The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1906-02-04
WALL STREET,
WAS DISAPPOINTED
Bank Staten 1nt Anticipated
by Bad Decline.

NEW YORK. Feb. Surveying the
week ia a comprehensive way. the ex-
perienced observer will be struck by tive
facts. He will note that the selling OF
stocks has resulted in passing them. or
most OF them, into stronger hands. He
will not fail 10 observe also that. al
though there has been tendency
toward conditions making for firrner
money. local rates have not shown any
particular pressure OF unfavorable cir
cumstances here or abroad.
We have had throughout the week an
active and widely fluctuating market.
1t opened with a sharp decline, pre-
cipitated By threats from Washington
Of adverse railroad legislation. Sub
SeS"ently these fears were found 10 be
somewhat exaggerated: but the selling
movement was started and liquidation
ensued, which could not be checked
until several of the active stocks had
shown severe declines.
On Wednesday. however, the decline
was suddenly check ed by an unexpect-
ed burst of sctivlty and strength in the
copper stocks, which was traced TO per
sistent rumors of closer relations be-
tween the Amalgamated. United Cop
pany. which practically dominate the
copper situation In the United States.
In which case it Will end one of the bit
terest and most romantic industrial wars
in our history.
Union Pacific appeared TO be the
market leader, and the variations in it's
quotations demonstrated the under
lying purposes OF the men who are
aF
ing better than any other item in the
general list There is no doubt that
the accumulation OF this stock by
some of the chief houses I'm the Street
has proceeded without abatement dur
ing the week. II was heaviest at the
moment OF the greatest decline. which
at the most was only three points, and
It was not diminished materially on
the recoVeries.
What is true Of Union Pacific is true
OF st. Paul and Canadian Pacific
though for different reasons Opera
TiOns In both have shown better buy
ing than selling, which means that
strong hands have been stretched out
10 take what fell from the grasp of
discounted spectators.
While the 81. 10000 decrease IN the
surplus shown by she bank return,
brings that account IL the lowest figure
reached at this date IN 1888, II 10
indeed barely one-half the surplus rs
=
in any year since 1890.
So far was todays stock market from
waiting for the bank return, that a
sharp break began with almost the first
traasa ctiOns. Within an hour. such in
teresting declines were scored as 2is Ia
Union PaCific, 5tz in Reading. 6 in Great
Northern preferred. ~ in Colorado
Fuel 2ls in Amalgamated Copper. and
"a, IN Anaconda Along with these
stocks the general market fell TO
lower level. declines Of point or there
q bouts being numerous There was
some irregular recovery toward the
close. but it left the market quite un-
settled.
me outlook is for an active and ir-
regular market. For the first time in
many weeks a short interest Is deVel-
oping. which in itself is an element OF
strength. and the technical situation OF
the market has been further improved
by recent declines and Hquidations on
the part of few inexperienced plung-
ers
The principal feature OF the weeks
trading on the curb was a sharp rise
Of more than - points In United Copper
common stock 10 a new high record
The preferred rose half as much. Pools
In the other copper stocks took the OPP
pOTtUniTy 10 run up their specialties so
as 10 get better chance ia distribute
them. But at the end Of the week. as
many "coppeTs' showed declines as ad-
yances- United Copper lost some ground
IN the absence OF confirmation OF the re-
ports about its absorption by the Anal
Company. But IL was undoubt-
edly the bank statement which broke to-
1ay's stock market
The statement itself was very ex-
From the wholesale Stock
Exchange liquidation of Monday and
Tuesday last. and the resultant lowering
)f the general scale Of values. most
people zEould have expected reduction
n the bank loans Instead of such re-
iucton. the account of outstanding
cans increase S1625f 600