Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-24
Stock Prices Showed lrreg-
uIar Tendency Today.
SCARCITY OF LIQUIDATION
Market Recovered Quickly From a
Depressed Opening.
THE FOREIGN HOUSES SELLERS
American Smelling Aggressive in
Early Dealings-Failed With
Others to Hold Strength.
SCARCITY OF LIQUIDATION
THE FOREIGN HOUSES SELLERS
Special Dispatch TO The Star.

NEW YORK, February 24-Transac-
tions in today's stock market were ef-
fccted under pretty much the same cir
cumstances which prevailed during the
larger part of last weeks business ses-
sons-that is to say. there was little or
nothing of actual novelty calculated to
shape speculative sentiment in one direc-
ton or another. but there was again, eX-
Ccpt In q few cases. marked scarcity OF
liquidation or of offerings of stocks for
the short account: consequently prices
showed an Irregular tendency toward i'm
provemcnt
Furthermore tile fairly We'll sustained
rise in the market last week appeared to
have carried wills it the customary In
crease in outside interest such as usually
attends sustained upward movement.
The buying of this class was indeed
of very small proportions, but was still
greater than has been witnessed for some
time past. Observing the general circum-
stances of the dealings, the majority OF
the professional traders and mantpulators
of prices were commonly disposed to ar
ray themselves on the long side of the
speculative account.
Notwithstanding the combination of cir
cumStances, calculated to establish Il
higher range of prices. the upward move
ment was, after all. of highly irregular
character. as already noted. and the mar
ket showed reactiOnary tendencies when.
for one reason or another, the various
forms of support referred to were with
drawn.
Markets Quick Recovery.
At the opening of business d general
but no more than fractionally lower
range of prices was established but the
market quickly recovered from its initial
slight depression. The tone of the deal
ings at that time appeared to be derived
largely from the London market, which
was generally heavy with the exception
of cOnsols. Foreign houses were SELLER
in the local market of upward of 20,OH
shares of various stocks. chiefly of United
States Steel common and Union Pacific,
There was strong suspicion, however,
that this selling originated from New
York. All the copper stocks were nOta-
bly, weak In the London market. but
Amalgamated Copper participated in the
irregular movements in the local dealings
American Smelling showed aggressive
strength in the early part of the day on
rumors Of changes in the board of d.
rectoPs. to which spectators attached a
great dealsof Importance: but that stock
also failed 70 hold the full extent of its
early Improvement It's reaction with the
course of the day was undoubtedly In
fluenced to some extent by the failure of
the directors Of the Federal Mining and
Smelling Company to declare any divi-
Gend on. the common stock of that con-
Germ.
Erie Stocks Heavy.
Little of interest was to be elected from
the transactions in the railway share list.
In fact, dividend announcements and
earnings statements were the only devel
opments relating to the dealings in that
quarter of the market.
The Erie stocks were heavy on limited
transactions, in connection with the pub
lication of the company's report for the
month Of December and for the six
months of the current fiscal year. The
Erie railroad reported net earnings for
December of ST., 600 against 1861 900 for
December of the previous year. while for
the first six months of the fiscal year net
earnings amounted to $336S. 900, against
Ss,005. 600 in the corresponding period OF
1905.
Money market circumstances showed no
alteration, although the banks begin the
week with a loss to the subtreasury Of
81 64S.OoO on account of the return of a
portion of the government balances.