The Birmingham age-herald., 1910-01-25
ANOTHER DECLINE
 IN STOCK MARKET Some Anxiety Is Still Felt Over ;. the Speculative Position RALLYfNG POWER IS WEAK All Efforts To Check the Downward Tendency of the Market Are
 Unavaillng and the Close
 Is at the Bottom.
RALLYfNG POWER IS WEAK

New York, January 24.-The manner in which stocks were sold today created a bad impresson of the speculative position and gave rise to some questioning or the financial situation in it's larger aspects. The effect of the large and persistentsof- ferlngs of the most important stocks on the speculative market was uncanny and with marked "reminiscences of the market of March, 1907. which gained the title Of the silent panic in the chronicles Of that year. Subsequent history disclosed that the over-extension of credits by cap- ftalists of the first class, in attempts to push individual enterprisess'was largely responsible for the liquidation since the present year and was rnanifestly renewed today, has not become clear yet. The persistence with which stocks were sold today had the effect of clearly convincing opinion that undue importance had been given to any adventitious causes for last weeks break in prices, such as the Hook ing Coal episode. Deeper causes are again sought for the efforts to convert stock holdings into cash and to tighten holdings of securities.
 The doubtful relation of corporations to the law was generally accepted as the principal underlying cause of the present weakness of stocks, according to the con s.eensus of opinion today in stock market and financial circles.
 The doubt centers at present on the out come of the American Tobacco company and the Standard Oil cases pending be- fore the supreme court at Washington. As the time ripens when the handing 1t.ia hAo uih onx sety over the outcome becomes more acute. The fear has grown up that de- cision which would uphold substantially the conclusions of the lower court on these cases would present embarrassment sn the carrying of the business of the great combinations of capital in the prin- cipal corporations or in a readjustment to the new conditions to be presented that might seriously dislocate financial and business arrangements It is assumed that the present stock market represents an attempt to adjust the position to re- ceive a possible shock from this cause.
 The action of United States Steel was of special sentimental effect on the specula- tive tone in view of the persistence of re- ports of favorable developments at to- morrows quarterly meeting. Estimates of the good showing to be made of net earnings for the December quarter did not vary from last week and expectation continued confident that stockholders |. were to receive an extra dividend dis bursement in addition to the regular 1 per cent quarterly dividend. The enormous selling of this stock in face of this hope ful prospect was considered highly signifi cant of the disposition of well-informed interests to sell stocks on good news. The openness of some of these selings. however, suggested a desire to influence the market as much as a purpose to sell to the best advantage. The desire to prevent speculative discounting of an ex- tra dividend was advanced as a possible explanation of this movement. The ex- tent of the days declines is best judged by the approximation to last weeks low prices in some of the most prominent stocks.
 The manner in which bank notes ex- banded last week in spite of the heavy stock market liquidation gave food for re- f1ection and pointed to other necessities than speculative holdings of stocks which have obe provided for. These necessi- ties may be plausibly supposed to be the consequence of the measures taken last fall to avoid a showing of deficit In the legal reserve by the banks and at the same time save the stock market position for the advantage of the revived demand for securities expected after the turn of the year.
 Such rallying power as the market showed was attributed to the demand of uncovered shorts and 1t became fainter as prices got farther away from the low levels. The tendency was downward at the end of the day.
 Bonds were weak sales, par value, sS.13s,o0o. United States bonds were un- changed on call