Show PRICES ics DECLINE IN WALL STREET Onward Movement Checked and Turned Backward 4 DROP IS NOT SEVERE 4 OUTSIDE NOT BUYING ENOUGH TO SUIT New York Jan Jaw The movement of prices which had haI crept slowly upward pince ladt Jat fall last Thursday when they began to o advance rapidly on oft a largo large volume of business backward today and showed net bares on days business The weakness was wag not at any time acute and there was a period of strength after W Ue e opening but this was palpably availed of to sell stocks The reactionary ten tendency dency deney gained force foree as the day ad advanced and the closing was weak and active Many of the leading active stocks lost 1 tp 2 points These in included eluded SL St Paul and the grangers Pa Pg Pacifies and South westerns and Unit States Steel preferred These There decline i are ar by no means severe after ao ct Cu u an advance as hat baa taken place hilt but the reaction was decisive and u mistakable There was much more news to accompany it than there had hai been on the advance which had been admittedly due to the operations on the long Including manipulative tactics bull party What stocks was very similar to what happened in wh wheat at In that mar market market ket the news nf 11 severe cold in the win winter winter ter wheat and renewal of war ru I mors entitled the market to an ad advance vance The moderation of the advance awakened the suspicion of the traders that the tIt big Speculative interests were unloading and a slump in wheat re resulted spited The same state of doubtful sep ep obtains in the stock market The lack of evidence of ot any large ahe in the buying by the outside public helps to keep the the tte professionals awake London made a substantial demonstration of the r re renewed fears of war by selling i WO shares df ci stocks in New A matured consideration of the Sat Saturday Saturday bank statement did not help le leI I reassure the speculative mind It is IsI I believed that the rapid loan expansion I is due in considerable part to hs the h hing ing of newly if sued railroad bonds as aswell well as to transfer some loans loana from trust companies to banks The qu tion is ii raised whether the heavy ac ao accumulation of funds In Ir N ew w York may nty not be b an Indication of slackening trade which would not be favorable to W tonn Wan nn an advance in stocks shows also that the return flow of unda to New York is likely to come to a step by the end of January while the ex cal cf loans i is to into February and ven into March with New York loans already in pe of any previous record by in copper mark markt t a brokerage failure in Baltimore one ac r two minor banking elsewhere and several reports of cle W WI I creased net earSing of railroads for December aggravated the downward tendency The ThC points pf of strength in inthe inthe the market were due auses ause and the gains were yielded yf eldest before the close Bonds were and irregular To Total o otal tal sales par value W United States coupon advanced U anti and tile the old 43 declined 4 4 on call |