Show SUDDEN BREAK AT CLOSE OF SESSION Southern Pacific Steel and American Smelting Led Decline WALL STREET GUESSING FAILURE OF BOND BROKERS HAS BAD EFFECT Nev Ne York Feb 2 The stock stok market maret today tod had la to digest the th failure of ot Fiske FIsI e Robinson announced announce after the mar mark markt k kt t closed yesterday ye tra Manifestly there therewa therea 1 wa J a i no io great gat relish In doing so The Thel declines which were within one 1 l uary iry limits brought out prompt support aid ad recoveries followed The failure had heJl fiat fl Urs ires about abut it that placed place It I out of ot tl F lines of f its it particular business j In n the extent to which its Us com corn comi r i were in bonds of properties in Iii int t II a 1 constructive stages stage The liabilities hi Urge large larg did cud not In themselves them lve give for tor fears tears of ot direct consequences tj te tin th ti general generl market market Tho The incident dl di t tl td d n nw nv w attentIons attention however to the th c t market for bonds In general gener which ios i not been effectually relieved at any tg Lg of f the th extensive e speculative move 41 it nt In IT stocks O Oa f reason advanced by b bond dealers deler for th sluggish demand for high grade veil 11 curo cured ure i bond issues is the prefer of c nee ncE Ui u i investors for Inferior grades ig a a higher return The high cost COlt of tt r living is blamed blae for this peculiarity in Int in th the tc t 1 situation sl Thus far the decline al rate rte on money mone has failed to e rt t this thi defect in the bond mar marl lt l hr t t A diversion of investment from fixed securities into stock stok shares with d ms to divide the Increment of ot profit profits l is l s an actual tendency in times of expand g E earnings C or even of ot price inflation by byre byr re r Jund lt currency or increased gold pro prod prot d tion Tie Tae T e stock sto market maket today toay was almost t inert in t in presence of ot the doubts in inte Inte te minds of ot speculators A sustaining effect nas as caused clued for a time by the buy buying buyIng ing lug of Reading Heading The news of ot that stock stol did not ot 10 bO I beyond reports of the source surce cH or t tYing 1 ving The variety of these the reports left lef i n Impression ion of unreliability There Ther TV V nas as some further pressure on the spa sp callies cales which suffered most in yester dav liquidation The copper group was wa l rt by b a sharp decline elne cline in the price pric of ot in m London and unsatisfactory re reports ra ports of cr f trade trad position of ot that metal metal For Fort t gu gi stock markets as well wel as New ew York V r fleeted eted by this thi factor Tie monthly month financial statement of ot the ts cd id States treasury treasur shows a total of ot c redemption of bank notes for the thein th in month of X e which establishes a ar LEW r iv record The force for of ot the th return flow o c Currency front from fro the th s crula tn tm receives a striking illustration in this lie fig TC rc r Ta Ti T final break came with wih great get sud tt l ss and in some cases cas sensational lence United States Steel Stel Southern Pa Ii Ifie American Smelting and some sold lower than in the te period of ot rr ate t weakness last week The clos cbs closing ing r tuna tone was wa very weak and a irregular Lend Ind were irregular Total sales par pr J 11 IP United States bonds were n hanged banged on call cl |