Evening star., 1909-02-25
FLUCTUATEO WIDELY
U. S. Steel Again Conspicuous
in Point of Activity.
PRONOUNCED PRESSURE
Volume of Business Maintained Upon
Large Scale.
SOME NOTABLE DECLINES
Americans Weak in London-Indus-
trials in Most Extensive
Recession.
SOME NOTABLE DECLINE
Srsrinl Disnatch TO The Star.

NEW YORK February 3J.-Tuesday
the stock market was nothing more than
mechanical. upward reactions declining
steadily up to the close of business. Yes
terday. with nothing more than technical
setbacks, prices rose with equal con-
sistency. Today the stock market f1uctu-
ated widely in both directions. The
volume of business was maintained upon
a large scale. although it fell somewhat
below the aggregating dealings of the
earlier part of the week.
During the morning the railway share
list and the industrial and miscellaneous
stocks were under pronounced pressure
both of liquidation and of operations for
the short account.
Declines ranging from fractional limits
10 upward of five points were recorded,
but in comparison with the more regular
movements in either direction of Tuesday
and Wednesday these losses were ma
terially shaded or altogether recovered at
one time or another during the business
session.
1t is necessary to say at the outset that
there was nothing TO be elected in connec-
ton with the noted course of the stock
market that passed beyond the lines of
technical explanation.
American shares were weak in the
London stock market and foreign houses
again traded very actively IN the local
dealings, being again sellers on balance
chiefly of Amalgamated copper. The
most extensive maximum declines in
prices were in fact those noted in ANAL
gamated Copper. Anaconda Mining,
American Smelling and National Lead.
Sharp Rallies.
1t is almost superfuous to say that
renewed discussion of the depressed con-
ditions in the metal trade accompanied
and were accepted as satisfactory reasons
for the course followed by the stocks
mentioned. Even in these instances, how
ever, sharp rallies took place from time
to time
The United States Steel shares were
again conspicuous in point of activity
and more in unison with the general mar
ket.
In this same general quarter Pacific
Mail was exceptionally firm on account of
the favorable report of the House commit
tee on post offices and post roads upon
the ocean mail subsidy bill.
The traction issues were not particularly
prominent in the days transactions, with
The exception of Brooklyn Rapid Transit,
and that stock was notably strong.
Railway Declines.
In the railway share list declines in ex-
cess OF one point and ranging up TO more
lildH l"O points were GENERALLY scored
during the forenoon, but in this quarter
also frequent and extensive rallies oc-
cured. Reading was exceptionally weak
in the early part of the day, spectators
having apparently reached the conclusion
for no we'll defined reason, that the
Supreme Court will uphold the constitu-
tionality of the Hepburn amendment to
the interstate commerce law.
Sf,-a ;v, h;o
quarter took place in ST. Paul. Union Pa
cific. Southern Pacific. Norfolk and West
ern, Missouri Pacific, Louisville and Nash
willie, the Hill stocks, New York. Central
and Baltimore and Ohio.
The rallying capacity of the market
previously referred to was, however
equally we'll evinced in the case of the
railway shares named.
Money market conditions were not ma
terially affected by the exhibit of the
loss which the banks have made to the
subtreasury since last Friday, todays
figures showing a disadvantage of more
than SO. SOC, 600. This resulted of course,
from the return of government balances
The Bank of England's rate of discount
was left unchanged at per cent.