The Washington herald., 1908-02-26
WALL STREET NOTES
Traders BecOmeSteel Experts
for One Day Only.
TO REOPEN COPPER MINES
In Of Special Government
Deposits by Secretary COrteIyOu
Causes Prices eff New York City
Bonds to Deciine--Reading Being
Sold Down Because of Injunction.

New York. Feb ga broker who came
cut Of the stock exchange at noon. when
asked what the traders were doing re-
piled:
There are no traders; they have all
become steel experts"
The traders talked most bewilderingly
OF pigs. hlllets, bars, blooms. bassemer,
process. open hearth. No. ] Northern. No.
Southern. prices. wages, scales, and
everything that any expert ever heard
Of, and a great many things no expert
ever heard OF at all. They multiplied
figures until they reached totals that
we're simply astounding.
Some of them figured out what 1t costs
tee steel corporation to manufacture its
products. and about came TO the conclu-
sion that the company has been losing
proposition from the start.
Room traders heard but did not credit
a report that the Amalgamated Copper
Company intended to reopen its closed
mines in the near future-perhaps next
week. The story, however, received a
better reception in some Of the large
brokerage Offices. At least two prominent
houses expressed their belief in It. and
a so-called standard OiT' broker would
not say anything about IT one way or
the other, but was among the buyers CT
the stock.
Secretary Cortelyou, by calling for the
return to the Treasury next month OF
SS5.0ooOOO of the special government de-
posits placed with the banks at the time
Of the panic last year. threw d damper
on the market for New York City -
per cent bonds. causing the price 10 de-
cline considerably from the preceding
days level
The current explanation Of the effect
of the action Of the Treasury Department
was that a large part OF the previous is
sue of city bonds has been put UP by
banks as security for the special deposits
and that as the money was returned 10
the government collateral released might
be offered for sale on "A sufficient scale 10
depress the market for New York City
securities.
II seemed little far fetched TO sell
Reading because OF the granting Of a
temporary injunction 20 restrain the pay
ment Of the March dividend oa Delaware
and Hudson. yet this is what a group of
speculative operators were said 20 have
done They did not wait, so it was said.
for the announcement Of the decision Of
the court. but began their selling opera
tions n the opening OF the market with
that.
Reading all through the forenoon Jagged
behind the rest Of the list in the numer-
Gus rallies that but for its influence.
might have gone further. There was talk
OF unfavorable earnings for January, but,
on the other hand. Il was argued that the
cold weather during the present month
had improved the conditions IN the an
thracite trade
No waste OF good material Is permitted
by the bulls on American Smiling and
Refining Last week they said John d.
Rockefeller. jr, would soon be elected to
a place on the company's directory. and
when a denial came they substituted the
name of another member OF the Rocke-
feller family To-day they said no men,
Der Of the Standard Oil party would en-
ter the board for the present. but qualified
this with the intimation that as control
Of the company was still in the street.