The Washington herald., 1909-02-26
MARKET IS FRYERIOH
Strength and Weakness Al
ternate During the Day.
SLIGHT NET DECLINE SHOWN
Prices FI1ctuate Uncertainty as Re-
suit OF Big Break on Tuesday and
sharp Recovering on wednesday.
Trading Is Less Active and More
Professional Than Heretofore.

New York. Feb 25.-As was logical
enough after the sensational break in
the market on Tuesday and yesterday s
sharp upward recovery, prices Of stocks
moved to-day feverishiy and indetermi-
nately- The market was. in fact. ex-
ceedingly nervous, periods Of weakness
and periods OF strength frequently alter
mating with the net result Of a moderate
Topping OF OF yesterdays gains.
The market throughout. however. was
less active and much more professional
than it had been previously during the
week. and was also attended with a much
smaller degree Of genuine liquidation.
The one path that prices are pursuing at
The moment. and with a good deal Of
stssdiness. IS q movement toward an
equilibrium. and il may be that an even
balance Of this kind Is not very far away.
The feature OF the days business was.
as might have been expected. a furious
drive az the Amalgamsted Copper. Amer
lean Smelling and Refining, and one or
Two other metal shares. based upon the
Widespread idea that depression In the
particular Industries 10 which these
stocks are related IS now very acute.
The decline was assisted by A story that
the Amalgamated Copper Mining Com
pany was on the point Of cutting down
It's production. a tale that appeared 10
have its only basis in the fact that one
fof tho Anaconda mines had been closed
temporarily on account Of the presence
Of gas in the mine following a fire
RumOrs of Open Market.
Another story Of similar absurditv was
q Tumor that there was about to be an
open market for copper metal. the same
as for steel products. which would have
the effect Of bringing on a disastrous
trade war among Jha copper producers
Inasmpeh as there has at 10 time re-
Gently been any effort on the part Of the
copper producers 20 hold copper at
fixed price. and as each Of the leading
copper mining companies and metal sell
ing agencies has actually for a long
time hack sold copper at prices made as
the result OF thoroughly independent ne
gotationS with the individual customer
in each instance, there can in the future
be no more Of an open market for the
commodity than has hitherto prevailed
To most observers OF the copper situation
II seems as II The decline in copper had
reached a point where It must result If
80 he not checked. in a curtailment Of
pr0duction. Such a point has usually
marked The end 0f The fall in the COM
modify
During the early decline in tho market
IRE railroad list presented especially
strong resistance TO the influence OF the
faH IN the Industrial stocks marked out
Tor slaughter.
Standard shares Firm.
Tie Atchison. Northern Pacific. Union
Pacific. and other prominent and stand
ard shares held with great frmness. while
q distincuvely advancing tendency was
shown in certain stocks, such as Brooklyn
Rapid Transit and Pacific Mail.
The buying Of Pacific Mail was. pre-
stories regarding the probability Of the
passage Of a ship subsidy bill IN Congress:
and the strength OF the railroad stocks /
was perhaps. consistent with the very
satisfactory reports Of railroad earnings
NOW being furnished.
After the attack on the copper stocks |
was over the market rallied with a good
deal or vig0r. again declining, however. /
and rising and falling IN continually di- 1
minishins swings until the close Of bust I
ness
London was once more seller Of stocks
here but Ii is }oW generally believed that
the majority Of sales for OstensibIe Lon /
con account in the last few DAYS have
been really directed by local operators