The Washington herald., 1909-02-18
MARKET IS LIFELESO
Stock Prices Sag Again as
the Natural Result.
STATE OF TORPOR PREVAILS
slight QuIcIzenInE in Activity To-
ward Close Of Session Is at Expense
of Values-LondOn Securities Have
Lower RanES-MOney Is Easy in
Europe, and Sentiment Improves

New York. Feb 17.-To-dsy's stock
market lspsed into state Of lfelessness
as utter as any seen in the present year.
and. perhaps very naturally, under these
circumstances, prices OF stocks continued
the sagging movement which was begun
yesterday.
Nearly half OF the entire volume Of
trading was concentrated in the first hour
Of business. and the market did not
awake from the torpor that succeeded
until the last half hour Of the stock
exchange session, when a slight quick
ehing in activity was at the expense Of
values.
Something Of keynote was given 10
the character Of the days dealings by
a lower range Of prices in London. where
financial sentiment has become momen-
tarily disturbed over apP-ehensions re-
garding new burdens OF taxation that
VIII undoubtedly be laid in England al
the new Parliamentary session Just be
gun. Otherwise, matters in Europe ap-
pear TO be working very favorably for
the financial markets. the immense glut
OF money AT Paris having necessarily
brought about a pronounced depression in
rates for the use Of money there.
Foreign Money Cheap.
The price OF money in Paris is indeed
lower now than in any other market in
the world. whereas only a little time
ago an exact reverse statement could
have been made The salient fact. how
ever. remains that all the great European
banks have in the last few weeks decid-
edly built I'D their reserves. and are now
in a normally strong condition FOR the
season Of the year.
Here to-day. the market although tend
ing lower as whole, was at least. until
the last hour Of business. irregular rather
than weak Especial heaviness developed
In American Smelling and Refining. Anal
gamsted Copper. and the entire metal
SrouP' % stocks, owing 20 the current
uncertainties regarding trade conditions
Conversely. the agricultural stocks. or
those having most direct relation 70 tie
state Of affairs in the farming districts
Of the country, were firm and IN some in
stances strong The mpsrativelv heavy
buying OF the AtchisOn common shares,
which was so noticeable yesterday. was
resumed with a good deal Of vig0r. being
accompanied also by an advance in Great
Northern. Northern Pacific. and other
stocks OF the same class. All these
stocks later on shared in the gen
eral declining tendency Of the market
Sentiment Il Unsettled
No doubt speculative sentiment in the
financial district is considerably unset
tied al the moment by the varying stories
regarding the existing status and pros
poets as regards the immediate future Of
the iron and steel and metal industries
Statements continue 10 be made IA Unof-
fetal quarters. such as notably a flat-foot-
ed declaration to-day IN the Iron Age. that
{ large reductions IN the price OF iron and
steel products are near az hand, or are
Al least being very seriously discussed.
II is stated UnQualifedly. however, by
the heads OF the great iron and steel pro
duCinE concerns. these including all the
independent companies. that no such
reductions are being contemplated that
cuts in prices would disturb the trade
more than stimulate il at the present
and that they would be most Unwise in
view OF the impending revision Of the
Tariff.