Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-02-16
FIRST TIME IN SOME DAYS
Market Ruled Heavy During Great
er Part of Session.
RECESSION OF PRICES TODAY
Erie Issues Rather Notably Weak.
Texas and Pacifc's Sharp Break.
Declines for Many Stocks.

Special Dispatch 10 The Star.
NEW YORK February 16-The stock
market opened with a reactionary tone
and ruled heavy during the greater part
OF the business session. although the
decline was interrupted by occasional
rallies of some vigOr In measure the
local market derived its tone from that
in London. where reactionary tendencies
also prevailed. notably in the American
department For the first time in num-
Der OF days operations here Tor foreign
account showed an excess of sales. but
the amount was in the neighborhood OF
only about 10000 shares.
The reduction in the discount rate of the
Imperial Bank of Germany 10 3la per
cent was favorably received in London
but was offset in measure by rumors
that another large irregular Irish loan
was impending.
Other factors mentioned in connection
with the reactionary tendencies OF the
local stock market were the rurnored
forthcoming cuts in practically all INES
of steel. except steel rails. the extremely
severe storms In the western and south
ern states with their effects upon rail-
way earnings, and the suspension OF In.
terest payments upon the Texas and
Pacific second income bonds.
In. stock market, however. such as
sional character constitute the dominat-
ing influence, it is by no means remark
able that there should have been re-
cessien Of prices today after three con-
secutive days of advance.
Declines Scored.
In fact after all the alleged reasons for
the course of the market have been cited
the best explanations might be found In
those last mentioned circumstances. Max
imum declines were in few instances
much In excess Of one point. In num-
Der of cases. however, declines in the
neighborhood OF one full point were
scored.
The Erie issues were rather notably
weak and there was renewed discussion
as to the actual benefits the company will
derive from the newly granted right to
issue $40. 10000 collateral trust bonds In
view of@the restrictions imposed upon the
transaction by the public service COM
mission.
Texas and Pacific also broke rather
sharply IN connection with the action of
the directors in suspending the interest
on the second income bonds. Throughout
the day Baltimore and Ohio was ex-
ceptionally firm and the Wabash and
their related issues rallied smartly from
an early fit of pronounced weakness.
Except. however. in the case of the
stocks mentioned. there was little in the
way OF factor gossip of novelty to be
ELECTED in explanation OF the movement
recorded.
One Sharp Rise.
There was very sharp rise in the
forenoon in c., c.. c. and ST. L.. following
an additional advance yesterday, but no
body appeared to take seriously the ac-
companying rumors that the Lake Shore
would guarantee divideLus upon the
stock.
Brooklyn Rapid Transit was fairly &C
tive, but shared in the irregular tenden-
cies Of the general market. The other
traction issues were dull and also heavy
Declines measuring up to those noted
in the railway list were commonly scored
by the industrial and miscellaneous
shares. The United States Steel stocks
were affected by the trade reports pre-
viousiy mentioned and the losses suffered
by American Smelling and Amalgaamted
Copper were attributed to causes of a cor
responding character.
The volume of business was materially
reduced in all quarters of the market by
the interruption to the telegraph service
on account Of the severe storms in the
west and by. the local holiday In Phila-
delphia.