The oay's extreme declines ran between and 6 points for the stocks in which the bulk of the transactions occurred
 Bonds were irregular. Total sales, par value, S.s01, ,OGo United States 3s ad- vanced l4 and 4s coupon declined per cent on call.