Los Angeles herald., 1910-07-27
STOCKS DROP ON
FORCED SELLING
Constant and Systematic Offer
ing Forces Quotations
Down 5 to IL Points
MONEY MARKET IS DORMANT
Yesterdays Decline Said to Be
Rarely Seen Except During
Panicky Periods
ASSOCIATED Press)

NEW YORK, July 26.-Forced liqui-
dation of stocks, while banking and
financial interests refrained from offer
ing support, played havoc with stock
market values today. SO rapid and
comprehensive a shrinkage of prices
is witnessed rarely except in periods OF
absolute panic. There was some sell
ing today by holders through sheer
fright at the rapid melting away OF
values, but for the most part the sell
ing was done in cold blood and with
the systematic determinatio of sur
gical operation.
The lack of immediate news which
might be held to indicate sudden and
violent change in conditions aHectlnS
values pointed to an accumulation OF
influences to account for the move
ment The absence of the usual talk
of embarrassment on such occasions
was taken to prove the selling to come
from sources outside the immediate
stock market circle, and to represent
losses from large resources which
amounted to impairment rather thah
wiping out of fortunes.
MONEY MARKET EASY
Occurrences in the immediate news
were disregarded. The United states
steel quarterly meeting. to be held af-
out of consideration. The declaration
of the regular quarterly dividend was
taken for granted, and the probable
showing of the earnings report was
discussed with only languid interest
The reaction in the corn market point
ed to relief from the more excessive
weather conditions, which were pc
lieved Yesterday to be threatening the
prospects for the harvest. The money
market was easy and the rate for call
loans ran off to the lowest level touched
in several months, while influences 10
ward replenishment of the supply OF
bank cash continued actively at work:
Reading at 130 5-S, Union Paclnc at
1b3H. u. S. steel at 61A and southern
Pacific at 1O3 will offer graphic sug-
gestion of what occurred in the Gay ,
stock market. Even more sensational
we're movements in stocks which are
not the faVorites of the professional
traders. Missouri Pacific southern
Railway st. Louis southwestern pre-
ferred. Rock Island preferred Repup7
ir Steel preferred, American steer
Toundries. Westinghouse Electric, Cen
trai Leather and others were forced
down from to over IL points.
RETRENCHMENr ANTICIPATED
Coming without any sudden shock OF
circumstance to upset the order o.
things the DAVIS movement was espe-
cially impressive. It's scope and It's IN
dicafion OF a consensus of widespread
opinion cannot be denied, whatever lts
source. The consensus clearly amounts
10 a determination by the bankers
fnanciers and ruling authorizes geu-
erallv to retrench resources ana pe pIS@
,,ara2 for a strain in the coming month
p'tr There was some show of relief In the
10 Ct hour of the day. After rallying
&c POINTS and even more from the
low noints of the day, prices sold Off
again and the closing tone was much
unsettled. % ~ lou,
Bonds were weak. some OF 1he Os low
Grade speculative issues showed losses
eeorresnonding in violence with those OF
stocksi s Total sales, par value, $2,515' 600;
United states bonds were unchanged
on call.