The Washington herald., 1909-02-24

New York. Esb. $50 far as declines
n prices went. to-day's stock market
presented a scene OF Decentralization such
as has not been witnessed since the panic
DAYS OF October and November. 1851. and
the days market results were in fact
those OF 4 panic stripped Of its usual
accompaniment Of rumors affecting in
dlviduaI and banking credit Not single
whisper was heard to-day 70 the effect
that any person or institution was in
trouble. even II such a fail in prices as
took place made Il evident that severe
leases must have been sustained in vari-
Gus quarters
Il is Unquesuonable that out and out
speculation for the fan played q very
considerable part in the days events,
even II those in control OF these opera
tons were successful IN inducing the his
torical liquidation OF a large quantity
#, Of stock
Heavy Reading Selling.
Primarily. OF course, responsibility for
the break was due 70 the great unset
tlcment OF the public mind in the interim
OF stock exchange business during the
recent holidays over the status and
prospects Of the steel business. but Il IS
doubtful II such a severe fail in the mar
ket would have occurred as was actually
observed is the cumulative effect Of an
other market downpOur OF United States
Steel common and preferred shares had
not been accompanied with a tremendous
outbreak OF selling in Reading common
stock for reasons that II they were not
v entirely clear. were yet plainly quite dis
similar from those effective in the case
Of the steel issues.
Indeed, up 20 midday to-day. the firm
ness Of the general market in the face Of
the intense weakness displayed by the
steel stocks was again, just as it was at
the close Of business last week. the sub
Ject Of widespread comment Outside Of
the various steel stocks proper, such as
not only the United States Steel shares.
but those Of the Republic Iron and Steel.
Pressed Steel Car, American Car and
Foundry and the Ike. the market dis
played surprising strength and the pres
ence Of an extraordinary amount Of ab-
sorbing power by miscellaneous invest
orS.
Await Court Decision.
As the hour drew near. however. for
the meeting at Washington OF the United
States Supreme Court. after its three
weeks recess. II was in everybody's mind
that the court might hand down a decis-
Ion in the famous commodity clause case.
now before the court or appeal from the
decision Of a lower tribunal to the effect
that the clause OF the United States
statue IN question, providing that rail-
roads shall not be interested in the pro
duetion OF articles transported by them.
was unconstitutional For some zine past
there appears to have been apprehension
ION the part Of various. railroad interests
tthat the decision Of the lower Federal
tribunal would be reversed by the United
States Supreme Court.
The court adjourned. however. without
announcing its judgment This did not
avert the application Of enormous pres
sure 70 Reading stock which continued
UntH the end Of the day. and resulted in
a net decline in the stock Of 10 - points
The general market was at first inclined
70 rally when the expected decision in the
commodity clause case did not make IFS
appearance but the incessant selling Of
Reading again upset matters and pretty
nearly every stock on the list closed At
the lowest prices of the day with declines
above TWO points IN many instances. and
not infreCuently above four.