The Montgomery advertiser., 1909-02-26
STOCKS ON DECLINE
RENEWED wEAKNEss DEVELOPED IN
 MARKET YESTERDAY.
Stocks of Companies Connected With Copper
 Industry Declined Ytoienfly.-Amal- gamated Copper and Anaconda Slumpcd Four Po1utA.

l ~
 New York. Feb. as:-Rsnewed weaknes, developed in the stock market today and good part of yesterdays rally was lost
 Several factors contributed to this show. l ing. stocks of companies connected with the copper industry declined violently Amalgamated Copper and Anaoonda both lost s s%. iaa Snd PH Saaional ksaa d''ss sS. 'A3 l London was heavy seller of stocks here. renewed uneasiness over the situation in tho from the steel trade renewed the apprehen. sion of the gravity of the situation and pointed to competition that promised tu be destructive of profits The coming tariff revision. the fear of an unfavorable supreme court decision in the commodities clause case and the suspicion that yesterdays up. entirely by covering of shorts were all the factors In undermining speculative confl- ing stocks. Including Union Pacific. United States Steel. Reading, St. Paul and others fell from two to three points below yester- A turn in the market came in the aft"r- noon when effective support of the copper industrials was offered. Denisis were made a., circuation of shut down of some Of the copper mines and also of the reports that an open market in tho copper trade
 In the rally in prices which followed where they had been exceptionally severe The dealings were small at the close.
 New York. Feb. 25.--There was an abrupt ending today on the strong ral- day. The reaction reached violence In some quarters that parallelled the demoralizing breaks of Tuesday and. In the stocks most affected. carried ed on the previous break. Speculative opinion in consequence was much un- settled again and great confusion was shown in the currents of the market
 aff vol o were decline isNusual and is easily ex- plained from the same satisfaction of the demand from the bears, whose ne- cessities to cover shorts always results in a sharp debound from a sudden re- lapse in prices. The reaction today, however, was somewhat early in de- velopfng and proved more violent than was anticipated. The renewed check of the market with the decrease in the volume of trading. were normal symp- toms of the after-efrects of liquidat- ing market.
 The gradual subsistence into dullness and narrow fluctuations are looked for to follow are preliminary to renewed initiative. whether downwards or up- wards.
 The special point of weakness in to- days market was the copper group of industrials. The vagueness and lack Of confirmation of many of the rumors which act eompanied the decline point ed to a professional bear origin. Shut ting down of copper mines to limit pro- auction, coming open market for cop per similar to that fnaugurated in the steel market and aging competition In a scramble to market stocks were some of the rurnors set afioat during the day. Some were officially denied.
 Foreign markets seemed to be not ably impressed by. the rumors, owing to the known weakness of the statis- tical position in the copper trade. Heavy selling for foreign account of Amalgamated Copper was a main fac tor in breaking up prices.
 In the railroad group. Reading prov ed especially vulnerable aguin. This on the strength of predictions that the Supreme Court would hold the com modities clause of the Hepburn law invalid. Now, when the belief has Court may approve this Few. Reading cannot be exempted from an unfavor- able affect by assertions that 1t Is not a party to the suit. An additional in- huence against the stock was the re- port. which lacked confirmation, that the coal mines of the company were to be closed down.
 The depression abroad. which prom pt- ed renewed selling of stocks here for foreign account. was due largely to the the tension between Austria and Ser able.
 There was reported some brighten. ing of the prospect for a settlement during the day and cessation of for eiEn selling was the result.
 The condition of the steel trade re. mains a source of g"avo uneasiness to the speculative movement.
 bonds were irregular; total sales mar value S4;900.000. United States bonds
 CLOSING STOCK LIST