Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-23
MANY LOSSES TO-DAY
Highly Unsettled Conditions for
Market Securities.
UNAVOIDABLE INFLUENCES
United States Steel Transactions
Again on Tremendous Scale.
FURTHER HEAVY DECLINES
UNAVOIDABLE INFLUENCES
FURTHER HEAVY DECLINES
Striking Slump for Republic Steel
Stocks-Tractions Dull-Heavy
Selling for Foreign Account.
Special Dispatch to The Star.

NEW YORK, February o3.-There was
a highly unsettled market for securities
today. and many security losses were
recorded following upon the severe de-
Clines registered in last weeks transac-
tons. From time to time during the day
the professional boardroom traders made
attempts to bid up prices in one stock or
0pother, probably on the theory that the
SIX days of consecutive declines in the
stock market warranted some measure of
upward reaction.
In the main speculative operations and
those of more serious character were
governed by the same considerations
which were effective toward the close of
last week.
Conditions in the iron and steel indus
tries and in the metal trades at large fur
nished the chief topic of discussion, and
the differences drawn from the prevailing
state of affairs covered a range which
included the likelihood of reduced wages.
reduced dividends and even more serious
results.
In addition. a decidedly unfavorable eff
feet was produced by the report of the
subcommittee of the Judiciary committee
OF the Senate upon the transaction in
which the Tennessee Coal and Iron Com
pany became merged with the United
States Steel Corporation. Further SUBJ
stantial cuts were noted in copper metal
and in other metals. but such stocks as
Amalgamated Copper, American Smelling
and National Lead were actually no
weaker than number of others.
Extensive Reductions.
Transactions in the United States Steel
shares. and particularly in the common
stock. were again conducted upon a ire
mendous scale. and both of these issues
suffered further material losses The Re-
public Iron and Steel stocks likewise suf-
fered striking losses. the preferred stock
opening nearly five points below it's clos
ing figures of Saturday. and later it de-
clined still further. Other extensive re-
auctions in market valuations in this
quarter were noted in Great Northern
Ore. Westinghouse Electric and Western
Union.
The traction shares. while comparative
1y dull. were also heavy. although Brook
Ign Rapid Transit showed fair degree
OF resistance to the general tendency of
the market.
In the early part Of the business ses-
sion the railway share list was affected
to moderate extent only by the pro-
nounced weakness in the industrial
shares. but early in the afternoon a
quite sensational break took place in
Reading, with the effect of greatly I'M
settling the remainder of the list.
Americans Decline in London.
A factor of considerable influence in the
general market was the renewed heavy
selling here for foreign account. which
was estimated as amounting to upward
of 10000 shares. American shares de-
clined smartly in the London stock
market yesterday and were described as
weak today, although the quotations
cabled from that point did not show
that the losses made previously were
materially extended.
1t was said, Furthermore, that much of
the pressure upon the American depart
ment of the London stock market repre-
scented selling for New York account
Except in the instance of Reading and
the other coal-producing railroad compa-
MES there was little news or gossip in
connection with the transactions in the
railway share list. In the case of the
coal stocks Wall street early took alarm
at the prospect that the Supreme Court
at Washington would sustain the consti-
nationality Of the Hepburn amendment to
the interstate commerce law, and this ac-
counted for the particular pressure to
which these stocks were subjected.
The Supreme Court decisions in the lti-
cation against the New York Central
Railroad Company in giving rebates to
the American Sugar Refining Company
had no particular influence upon either
stock,